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BLX

Boralex TSX:BLX Stock Report

Last Price

CA$50.12

Market Cap

CA$5.2b

7D

3.6%

1Y

35.1%

Updated

18 Aug, 2022

Data

Company Financials +
BLX fundamental analysis
Snowflake Score
Valuation0/6
Future Growth3/6
Past Performance5/6
Financial Health2/6
Dividends1/6

BLX Stock Overview

Boralex Inc., together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, and the United States.

Boralex Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Boralex
Historical stock prices
Current Share PriceCA$50.12
52 Week HighCA$50.31
52 Week LowCA$30.04
Beta0.50
1 Month Change15.94%
3 Month Change25.93%
1 Year Change35.13%
3 Year Change140.04%
5 Year Change127.61%
Change since IPO1,374.12%

Recent News & Updates

Aug 08
Calculating The Intrinsic Value Of Boralex Inc. (TSE:BLX)

Calculating The Intrinsic Value Of Boralex Inc. (TSE:BLX)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Boralex Inc. ( TSE:BLX...

Jul 07
Boralex (TSE:BLX) Is Experiencing Growth In Returns On Capital

Boralex (TSE:BLX) Is Experiencing Growth In Returns On Capital

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...

Shareholder Returns

BLXCA Renewable EnergyCA Market
7D3.6%0.9%1.3%
1Y35.1%5.5%3.3%

Return vs Industry: BLX exceeded the Canadian Renewable Energy industry which returned 6% over the past year.

Return vs Market: BLX exceeded the Canadian Market which returned 2.1% over the past year.

Price Volatility

Is BLX's price volatile compared to industry and market?
BLX volatility
BLX Average Weekly Movement4.2%
Renewable Energy Industry Average Movement4.7%
Market Average Movement10.5%
10% most volatile stocks in CA Market18.9%
10% least volatile stocks in CA Market4.2%

Stable Share Price: BLX is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BLX's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1982562Patrick Decostrehttps://www.boralex.com

Boralex Inc., together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, and the United States. As of December 31, 2021, the company had interests in 90 wind power stations with an installed capacity of 2,032 megawatts (MW); 16 hydroelectric power stations with a capacity of 181 MW; 12 solar power stations with an installed capacity of 244 MW; and one thermal power station with an installed capacity of 35 MW. It also operates two hydroelectric power stations on behalf of R.S.P. Énergie Inc. Boralex Inc. was incorporated in 1982 and is headquartered in Kingsey Falls, Canada.

Boralex Fundamentals Summary

How do Boralex's earnings and revenue compare to its market cap?
BLX fundamental statistics
Market CapCA$5.15b
Earnings (TTM)CA$57.00m
Revenue (TTM)CA$731.00m

90.4x

P/E Ratio

7.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BLX income statement (TTM)
RevenueCA$731.00m
Cost of RevenueCA$146.00m
Gross ProfitCA$585.00m
Other ExpensesCA$528.00m
EarningsCA$57.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.55
Gross Margin80.03%
Net Profit Margin7.80%
Debt/Equity Ratio155.4%

How did BLX perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

119%

Payout Ratio

Does BLX pay a reliable dividends?

See BLX dividend history and benchmarks
When do you need to buy BLX by to receive an upcoming dividend?
Boralex dividend dates
Ex Dividend DateAug 30 2022
Dividend Pay DateSep 16 2022
Days until Ex dividend10 days
Days until Dividend pay date27 days

Does BLX pay a reliable dividends?

See BLX dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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/Revenue11.3x
Enterprise Value/EBITDA16.9x
PEG Ratio2.8x

Price to Earnings Ratio vs Peers

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

BLX PE Ratio vs Peers
The above table shows the PE ratio for BLX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average58.4x
RNW TransAlta Renewables
41.2x25.0%CA$4.8b
NPI Northland Power
19.2x-17.9%CA$10.7b
BEPC Brookfield Renewable
36.4x-69.7%CA$19.4b
PIF Polaris Renewable Energy
137x136.4%CA$397.1m
BLX Boralex
90.4x32.6%CA$5.2b

Price-To-Earnings vs Peers: BLX is expensive based on its Price-To-Earnings Ratio (90.4x) compared to the peer average (58.4x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: BLX is expensive based on its Price-To-Earnings Ratio (90.4x) compared to the Canadian Renewable Energy industry average (38.4x)


Price to Earnings Ratio vs Fair Ratio

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

BLX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio90.4x
Fair PE Ratio45.4x

Price-To-Earnings vs Fair Ratio: BLX is expensive based on its Price-To-Earnings Ratio (90.4x) compared to the estimated Fair Price-To-Earnings Ratio (45.4x).


