Projected Income Statement: Boralex Inc.

Forecast Balance Sheet: Boralex Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 3,332 3,653 3,246 3,141 3,401 3,717 3,632
Change - - 9.63% -11.14% -3.23% 8.28% 9.29% -2.29%
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD in Million
Estimates

Cash Flow Forecast: Boralex Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
CAPEX 1 159 145 167 246 260 632 769 682
Change - -8.81% 15.17% 47.31% 5.69% 143.08% 21.68% -11.31%
Free Cash Flow (FCF) 1 - 217 196 157 185 271.2 289.8 584
Change - - -9.68% -19.9% 17.83% 46.57% 6.88% 101.52%
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD in Million
Estimates

Forecast Financial Ratios: Boralex Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026

Profitability

        
EBITDA Margin (%) 87.23% 82.88% 79.73% 67.48% 67.91% 78.78% 80.34% 81.09%
EBIT Margin (%) 34.22% 30.69% 35.47% 13.69% 22.74% 32.57% 37.37% 39.71%
EBT Margin (%) -8.51% 10.66% 6.56% 2.2% 15.49% 17.95% 20.5% 24.09%
Net margin (%) -6.91% 8.89% 2.53% 3.67% 7.85% 11.15% 11.13% 14.54%
FCF margin (%) - 35.06% 29.21% 19.19% 18.61% 31.47% 31.82% 59.7%
FCF / Net Income (%) - 394.55% 1,152.94% 523.33% 237.18% 282.15% 285.85% 410.69%

Profitability

        
ROA - - - 1.13% 1.45% 1.2% 1.5% 1.7%
ROE - 6.65% 1.71% 5.19% 5.75% 5.25% 5.65% 7.5%

Financial Health

        
Leverage (Debt/EBITDA) - 6.5x 6.83x 5.88x 4.65x 5.01x 5.08x 4.58x
Debt / Free cash flow - 15.35x 18.64x 20.68x 16.98x 12.54x 12.83x 6.22x

Capital Intensity

        
CAPEX / Current Assets (%) 28.19% 23.42% 24.89% 30.07% 26.16% 73.35% 84.45% 69.72%
CAPEX / EBITDA (%) 32.32% 28.27% 31.21% 44.57% 38.52% 93.1% 105.12% 85.98%
CAPEX / FCF (%) - 66.82% 85.2% 156.69% 140.54% 233.08% 265.36% 116.78%

Items per share

        
Cash flow per share 1 3.422 3.43 3.532 3.92 4.328 4.11 4.43 4.65
Change - 0.24% 2.98% 11% 10.4% -5.04% 7.79% 4.97%
Dividend per Share 1 0.66 0.66 0.66 0.66 0.66 0.66 0.66 0.6638
Change - 0% 0% 0% 0% 0% 0% 0.57%
Book Value Per Share 1 - 9.638 9.755 16.36 15.84 16.08 16.7 17.39
Change - - 1.21% 67.7% -3.14% 1.49% 3.86% 4.13%
EPS 1 -0.43 0.55 0.16 0.3 0.76 0.9367 0.9867 1.382
Change - -227.91% -70.91% 87.5% 153.33% 23.25% 5.34% 40.12%
Nbr of stocks (in thousands) 96,328 102,554 102,619 102,763 102,766 102,766 102,766 102,766
Announcement Date 2/28/20 2/25/21 2/23/22 2/24/23 3/1/24 - - -
1CAD
Estimates
2024 *2025 *
P/E ratio 27.3x 25.9x
PBR 1.59x 1.53x
EV / Sales 7x 6.97x
Yield 2.58% 2.58%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
AA
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
25.57CAD
Average target price
38.82CAD
Spread / Average Target
+51.81%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. BLX Stock
  4. Financials Boralex Inc.