Executive Summary
Boralex Inc., together with its subsidiaries, develops, constructs, and operates renewable energy power facilities primarily in Canada, France, and the United States.
Snowflake
Fundamentals
Slightly overvalued with imperfect balance sheet.
Similar Companies
Share Price & News
How has Boralex's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
-1.6%
BLX
0.7%
CA Renewable Energy
0.2%
CA Market
1 Year Return
24.9%
BLX
19.2%
CA Renewable Energy
3.5%
CA Market
Return vs Industry: BLX exceeded the Canadian Renewable Energy industry which returned 19.2% over the past year.
Return vs Market: BLX exceeded the Canadian Market which returned 3.5% over the past year.
Shareholder returns
| BLX | Industry | Market | |
|---|---|---|---|
| 7 Day | -1.6% | 0.7% | 0.2% |
| 30 Day | -1.0% | 1.2% | -3.3% |
| 90 Day | 12.1% | 2.9% | -1.9% |
| 1 Year | 29.4%24.9% | 25.2%19.2% | 7.3%3.5% |
| 3 Year | 29.2%17.8% | 31.0%13.0% | 14.7%4.4% |
| 5 Year | 99.1%68.8% | 56.7%21.1% | 26.2%7.7% |
Price Volatility Vs. Market
How volatile is Boralex's share price compared to the market and industry in the last 5 years?
Simply Wall St News
4 days ago | Simply Wall St
Can You Imagine How Boralex's (TSE:BLX) Shareholders Feel About The 73% Share Price Increase?1 month ago | Simply Wall St
These 4 Measures Indicate That Boralex (TSE:BLX) Is Using Debt In A Risky Way1 month ago | Simply Wall St
Do Institutions Own Shares In Boralex Inc. (TSE:BLX)?Valuation
Is Boralex undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BLX (CA$22.3) is trading below our estimate of fair value (CA$66.4)
Significantly Below Fair Value: BLX is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BLX is unprofitable, so we can't compare its PE Ratio to the Renewable Energy industry average.
PE vs Market: BLX is unprofitable, so we can't compare its PE Ratio to the Canadian market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate BLX's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: BLX is overvalued based on its PB Ratio (2.5x) compared to the CA Renewable Energy industry average (1.9x).
Next Steps
Future Growth
How is Boralex forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
66.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BLX is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: BLX is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: BLX is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: BLX's revenue (0.8% per year) is forecast to grow slower than the Canadian market (5.5% per year).
High Growth Revenue: BLX's revenue (0.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if BLX's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Boralex performed over the past 5 years?
0.2%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: BLX is unprofitable, but has reduced losses over the past 5 years at a rate of 0.2% per year.
Accelerating Growth: Unable to compare BLX's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: BLX is unprofitable, making it difficult to compare its past year earnings growth to the Renewable Energy industry (33.9%).
Return on Equity
High ROE: BLX has a negative Return on Equity (-2.19%), as it is currently unprofitable.
Return on Assets
ROA vs Industry: BLX is currently unprofitable, so its Return on Assets is negative.
Return on Capital Employed
ROCE Improving: BLX is currently unprofitable, so its Return on Capital Employed is negative.
Next Steps
Financial Health
How is Boralex's financial position?
Financial Position Analysis
Short Term Liabilities: BLX's short term assets (CA$397.0M) exceeds its short term liabilities (CA$393.0M)
Long Term Liabilities: BLX's short term assets (397.0M) do not cover its long term liabilities (3.6B)
Debt to Equity History and Analysis
Debt Level: BLX's debt to equity ratio (411.3%) is considered high
Reducing Debt: BLX's debt to equity ratio has increased from 254.3% to 411.3% over the past 5 years.
Balance Sheet
Inventory Level: BLX has a high level of physical assets or inventory.
Debt Coverage by Assets: BLX's debt is not covered by short term assets (assets are 0.1x debt).
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: BLX has sufficient cash runway for more than 3 years based on its current free cash flow.
Forecast Cash Runway: Insufficient data to determine if BLX has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.
Next Steps
Dividend
What is Boralex's current dividend yield, its reliability and sustainability?
2.96%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: BLX's dividend (2.96%) is higher than the bottom 25% of dividend payers in the Canadian market (1.98%).
High Dividend: BLX's dividend (2.96%) is low compared to the top 25% of dividend payers in the Canadian market (5.92%).
Stable Dividend: Whilst dividend payments have been stable, BLX has been paying a dividend for less than 10 years.
