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 3,806 - -
Change - 15.56% -15.84% -14.76% -11.78% 46.23% - -
Enterprise Value (EV) 1 7,212 7,359 6,602 6,376 6,646 7,489 7,211 3,806
Change - 2.03% -10.28% -3.42% 4.22% 12.69% -3.71% -47.22%
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 9.96x 9.25x 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 1 535 552 675 581 655 751.6 779.4 865
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 37.04 37.04 37.04
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.($)
64.61x7.66x9.96x1.78% 2.69B
26.81x10.32x12.29x1.19% 15.77B
7.94x7.8x10.26x3.9% 13.85B
20.37x - - - 2.16B
11.11x14.37x16.2x9.01% 949M
8.92x3.87x7.4x - 741M
Average 23.29x 8.80x 11.22x 3.97% 6.03B
Weighted average by Cap. 21.23x 9.05x 11.28x 2.59%

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

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