Company Valuation: Boralex A

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,845 3,559 4,113 3,461 2,950 2,603
Change - -26.54% 15.56% -15.84% -14.76% -11.78%
Enterprise Value (EV) 1 8,424 7,243 7,375 6,611 6,680 6,979
Change - -14.02% 1.82% -10.35% 1.05% 4.47%
P/E 85.9x 217x 137x 44.4x 82x 422x
PBR 4.9x 3.56x 2.45x 2.12x 1.84x 1.69x
PEG - -3.1x 1.7x 0x -1.5x -5.1x
Capitalization / Revenue 7.65x 5.15x 4.92x 3.39x 3.46x 3.07x
EV / Revenue 13.3x 10.5x 8.82x 6.47x 7.83x 8.22x
EV / EBITDA 21.3x 15.8x 15.8x 12.8x 13.3x 14.6x
EV / EBIT 47.6x 39.6x 37.4x 26.9x 28.9x 38.1x
EV / FCF 45.9x 47.7x 29.2x 56.3x 60x -10.2x
FCF Yield 2.18% 2.1% 3.43% 1.78% 1.67% -9.84%
Dividend per Share 2 0.66 0.66 0.66 0.66 0.66 0.66
Rate of return 1.4% 1.9% 1.65% 1.96% 2.3% 2.61%
EPS 2 0.55 0.16 0.292 0.759 0.35 0.06
Distribution rate 120% 413% 226% 87% 189% 1,100%
Net sales 1 633 691 836 1,022 853 849
EBITDA 1 395 458 467 516 503 477
EBIT 1 177 183 197 246 231 183
Net income 1 55 17 30 78 36 7
Net Debt 1 3,579 3,684 3,262 3,150 3,730 4,376
Reference price 2 47.24 34.68 40.02 33.68 28.71 25.33
Nbr of stocks (in thousands) 102,554 102,619 102,763 102,766 102,766 102,755
Announcement Date 2/25/21 2/23/22 2/24/23 3/1/24 2/28/25 2/27/26
1CAD in Million2CAD
Estimates


Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA