Boralex Management
Management criteria checks 4/4
Boralex's CEO is Patrick Decostre, appointed in Dec 2020, has a tenure of 5.42 years. total yearly compensation is CA$2.18M, comprised of 31.3% salary and 68.7% bonuses, including company stock and options. directly owns 0.022% of the company’s shares, worth CA$845.65K. The average tenure of the management team and the board of directors is 4.3 years and 5.2 years respectively.
Key information
Patrick Decostre
Chief executive officer
CA$2.2m
Total compensation
| CEO salary percentage | 31.26% |
| CEO tenure | 5.4yrs |
| CEO ownership | 0.02% |
| Management average tenure | 4.3yrs |
| Board average tenure | 5.2yrs |
Recent management updates
Recent updates
BLX: Possible Go Private And Split Outlook Will Shape Future Returns
Narrative Update on Boralex Boralex's updated analyst price target has moved by about CA$0.71 per share. This reflects mixed recent Street research, where some analysts raised their targets while others trimmed them or adjusted ratings, and is supported by revised assumptions for fair value, discount rate, revenue growth, profit margin and future P/E expectations.BLX: Possible Take Private And Mixed Outlook May Support Steady Returns
Boralex's analyst price target has shifted to CA$35.72 from CA$34.00, reflecting mixed but generally supportive views from recent research, as analysts balance updated expectations for growth, margins, and future P/E against a cluster of revised CA$35 to CA$41 targets. Analyst Commentary Bullish Takeaways Bullish analysts raising their price targets by more than CA$6 suggest they see room for upside against the current CA$35.72 consensus, even after recent revisions.BLX: Battery Storage Scale And Possible Take Private May Support Steady Returns
Analysts have trimmed their price target for Boralex from CA$36 to CA$35, citing updated assumptions around discount rates and valuation multiples, while keeping core growth and margin expectations broadly consistent. Analyst Commentary Recent research indicates that the slight reduction in the price target to CA$35 is driven more by updated assumptions around discount rates and valuation multiples than by changes to the underlying business outlook.BLX: Growing Battery Storage Portfolio Will Support Long Term Upside
Analysts have trimmed their price target on Boralex to CA$35 from CA$36, reflecting updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research maintains a positive stance on Boralex while trimming the price target to CA$35 from CA$36.BLX: Expanding Storage Capacity Will Drive Future Upside Potential
Analysts have maintained their fair value estimate for Boralex at CA$35.00, with only minor model adjustments to the discount rate, revenue growth, profit margin and future P/E inputs supporting this unchanged price target. What's in the News Boralex announced that the consented Sallachy Wind Farm in Scotland has secured a Contract for Difference in the United Kingdom Government's seventh allocation round, with expected installed capacity of 44 MW and planned commissioning in 2028, aligning with Scotland's onshore wind targets (Client Announcements).BLX: Growing Storage Portfolio And New Wind Approval Will Support Upside
Analysts have kept their fair value estimate for Boralex steady at $35.00, with only small adjustments to assumptions such as discount rate, profit margin and future P/E contributing to the latest price target update. What's in the News Boralex and Walpole Island First Nation commissioned the Sanjgon Battery Energy Storage facility in Lakeshore, Ontario, an 80 MW / 320 MWh site that is the company’s first operational energy storage facility in North America and can deliver four hours of full-power output to the grid (Key Developments).Sentiment Still Eluding Boralex Inc. (TSE:BLX)
Feb 08
BLX: Storage Expansion And New Wind Projects Will Support Future Momentum
Analysts have trimmed their price target on Boralex to C$35.00 from C$35.60, reflecting updated assumptions on growth, margins and future P/E that are broadly consistent with the recent reduction in the Street target to C$36 from C$38. Analyst Commentary Recent Street adjustments on Boralex have been relatively measured, with price targets nudged lower but ratings held steady.BLX: Storage And Wind Projects Will Support Long Term Power Momentum
Analysts have kept their fair value view on Boralex steady at about C$35.60, while Street price targets have shifted modestly, with one moving down to C$36 and another up to C$39, citing mixed expectations for Q3 power generation and pricing against a backdrop of more volatile markets and credit spreads. Analyst Commentary Recent Street research on Boralex points to a split view, with some analysts leaning more optimistic on upside potential and others taking a more cautious stance as they reassess price targets around the mid C$30s.BLX: Québec Wind And Battery Projects Will Drive Long Term Power Momentum
Analysts have trimmed their average price target on Boralex by about C$1 to approximately C$36. This reflects a modestly lower fair value and a slightly higher discount rate, even as they still see solid long term growth potential for power producers relative to regulated utilities.BLX: Québec Wind Expansion Will Drive Long Term Power Segment Momentum
Analysts have nudged their consolidated price target for Boralex slightly lower to about C$36.40 from roughly C$36.90, balancing a recent C$2 cut to C$36 with a C$1 increase to C$39 as they factor in softer power-generation trends, muted realized pricing, and only modest adjustments to long term growth and valuation assumptions. Analyst Commentary Street research on Boralex reflects a mixed but generally constructive stance, with some trimming of expectations but continued confidence in the company’s long term growth profile and relative valuation upside within the power space.BLX: Upcoming Québec Wind Project Will Support Power Segment Momentum
Analysts have adjusted their price targets for Boralex, with recent research reflecting both upward and downward revisions between C$36 and C$39. The changes are attributed to a mix of softer sector trends as well as expectations for regulated utility performance.BLX: Upcoming Commercial Operation In Québec Will Drive Sector Momentum
Analysts have revised Boralex's price target downward from C$38.10 to C$36.90, citing a modest increase in the discount rate, tempered fair value estimates, ongoing sector volatility, and shifting growth expectations. Analyst Commentary Recent analyst updates highlight a range of perspectives on Boralex's current valuation and future trajectory.Boralex (TSE:BLX) Might Be Having Difficulty Using Its Capital Effectively
Oct 04Why Investors Shouldn't Be Surprised By Boralex Inc.'s (TSE:BLX) P/S
Sep 09Boralex (TSE:BLX) Will Want To Turn Around Its Return Trends
Jul 05Is Boralex (TSE:BLX) A Risky Investment?
Jun 17We Think You Can Look Beyond Boralex's (TSE:BLX) Lackluster Earnings
May 22Boralex's (TSE:BLX) Returns On Capital Are Heading Higher
Feb 21
New Projects And Partnerships Will Expand Renewable Capacity Amid Great British Energy Support
Expansion through new projects in Quebec, Scotland, and Ontario is expected to drive future revenue growth and enhanced risk management.Boralex Inc.'s (TSE:BLX) P/E Still Appears To Be Reasonable
Jan 27Is Boralex (TSE:BLX) A Risky Investment?
Jan 09We Ran A Stock Scan For Earnings Growth And Boralex (TSE:BLX) Passed With Ease
Oct 22Boralex Inc.'s (TSE:BLX) P/E Still Appears To Be Reasonable
Oct 04Boralex (TSE:BLX) Is Doing The Right Things To Multiply Its Share Price
Sep 19We Think Boralex (TSE:BLX) Is Taking Some Risk With Its Debt
Sep 04Returns Are Gaining Momentum At Boralex (TSE:BLX)
Jun 09Boralex Inc.'s (TSE:BLX) Popularity With Investors Is Clear
Apr 09Boralex (TSE:BLX) Takes On Some Risk With Its Use Of Debt
Feb 13Boralex (TSE:BLX) Is Experiencing Growth In Returns On Capital
Dec 02Here's Why Boralex (TSE:BLX) Is Weighed Down By Its Debt Load
Nov 02Returns At Boralex (TSE:BLX) Appear To Be Weighed Down
Aug 17Is Boralex (TSE:BLX) A Risky Investment?
