Company Valuation: Boralex Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,559 4,113 3,461 2,950 2,603 3,805 - -
Change - 15.56% -15.84% -14.76% -11.78% 46.19% - -
Enterprise Value (EV) 1 7,212 7,359 6,602 6,376 6,646 7,488 7,210 3,805
Change - 2.03% -10.28% -3.42% 4.22% 12.68% -3.72% -47.23%
P/E 217x 133x 44.3x 82x 422x 64.6x 34.5x 29.9x
PBR 3.56x 2.45x 2.13x 1.84x 1.31x - - -
PEG - 1.5x 0x -1.5x -5.1x 0x 0.4x 1.9x
Capitalization / Revenue 5.3x 5.03x 3.48x 3.61x 3.27x 3.89x 4.01x -
EV / Revenue 10.7x 9x 6.64x 7.8x 8.35x 7.66x 7.6x -
EV / EBITDA 13.5x 13.3x 9.78x 11x 10.1x 9.89x 9.26x 4.4x
EV / EBIT 30.3x 65.7x 29.2x 28.2x 40x 23.8x 21.6x -
EV / FCF 36.8x 46.9x 35.7x 375x -30.3x 43x 44x -
FCF Yield 2.72% 2.13% 2.8% 0.27% -3.3% 2.32% 2.27% -
Dividend per Share 2 0.66 0.66 0.66 0.66 0.66 0.66 0.66 -
Rate of return 1.9% 1.65% 1.96% 2.3% 2.61% 1.78% 1.78% -
EPS 2 0.16 0.3 0.76 0.35 0.06 0.5733 1.073 1.24
Distribution rate 413% 220% 86.8% 189% 1,100% 115% 61.5% -
Net sales 1 671 818 994 817 796 977.2 948.6 -
EBITDA 1 535 552 675 581 655 757.5 778.7 865
EBIT 1 238 112 226 226 166 314.6 333.8 -
Net income 1 17 30 78 36 7 58.77 113.5 -
Net Debt 1 3,653 3,246 3,141 3,426 4,043 3,683 3,405 -
Reference price 2 34.68 40.02 33.68 28.71 25.33 37.03 37.03 37.03
Nbr of stocks (in thousands) 102,619 102,763 102,766 102,766 102,755 102,755 - -
Announcement Date 2/23/22 2/24/23 3/1/24 2/28/25 2/27/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.6x10.42x12.42x1.16% 16.25B
8.93x8.08x10.61x3.45% 14.65B
21.77x - - - 2.31B
11.52x14.6x16.46x8.7% 979M
10.76x4.3x8.22x - 887M
Average 16.12x 9.35x 11.93x 4.44% 7.02B
Weighted average by Cap. 18.54x 9.33x 11.62x 2.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield