We’ve recently updated our valuation analysis.

Boralex Valuation

Is BLX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BLX?

Other financial metrics that can be useful for relative valuation.

BLX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8x
Enterprise Value/EBITDA16.1x
PEG Ratio8.6x

Price to Sales Ratio vs Peers

How does BLX's PS Ratio compare to its peers?

The above table shows the PS ratio for BLX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average3.9x
RNW TransAlta Renewables
6.4x-0.4%CA$3.4b
INE Innergex Renewable Energy
3.1x2.7%CA$2.8b
NPI Northland Power
3.2x4.7%CA$7.5b
BEPC Brookfield Renewable
3.1x5.7%CA$16.5b
BLX Boralex
4.2x3.4%CA$3.8b

Price-To-Sales vs Peers: BLX is expensive based on its Price-To-Sales Ratio (4.2x) compared to the peer average (3.9x).


Price to Earnings Ratio vs Industry

How does BLX's PE Ratio compare vs other companies in the CA Renewable Energy Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-27.0%
n/an/an/a
No. of CompaniesPS048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-27.0%
n/an/an/a
No more companies

Price-To-Sales vs Industry: BLX is expensive based on its Price-To-Sales Ratio (4.2x) compared to the North American Renewable Energy industry average (3x)


Price to Sales Ratio vs Fair Ratio

What is BLX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BLX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.2x
Fair PS Ratio2.6x

Price-To-Sales vs Fair Ratio: BLX is expensive based on its Price-To-Sales Ratio (4.2x) compared to the estimated Fair Price-To-Sales Ratio (2.6x).


Share Price vs Fair Value

What is the Fair Price of BLX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BLX (CA$36.91) is trading above our estimate of fair value (CA$22.67)

Significantly Below Fair Value: BLX is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BLX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$36.91
CA$46.65
+26.4%
9.0%CA$53.00CA$39.00n/a13
May ’24CA$39.10
CA$47.07
+20.4%
10.2%CA$57.50CA$39.00n/a14
Apr ’24CA$41.15
CA$46.43
+12.8%
10.8%CA$57.50CA$39.00n/a14
Mar ’24CA$36.41
CA$46.79
+28.5%
10.4%CA$57.50CA$39.00n/a14
Feb ’24CA$38.58
CA$47.32
+22.7%
10.2%CA$57.50CA$40.00n/a14
Jan ’24CA$40.02
CA$46.89
+17.2%
12.0%CA$57.50CA$36.00n/a14
Dec ’23CA$38.51
CA$46.14
+19.8%
11.1%CA$55.00CA$36.00n/a14
Nov ’23CA$38.63
CA$48.07
+24.4%
8.1%CA$55.00CA$42.00n/a14
Oct ’23CA$43.87
CA$50.93
+16.1%
7.2%CA$55.00CA$42.00n/a14
Sep ’23CA$48.43
CA$50.71
+4.7%
8.1%CA$57.00CA$42.00n/a14
Aug ’23CA$46.46
CA$46.44
-0.04%
9.4%CA$55.00CA$38.00n/a13
Jul ’23CA$42.88
CA$47.15
+9.9%
7.6%CA$55.00CA$41.00n/a12
Jun ’23CA$38.47
CA$46.98
+22.1%
8.0%CA$55.00CA$41.00n/a12
May ’23CA$38.51
CA$46.52
+20.8%
8.6%CA$55.00CA$41.00CA$39.1013
Apr ’23CA$40.04
CA$45.48
+13.6%
9.7%CA$55.00CA$39.50CA$41.1513
Mar ’23CA$37.98
CA$44.94
+18.3%
9.6%CA$55.00CA$39.50CA$36.4113
Feb ’23CA$32.95
CA$44.98
+36.5%
10.8%CA$56.00CA$38.00CA$38.5813
Jan ’23CA$34.68
CA$46.42
+33.8%
9.2%CA$56.00CA$41.00CA$40.0212
Dec ’22CA$35.97
CA$47.75
+32.7%
9.0%CA$56.00CA$41.00CA$38.5112
Nov ’22CA$39.55
CA$48.57
+22.8%
8.1%CA$56.00CA$43.00CA$38.6311
Oct ’22CA$36.84
CA$48.57
+31.8%
8.1%CA$56.00CA$43.00CA$43.8711
Sep ’22CA$39.68
CA$48.57
+22.4%
8.1%CA$56.00CA$43.00CA$48.4311
Aug ’22CA$39.27
CA$48.91
+24.5%
8.5%CA$56.00CA$43.00CA$46.4611
Jul ’22CA$37.75
CA$49.27
+30.5%
9.9%CA$60.00CA$43.00CA$42.8811
Jun ’22CA$37.00
CA$49.18
+32.9%
9.4%CA$60.00CA$43.00CA$38.4711
May ’22CA$39.40
CA$52.55
+33.4%
6.4%CA$60.00CA$48.00CA$38.5111

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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