Aug 01CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | CA$2m | CA$683k | CA$7m |
| Sep 30 2025 | n/a | n/a | -CA$23m |
| Jun 30 2025 | n/a | n/a | -CA$10m |
| Mar 31 2025 | n/a | n/a | CA$11m |
| Dec 31 2024 | CA$2m | CA$674k | CA$36m |
| Sep 30 2024 | n/a | n/a | CA$89m |
| Jun 30 2024 | n/a | n/a | CA$95m |
| Mar 31 2024 | n/a | n/a | CA$100m |
| Dec 31 2023 | CA$2m | CA$626k | CA$78m |
| Sep 30 2023 | n/a | n/a | CA$55m |
| Jun 30 2023 | n/a | n/a | CA$19m |
| Mar 31 2023 | n/a | n/a | CA$13m |
| Dec 31 2022 | CA$2m | CA$546k | CA$30m |
| Sep 30 2022 | n/a | n/a | CA$33m |
| Jun 30 2022 | n/a | n/a | CA$57m |
| Mar 31 2022 | n/a | n/a | CA$31m |
| Dec 31 2021 | CA$2m | CA$503k | CA$17m |
| Sep 30 2021 | n/a | n/a | CA$26m |
| Jun 30 2021 | n/a | n/a | CA$40m |
| Mar 31 2021 | n/a | n/a | CA$50m |
| Dec 31 2020 | CA$1m | CA$382k | CA$55m |
| Sep 30 2020 | n/a | n/a | CA$3m |
| Jun 30 2020 | n/a | n/a | -CA$20m |
| Mar 31 2020 | n/a | n/a | -CA$27m |
| Dec 31 2019 | CA$800k | CA$359k | -CA$39m |
Compensation vs Market: Patrick's total compensation ($USD1.60M) is below average for companies of similar size in the Canadian market ($USD2.99M).
Compensation vs Earnings: Patrick's compensation has been consistent with company performance over the past year.
CEO
Patrick Decostre (52 yo)
5.4yrs
Tenure
CA$2,183,153
Compensation
Mr. Patrick Decostre serves as an Independent Director at CAE Inc. since may 16, 2024. He serves as the President, Chief Executive Officer and Director of Boralex Inc. since December 1, 2020. He served as...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 5.4yrs | CA$2.18m | 0.022% CA$ 845.7k | |
| Vice President of Investor Relations and Financial Planning & Analysis | 7.3yrs | CA$617.66k | 0.0039% CA$ 146.1k | |
| Executive VP & Chief Legal Officer | 8.9yrs | CA$785.74k | 0.010% CA$ 377.5k | |
| Executive VP & CFO | less than a year | no data | no data | |
| Senior Vice President of Marketing | 3.6yrs | no data | 0.0031% CA$ 117.8k | |
| Executive VP and Chief People & Culture Officer | 4.3yrs | no data | 0.011% CA$ 419.1k | |
| Senior Vice President of Synergies & Special Projects | no data | no data | no data | |
| Senior Vice President of Development of North America | no data | no data | no data | |
| Deputy Managing Director of Development Europe | 3.6yrs | no data | no data | |
| Senior Vice President of Corporate Strategy & Business Performance | 3.6yrs | no data | 0.0034% CA$ 126.5k | |
| Senior Vice President of IT and Digital Transformation | 4.3yrs | no data | 0.0038% CA$ 142.7k | |
| Senior Vice President of Merger | no data | no data | no data |
4.3yrs
Average Tenure
Experienced Management: BLX's management team is considered experienced (4.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 5.4yrs | CA$2.18m | 0.022% CA$ 845.7k | |
| Independent Director | 19.9yrs | CA$144.72k | 0.032% CA$ 1.2m | |
| Independent Director | 1yr | CA$108.20k | no data | |
| Independent Director | 5yrs | CA$195.25k | 0.0078% CA$ 294.1k | |
| Independent Director | 8yrs | CA$199.25k | no data | |
| Independent Director | 10yrs | CA$178.10k | 0.0015% CA$ 56.3k | |
| Independent Director | 1.8yrs | CA$169.25k | 0.0035% CA$ 131.4k | |
| Independent Director | 7yrs | CA$196.25k | 0.0042% CA$ 157.8k | |
| Independent Director | 1yr | CA$116.70k | no data | |
| Independent Chairman of the Board | 7yrs | CA$229.25k | 0.0080% CA$ 300.9k | |
| Independent Director | 2.3yrs | CA$172.25k | no data | |
| Independent Director | less than a year | CA$42.54k | no data |
5.2yrs
Average Tenure
63yo
Average Age
Experienced Board: BLX's board of directors are considered experienced (5.2 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/05 04:59 |
| End of Day Share Price | 2026/05/05 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Boralex Inc. is covered by 18 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark Westby | ATB Cormark |
| Nicholas Boychuk | ATB Cormark Historical (Cormark Securities) |
| Benjamin Pham | BMO Capital Markets Equity Research |