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$50.12) is trading above our estimate of fair value (CA$46.88)

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?

Analyst Forecast: Target price is lower than the current share price.


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Future Growth

How is Boralex forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


32.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BLX's forecast earnings growth (32.6% per year) is above the savings rate (1.6%).

Earnings vs Market: BLX's earnings (32.6% per year) are forecast to grow faster than the Canadian market (7.6% per year).

High Growth Earnings: BLX's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BLX's revenue (2.9% per year) is forecast to grow slower than the Canadian market (6.6% per year).

High Growth Revenue: BLX's revenue (2.9% 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


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Past Performance

How has Boralex performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


39.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BLX has high quality earnings.

Growing Profit Margin: BLX's current net profit margins (7.8%) are higher than last year (6%).


Past Earnings Growth Analysis

Earnings Trend: BLX has become profitable over the past 5 years, growing earnings by 39.8% per year.

Accelerating Growth: BLX's earnings growth over the past year (42.5%) exceeds its 5-year average (39.8% per year).

Earnings vs Industry: BLX earnings growth over the past year (42.5%) exceeded the Renewable Energy industry -14%.


Return on Equity

High ROE: BLX's Return on Equity (3.4%) is considered low.


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Financial Health

How is Boralex's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BLX's short term assets (CA$896.0M) exceed its short term liabilities (CA$466.0M).

Long Term Liabilities: BLX's short term assets (CA$896.0M) do not cover its long term liabilities (CA$3.8B).


Debt to Equity History and Analysis

Debt Level: BLX's net debt to equity ratio (121%) is considered high.

Reducing Debt: BLX's debt to equity ratio has reduced from 382.2% to 155.4% over the past 5 years.

Debt Coverage: BLX's debt is not well covered by operating cash flow (11.4%).

Interest Coverage: BLX's interest payments on its debt are not well covered by EBIT (1.6x coverage).


Balance Sheet


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Dividend

What is Boralex current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.32%

Current Dividend Yield

Upcoming Dividend Payment

TodayAug 19 2022Ex Dividend DateAug 30 2022Dividend Pay DateSep 16 202217 days from Ex DividendBuy in the next 10 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: BLX's dividend (1.32%) isn’t notable compared to the bottom 25% of dividend payers in the Canadian market (1.86%).

High Dividend: BLX's dividend (1.32%) is low compared to the top 25% of dividend payers in the Canadian market (5.31%).


Stability and Growth of Payments

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 8 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (118.9%), BLX's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (64%), BLX's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.5yrs

Average management tenure


CEO

Patrick Decostre (49 yo)

1.67yrs

Tenure

CA$1,546,337

Compensation

Mr. Patrick Decostre serves as the President, Chief Executive Officer and Director of Boralex Inc. since December 1, 2020. He served as Chief Operating Officer of Boralex Inc. since July 2019 until Novembe...


CEO Compensation Analysis

Compensation vs Market: Patrick's total compensation ($USD1.20M) is below average for companies of similar size in the Canadian market ($USD3.56M).

Compensation vs Earnings: Patrick's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: BLX's management team is considered experienced (3.5 years average tenure).


Board Members

Experienced Board: BLX's board of directors are considered experienced (4.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boralex Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Boralex Inc.
  • Ticker: BLX
  • Exchange: TSX
  • Founded: 1982
  • Industry: Renewable Electricity
  • Sector: Utilities
  • Implied Market Cap: CA$5.150b
  • Shares outstanding: 102.76m
  • Website: https://www.boralex.com

Number of Employees


Location

  • Boralex Inc.
  • 36, rue Lajeunesse
  • Kingsey Falls
  • Quebec
  • J0A 1B0
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/18 00:00
End of Day Share Price2022/08/18 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.