Stock BLX BORALEX INC.
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Financials Boralex Inc.

Equities

BLX

CA09950M3003

Electric Utilities

Market Closed - Toronto S.E.
Other stock markets
 04:17:06 2024-05-31 pm EDT 		5-day change 1st Jan Change
34.59 CAD -0.47% Intraday chart for Boralex Inc. +4.95% +2.70%
May. 30 National Bank On Renewable Power Infrastructure; Hydro-Quebec, Boralex and Innergex MT
May. 28 National Bank Raises Price Targets on Six Companies Amid Increased Interest in Renewables MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,356 4,845 3,559 4,113 3,461 3,555 - -
Enterprise Value (EV) 1 2,356 8,177 7,212 7,359 6,602 7,069 7,261 7,065
P/E ratio -56.9 x 85.9 x 217 x 133 x 44.3 x 31.8 x 32.7 x 23.7 x
Yield 2.7% 1.4% 1.9% 1.65% 1.96% 1.91% 1.91% 1.93%
Capitalization / Revenue 4.18 x 7.83 x 5.3 x 5.03 x 3.48 x 3.81 x 3.6 x 2.92 x
EV / Revenue 4.18 x 13.2 x 10.7 x 9 x 6.64 x 7.57 x 7.35 x 5.8 x
EV / EBITDA 4.79 x 15.9 x 13.5 x 13.3 x 9.78 x 9.92 x 9.74 x 8.39 x
EV / FCF - 37.7 x 36.8 x 46.9 x 35.7 x 17.7 x -28.7 x 12.5 x
FCF Yield - 2.65% 2.72% 2.13% 2.8% 5.63% -3.48% 8.03%
Price to Book - 4.9 x 3.56 x 2.45 x 2.13 x 2.07 x 2.02 x 1.92 x
Nbr of stocks (in thousands) 96,328 102,554 102,619 102,763 102,766 102,766 - -
Reference price 2 24.46 47.24 34.68 40.02 33.68 34.59 34.59 34.59
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 564 619 671 818 994 933.8 988.5 1,217
EBITDA 1 492 513 535 552 675 712.5 745.8 842.2
EBIT 1 193 190 238 112 226 319.5 333.8 408.2
Operating Margin 34.22% 30.69% 35.47% 13.69% 22.74% 34.21% 33.77% 33.54%
Earnings before Tax (EBT) 1 -48 66 44 18 154 221 199.7 237
Net income 1 -39 55 17 30 78 111.9 108.8 149.5
Net margin -6.91% 8.89% 2.53% 3.67% 7.85% 11.98% 11.01% 12.28%
EPS 2 -0.4300 0.5500 0.1600 0.3000 0.7600 1.089 1.057 1.457
Free Cash Flow 1 - 217 196 157 185 398.3 -253 567
FCF margin - 35.06% 29.21% 19.19% 18.61% 42.65% -25.6% 46.58%
FCF Conversion (EBITDA) - 42.3% 36.64% 28.44% 27.41% 55.91% - 67.33%
FCF Conversion (Net income) - 394.55% 1,152.94% 523.33% 237.18% 355.97% - 379.39%
Dividend per Share 2 0.6600 0.6600 0.6600 0.6600 0.6600 0.6600 0.6600 0.6675
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 192 227 168 101 322 298 210 171 315 259 198.5 164.9 261.6 - -
EBITDA 1 163 183 133 63 173 192 143 113 227 218 156.1 126.9 212.5 - -
EBIT 1 88 91 45 -31 7 77 38 13 98 106 68 33 119 - -
Operating Margin 45.83% 40.09% 26.79% -30.69% 2.17% 25.84% 18.1% 7.6% 31.11% 40.93% 34.25% 20.01% 45.49% - -
Earnings before Tax (EBT) 1 31 76 14 -71 -1 66 24 -11 75 97 40 8 88.5 - -
Net income 1 17 50 10 -44 14 43 19 -3 19 55 18.67 -3.333 55 - -
Net margin 8.85% 22.03% 5.95% -43.56% 4.35% 14.43% 9.05% -1.75% 6.03% 21.24% 9.4% -2.02% 21.02% - -
EPS 2 0.1700 0.4900 0.1000 -0.4400 0.1400 0.4100 0.1900 -0.0300 0.1900 0.5300 0.1150 -0.0700 0.5150 0.4900 -
Dividend per Share 2 0.1650 0.1650 0.1650 0.1650 0.1650 0.1650 0.1650 0.1650 0.1650 - 0.1688 0.1688 0.1688 - -
Announcement Date 2/23/22 5/11/22 8/3/22 11/9/22 2/24/23 5/10/23 8/14/23 11/9/23 3/1/24 5/15/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 3,332 3,653 3,246 3,141 3,514 3,706 3,511
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 6.495 x 6.828 x 5.88 x 4.653 x 4.933 x 4.97 x 4.168 x
Free Cash Flow 1 - 217 196 157 185 398 -253 567
ROE (net income / shareholders' equity) - 6.65% 1.71% 5.19% 5.75% 4.63% 4.63% 6.75%
ROA (Net income/ Total Assets) - - - 1.13% 1.45% 2.1% 2.05% 1.7%
Assets 1 - - - 2,650 5,373 5,328 5,307 8,791
Book Value Per Share 2 - 9.640 9.750 16.40 15.80 16.70 17.20 18.00
Cash Flow per Share 2 3.420 3.430 3.530 3.920 4.330 3.630 3.730 5.220
Capex 1 159 145 167 246 260 788 736 724
Capex / Sales 28.19% 23.42% 24.89% 30.07% 26.16% 84.33% 74.5% 59.47%
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Boralex Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
34.59 CAD
Average target price
39 CAD
Spread / Average Target
+12.75%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wind Electric Utilities

1st Jan change Capi.
BORALEX INC. Stock Boralex Inc.
+2.70% 2.61B
CHINA THREE GORGES RENEWABLES (GROUP) CO.,LTD. Stock China Three Gorges Renewables (Group) Co.,Ltd.
+6.86% 18.46B
CHINA LONGYUAN POWER GROUP CORPORATION LIMITED Stock China Longyuan Power Group Corporation Limited
+20.44% 15.88B
CHINA GREEN ELECTRICITY INVESTMENT OF TIANJIN CO., LTD. Stock China Green Electricity Investment of Tianjin Co., Ltd.
+11.01% 3.05B
TERNA ENERGY S.A. Stock Terna Energy S.A.
+14.53% 2.32B
JIANGSU NEW ENERGY DEVELOPMENT CO., LTD. Stock Jiangsu New Energy Development Co., Ltd.
+13.65% 1.57B
INNERGEX RENEWABLE ENERGY INC. Stock Innergex Renewable Energy Inc.
+6.20% 1.46B
ZHONGMIN ENERGY CO., LTD. Stock Zhongmin Energy Co., Ltd.
+15.56% 1.33B
SERENA ENERGIA S.A. Stock Serena Energia S.A.
-14.89% 1.03B
MOGAN ENERJI YATIRIM HOLDING ANONIM SIRKETI Stock Mogan Enerji Yatirim Holding Anonim Sirketi
-.--% 1.01B
Wind Electric Utilities
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