Boralex Inc.

TSX:BLX Stock Report

Market Cap: CA$3.2b

Boralex Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

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.

Discounted Cash Flow
Simply Wall St
CA$115.25
Fair Value
72.0% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: BLX (CA$32.31) is trading below our estimate of fair value (CA$115.25)

Significantly Below Fair Value: BLX is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As BLX is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BLX. This is calculated by dividing BLX's market cap by their current revenue.
What is BLX's PS Ratio?
PS Ratio4x
SalesCA$822.00m
Market CapCA$3.25b

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.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.7x
INE Innergex Renewable Energy
2.6x7.33%CA$2.8b
NPI Northland Power
2.7x5.05%CA$5.9b
BEP.UN Brookfield Renewable Partners
2.9x9.56%CA$23.5b
PIF Polaris Renewable Energy
2.5x9.78%CA$252.8m
BLX Boralex
4x11.04%CA$3.2b

Price-To-Sales vs Peers: BLX is expensive based on its Price-To-Sales Ratio (4x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

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

1 CompanyPrice / SalesEstimated GrowthMarket Cap
SPG Spark Power Group
0.3xn/aUS$54.14m
No more companies available in this PS range
BLX 4.0xIndustry Avg. 2.4xNo. of Companies4PS01.63.24.86.48+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BLX is expensive based on its Price-To-Sales Ratio (4x) compared to the North American Renewable Energy industry average (2.4x).

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 Ratio4x
Fair PS Ratio4.1x

Price-To-Sales vs Fair Ratio: BLX is good value based on its Price-To-Sales Ratio (4x) compared to the estimated Fair Price-To-Sales Ratio (4.1x).

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$32.31
CA$38.68
+19.72%
7.36%CA$45.00CA$35.00n/a11
Jul ’26CA$31.64
CA$38.68
+22.26%
7.36%CA$45.00CA$35.00n/a11
Jun ’26CA$31.57
CA$38.09
+20.66%
8.03%CA$45.00CA$35.00n/a11
May ’26CA$30.29
CA$38.55
+27.25%
8.81%CA$45.00CA$35.00n/a11
Apr ’26CA$28.48
CA$38.55
+35.34%
8.81%CA$45.00CA$35.00n/a11
Mar ’26CA$29.67
CA$38.55
+29.91%
8.81%CA$45.00CA$35.00n/a11
Feb ’26CA$25.84
CA$39.18
+51.63%
10.08%CA$46.00CA$35.00n/a11
Jan ’26CA$28.71
CA$42.00
+46.29%
8.37%CA$47.00CA$36.00n/a11
Dec ’25CA$30.14
CA$42.00
+39.35%
8.37%CA$47.00CA$36.00n/a11
Nov ’25CA$33.42
CA$42.60
+27.47%
8.28%CA$47.00CA$36.00n/a10
Oct ’25CA$35.88
CA$41.91
+16.80%
9.18%CA$47.00CA$36.00n/a11
Sep ’25CA$32.27
CA$41.36
+28.18%
8.64%CA$47.00CA$36.00n/a11
Aug ’25CA$34.13
CA$40.55
+18.80%
9.31%CA$46.00CA$36.00n/a11
Jul ’25CA$33.51
CA$40.18
+19.91%
8.54%CA$46.00CA$36.00CA$31.6411
Jun ’25CA$34.59
CA$39.00
+12.75%
8.25%CA$45.00CA$34.00CA$31.5711
May ’25CA$28.92
CA$38.45
+32.97%
8.10%CA$45.00CA$33.00CA$30.2911
Apr ’25CA$28.66
CA$39.30
+37.12%
9.11%CA$45.00CA$33.00CA$28.4810
Mar ’25CA$29.32
CA$38.80
+32.33%
8.22%CA$44.00CA$33.00CA$29.6710
Feb ’25CA$32.96
CA$38.50
+16.81%
9.87%CA$44.00CA$30.00CA$25.8410
Jan ’25CA$33.68
CA$38.55
+14.45%
9.28%CA$43.00CA$30.00CA$28.7111
Dec ’24CA$31.47
CA$38.00
+20.75%
8.47%CA$42.00CA$30.00CA$30.1411
Nov ’24CA$26.89
CA$38.64
+43.68%
8.06%CA$42.00CA$30.00CA$33.4211
Oct ’24CA$29.18
CA$44.00
+50.79%
8.27%CA$50.00CA$38.00CA$35.8813
Sep ’24CA$32.59
CA$44.29
+35.89%
8.12%CA$50.00CA$38.00CA$32.2714
Aug ’24CA$33.27
CA$45.57
+36.97%
8.69%CA$53.00CA$39.00CA$34.1314
Jul ’24CA$36.07
CA$46.68
+29.41%
9.21%CA$53.00CA$39.00CA$33.5114
AnalystConsensusTarget
Consensus Narrative from 11 Analysts
CA$38.68
Fair Value
16.5% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/07/09 22:08
End of Day Share Price 2025/07/09 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

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 28 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark WestbyATB Capital Markets
Benjamin PhamBMO Capital Markets Equity Research
Massimo FioreCantor Fitzgerald Canada Corporation