Industry Analysts Just Upgraded Their Boralex Inc. (TSE:BLX) Revenue Forecasts By 10%

Celebrations may be in order for Boralex Inc. (TSE:BLX) shareholders, with the analysts delivering a significant upgrade to their statutory estimates for the company. The analysts have sharply increased their revenue numbers, with a view that Boralex will make substantially more sales than they'd previously expected.

Following the upgrade, the latest consensus from Boralex's eight analysts is for revenues of CA$933m in 2023, which would reflect a meaningful 12% improvement in sales compared to the last 12 months. Prior to the latest estimates, the analysts were forecasting revenues of CA$846m in 2023. It looks like there's been a clear increase in optimism around Boralex, given the nice gain to revenue forecasts.

Check out our latest analysis for Boralex

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. The analysts are definitely expecting Boralex's growth to accelerate, with the forecast 16% annualised growth to the end of 2023 ranking favourably alongside historical growth of 12% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 2.6% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Boralex to grow faster than the wider industry.

The Bottom Line

The highlight for us was that analysts increased their revenue forecasts for Boralex this year. They're also forecasting more rapid revenue growth than the wider market. Seeing the dramatic upgrade to this year's forecasts, it might be time to take another look at Boralex.

Want more information? At least one of Boralex's eight analysts has provided estimates out to 2025, which can be seen for free on our platform here.

Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.