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Last update at 2025-01-20T19:21:00Z
Boralex Inc. (TSE:BLX) Delivered A Weaker ROE Than Its Industry
Sun 29 Dec 24, 12:26 PMBoralex adds another 97 MW in its expanding UK portfolio
Mon 23 Dec 24, 12:00 PMREMINDER -- Boralex will release its 2024 third quarter financial results on November 14
Tue 12 Nov 24, 02:30 PMBoralex will release its 2024 third quarter financial results on November 14
Mon 21 Oct 24, 01:30 PMSeveral Insiders Invested In Boralex Flagging Positive News
Fri 11 Oct 24, 01:07 PMGrowth Strategy in the United Kingdom: Boralex acquires Sallachy Wind Farm project
Thu 10 Oct 24, 11:00 AM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 18.00M | 44.00M | 66.00M | -48.00000M | -60.00000M |
| Minority interest | 22.00M | -9.00000M | 2.00M | 15.00M | 31.00M |
| Net income | 8.00M | 26.00M | 55.00M | -43.00000M | -36.00000M |
| Selling general administrative | 55.00M | 37.00M | 44.00M | 35.00M | 31.00M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 578.00M | 538.00M | 482.00M | 447.00M | 346.00M |
| Reconciled depreciation | 380.00M | 297.00M | 237.00M | 299.00M | 231.00M |
| Ebit | 112.00M | 182.00M | 172.00M | 146.00M | 66.00M |
| Ebitda | 519.00M | 472.00M | 428.00M | 445.00M | 297.00M |
| Depreciation and amortization | 407.00M | 290.00M | 256.00M | 299.00M | 231.00M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 112.00M | 182.00M | 172.00M | 146.00M | 59.00M |
| Other operating expenses | 724.00M | 505.00M | 454.00M | 429.00M | 420.00M |
| Interest expense | 117.00M | 123.00M | 107.00M | 126.00M | 118.00M |
| Tax provision | 10.00M | 18.00M | 5.00M | -5.00000M | -14.00000M |
| Interest income | 93.00M | 135.00M | 88.00M | 127.00M | 112.00M |
| Net interest income | -130.00000M | -144.00000M | -113.00000M | -141.00000M | -121.00000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 10.00M | 18.00M | 5.00M | -5.00000M | -16.00000M |
| Total revenue | 836.00M | 691.00M | 633.00M | 574.00M | 479.00M |
| Total operating expenses | 466.00M | 352.00M | 303.00M | 302.00M | 287.00M |
| Cost of revenue | 258.00M | 153.00M | 151.00M | 127.00M | 133.00M |
| Total other income expense net | -94.00000M | -138.00000M | -106.00000M | -194.00000M | -119.00000M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 8.00M | 26.00M | 61.00M | -43.00000M | -44.00000M |
| Net income applicable to common shares | 30.00M | 17.00M | 55.00M | -39.00000M | -30.00000M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 6574.00M | 6539.00M | 5751.00M | 5314.00M | 4557.00M |
| Intangible assets | 986.00M | 1059.00M | 1147.00M | 1027.00M | 700.00M |
| Earning assets | - | - | - | - | - |
| Other current assets | 35.00M | 30.00M | 50.00M | 38.00M | 25.00M |
| Total liab | 4550.00M | 4513.00M | 4540.00M | 4323.00M | 3682.00M |
| Total stockholder equity | 1629.00M | 1681.00M | 1001.00M | 989.00M | 860.00M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | 6.00M | 330.00M | 14.00M | 10.00M | 85.00M |
| Common stock | 1323.00M | 1323.00M | 1320.00M | 1320.00M | 1125.00M |
| Capital stock | 1323.00M | 1323.00M | 1320.00M | 1320.00M | 1125.00M |
| Retained earnings | 183.00M | 174.00M | -299.00000M | -249.00000M | -233.00000M |
| Other liab | - | 503.00M | 441.00M | 308.00M | 255.00M |
| Good will | 234.00M | 233.00M | 218.00M | 222.00M | 188.00M |
| Other assets | - | 369.00M | 148.00M | 84.00M | 80.00M |
| Cash | 478.00M | 361.00M | 256.00M | 275.00M | 153.00M |
| Cash and equivalents | - | 361.00M | 256.00M | 275.00M | 153.00M |
| Total current liabilities | 715.00M | 821.00M | 395.00M | 403.00M | 304.00M |
| Current deferred revenue | 374.00M | - | - | - | 82.00M |
| Net debt | 3141.00M | 3246.00M | 3653.00M | 3497.00M | 3122.00M |
| Short term debt | 297.00M | 434.00M | 236.00M | 242.00M | 183.00M |
| Short long term debt | 277.00M | 416.00M | 220.00M | 229.00M | 172.00M |
| Short long term debt total | 3619.00M | 3607.00M | 3909.00M | 3772.00M | 3275.00M |
| Other stockholder equity | 11.00M | 10.00M | 9.00M | 9.00M | 9.00M |
| Property plant equipment | - | 3675.00M | 3634.00M | 3428.00M | 2975.00M |
| Total current assets | 771.00M | 638.00M | 460.00M | 472.00M | 363.00M |
| Long term investments | 526.00M | 565.00M | 140.00M | 144.00M | 312.00M |
| Net tangible assets | - | 389.00M | -364.00000M | -260.00000M | -28.00000M |
| Short term investments | - | 0.00000M | 3.00M | 0.00000M | 17.00M |
| Net receivables | 236.00M | 234.00M | 148.00M | 157.00M | 153.00M |
| Long term debt | 2995.00M | 2873.00M | 3383.00M | 3287.00M | 2895.00M |