Growing Dividend: BLX's dividend payments have increased, but the company has only paid a dividend for 6 years.
Current Payout to Shareholders
Dividend Coverage: BLX is paying a dividend but the company is unprofitable.
Future Payout to Shareholders
Future Dividend Coverage: BLX's dividends in 3 years are not forecast to be well covered by earnings (118.5% payout ratio).
Next Steps
Management
What is the CEO of Boralex's salary, the management and board of directors tenure and is there insider trading?
1.5yrs
Average management tenure
CEO
Patrick Lemaire (55yo)
13.1yrs
Tenure
CA$1,291,561
Compensation
Mr. Patrick Lemaire has been the Chief Executive Officer and President of Boralex Power Inc. September 2006, administrator of Boralex Power Limited Partnership. Mr. Lemaire has been the Chief Executive Off ...
CEO Compensation Analysis
Compensation vs. Market: Patrick's total compensation ($USD987.00K) is about average for companies of similar size in the Canadian market ($USD2.30M).
Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.
Management Age and Tenure
1.5yrs
Average Tenure
53yo
Average Age
Experienced Management: BLX's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.
Board Age and Tenure
3.0yrs
Average Tenure
61yo
Average Age
Experienced Board: BLX's board of directors are considered experienced (3 years average tenure).
Insider Trading
Insider Buying: BLX insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 1,000 |
| Max Price | CA$20.75 |
| Entity | Individual |
| Role | Other Key Executive Vice President of Europe Business Development |
| Shares | 2,257 |
| Max Price | CA$18.08 |
Ownership Breakdown
Management Team
Patrick Lemaire (55yo)
President
- Tenure: 13.1yrs
- Compensation: CA$1.29m
Stéphane Milot
Director of Investor Relations
- Tenure: 0.8yrs
Bruno Guilmette (53yo)
CFO & VP
- Tenure: 0.8yrs
Sylvain Aird (47yo)
Vice President of Europe Business Development
- Tenure: 2.3yrs
- Compensation: CA$435.97k
Patrick Decostre
VP & COO
- Tenure: 0.3yrs
- Compensation: CA$571.70k
Julie Cusson
Vice President of Public and Corporate Affairs
- Tenure: 0yrs
Marie-Josée Arsenault
Vice President - Talent & Culture
- Tenure: 0yrs
Pascal Hurtubise
VP, Chief Legal Officer & Corporate Secretary
- Tenure: 2.3yrs
- Compensation: CA$381.45k
Board Members
Patrick Lemaire (55yo)
President
- Tenure: 13.1yrs
- Compensation: CA$1.29m
Marie Giguére (67yo)
Independent Director
- Tenure: 1.8yrs
Alain Ducharme (63yo)
Independent Director
- Tenure: 8.4yrs
Yves Rheault (74yo)
Independent Director
- Tenure: 22.8yrs
Alain Rhéaume (67yo)
Independent Chairman of the Board
- Tenure: 2.6yrs
Edward Kernaghan (47yo)
Independent Director
- Tenure: 13.8yrs
Lise Croteau (59yo)
Independent Director
- Tenure: 1.4yrs
Dany St-Pierre (57yo)
Independent Director
- Tenure: 3.4yrs
André Courville (65yo)
Independent Director
- Tenure: 0.4yrs
Ghyslain Deschamps (52yo)
Independent Director
- Tenure: 1.4yrs
Company Information
Boralex Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Boralex Inc.
- Ticker: BLX
- Exchange: TSX
- Founded: 1982
- Industry: Renewable Electricity
- Sector: Utilities
- Market Cap: CA$1.990b
- Shares outstanding: 89.25m
- Website: https://www.boralex.com
Number of Employees
Location
- Boralex Inc.
- 36 Lajeunesse Street
- Kingsey Falls
- Quebec
- J0A 1B0
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BLX | TSX (The Toronto Stock Exchange) | Yes | Class A Common Stock | CA | CAD | Aug 1988 |
| B3H | DB (Deutsche Boerse AG) | Yes | Class A Common Stock | DE | EUR | Aug 1988 |
| BRLX.F | OTCPK (Pink Sheets LLC) | Yes | Class A Common Stock | US | USD | Aug 1988 |
Biography
Boralex Inc., together with its subsidiaries, develops, constructs, and operates renewable energy power facilities primarily in Canada, France, and the United States. As of December 31, 2018, the company h ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/22 23:32 |
| End of Day Share Price | 2019/10/22 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.