| Inventory | 22.00M | 13.00M | 3.00M | 2.00M | 15.00M |
| Accounts payable | 38.00M | 57.00M | 145.00M | 161.00M | 36.00M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | 112.00M | 174.00M | -29.00000M | -91.00000M | -41.00000M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | 1320.00M | 1125.00M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 121.00M | 369.00M | 152.00M | 21.00M | 19.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 5803.00M | 5901.00M | 5291.00M | 4842.00M | 4194.00M |
| Capital lease obligations | 347.00M | 318.00M | 306.00M | 256.00M | 208.00M |
| Long term debt total | - | 3173.00M | 3673.00M | 3530.00M | 3092.00M |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Investments | -268.00000M | -684.00000M | -6.00000M | -247.00000M | -100.00000M |
| Change to liabilities | - | 194.00M | -5.00000M | 12.00M | -4.00000M |
| Total cashflows from investing activities | - | -684.00000M | -433.00000M | -247.00000M | -100.00000M |
| Net borrowings | - | -382.00000M | 163.00M | -107.00000M | -76.00000M |
| Total cash from financing activities | -109.00000M | 261.00M | 75.00M | -413.00000M | -189.00000M |
| Change to operating activities | - | -1.00000M | -6.00000M | -13.00000M | -13.00000M |
| Net income | 115.00M | 8.00M | 26.00M | 61.00M | -43.00000M |
| Change in cash | 123.00M | 93.00M | -19.00000M | 122.00M | -4.00000M |
| Begin period cash flow | 349.00M | 256.00M | 275.00M | 153.00M | 157.00M |
| End period cash flow | 472.00M | 349.00M | 256.00M | 275.00M | 153.00M |
| Total cash from operating activities | 496.00M | 513.00M | 345.00M | 362.00M | 294.00M |
| Issuance of capital stock | - | - | 0.00000M | 201.00M | 0.00000M |
| Depreciation | 293.00M | 380.00M | 297.00M | 237.00M | 299.00M |
| Other cashflows from investing activities | - | -438.00000M | 26.00M | 7.00M | 69.00M |
| Dividends paid | 68.00M | 68.00M | 68.00M | 66.00M | 60.00M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | 21.00M | -83.00000M | -7.00000M | 25.00M | -12.00000M |
| Sale purchase of stock | - | -12.00000M | 0.00000M | 201.00M | 0.00000M |
| Other cashflows from financing activities | 418.00M | 705.00M | -20.00000M | 385.00M | 1358.00M |
| Change to netincome | - | 64.00M | 35.00M | 31.00M | 100.00M |
| Capital expenditures | 280.00M | 256.00M | 179.00M | 156.00M | 177.00M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 51.00M | 110.00M | -18.00000M | 24.00M | -16.00000M |
| Stock based compensation | - | - | - | -86.00000M | -86.00000M |
| Other non cash items | 132.00M | 5.00M | 144.00M | 121.00M | 145.00M |
| Free cash flow | 216.00M | 257.00M | 166.00M | 206.00M | 117.00M |
Sector: Utilities Industry: Utilities - Renewable
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BLX Boralex Inc |
- -% | 27.15 | 35.46 | 27.47 | 3.53 | 2.01 | 6.80 | 10.90 |
| BEPC Brookfield Renewable Corp |
0.24 0.65% | 36.90 | - | 15.17 | 1.66 | 1.16 | 4.45 | 10.75 |
| AQN Algonquin Power & Utilities Corp |
- -% | 6.38 | 9.12 | 16.26 | 1.96 | 0.79 | 4.32 | 9.44 |
| NPI Northland Power Inc. |
0.03 0.16% | 19.27 | 84.21 | 16.64 | 2.15 | 1.26 | 5.05 | 9.27 |
| INE Innergex Renewable Energy Inc. |
-0.02 0.24% | 8.18 | - | 56.50 | 1.79 | 2.03 | 8.63 | 15.06 |
Boralex Inc., together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities in Canada, France, the United States, and the United Kingdom. It generates electricity from wind, solar, and hydroelectric resources. As of December 31, 2023, the company operates 100 wind farms; 12 solar energy facilities; 15 hydroelectric power stations; and 2 storage units with an installed capacity of 1,819 megawatts (MW) in North America and 1,259 MW in Europe. Boralex Inc. was incorporated in 1982 and is headquartered in Kingsey Falls, Canada.
36 Lajeunesse Street, Kingsey Falls, QC, Canada, J0A 1B0
| Name | Title | Year Born |
|---|---|---|
| Mr. Patrick Decostre | Pres, CEO & Director | 1973 |
| Mr. Bruno Guilmette | CFO & EVP | 1966 |
| Mr. Pascal Hurtubise | Exec. VP & Chief Legal Officer | NA |
| Mr. Hugues Girardin | Exec. VP & GM of North America | NA |
| Mr. Nicolas Wolff | Exec. VP & GM of Europe | NA |
| Mr. Stéphane Milot | Sr. Director of Investors Relations | NA |
| Ms. Isabelle Fontaine | Sr. VP of Corp. Public Affairs & Communications | NA |
| Ms. Marie-Josée Arsenault | Exec. VP and Chief People & Culture Officer | NA |
| Ms. Julie Cusson | Sr. VP of Enterprise Risk Management & CSR | NA |
| Mr. Rabindra Nath Mishra | Deputy Managing Director of Devel. Europe | NA |
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