Boralex Inc. (BRLXF)
Juste valeurFondamental
40
Prix
$-
Capitalisation boursière
$3.83B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Boralex develops, builds and operates renewable power plants — mostly onshore wind, plus hydroelectric dams, solar farms and battery storage — in Canada, France, the United Kingdom and the United States. It is France's largest independent onshore wind producer and one of Canada's larger renewable operators. The company does not sell electricity to households directly; it sells the power its plants generate into wholesale markets or under long-term contracts with utilities and large corporate buyers.
Comment l'entreprise gagne de l'argent
Boralex earns revenue from selling the electricity its wind, hydro, solar and battery assets generate, either at a market price, a government feed-in premium, or a fixed price locked in under a long-term power purchase agreement signed years before a plant is built. Because output depends on how much the wind blows or the sun shines, revenue swings with weather from quarter to quarter even when installed capacity stays flat; 2025 revenue fell 3% despite 8% more electricity produced, mainly on weaker French contract prices.
Avantage concurrentiel
Aucun avantage identifié · AucunElectricity is a commodity: a megawatt-hour from Boralex's wind farm is indistinguishable from one produced by a competitor next door, and long-term power contracts are available to any developer with capital, permits and grid access. Boralex's edge is operational — decades of site selection and construction experience — rather than a structural barrier that keeps rivals out.
Ce qui stimule la demande
DéfensifMost of Boralex's output is sold under long-term contracts or government feed-in tariffs that are largely insulated from the broader economic cycle, so revenue depends far more on wind speeds, rainfall and sunshine than on GDP growth or consumer spending. The main swing factor in 2025 was weather-driven production and softer short-term power prices in France, not a change in underlying demand.
Les arguments en faveur
Buyers argue that Boralex's 2030 strategy, backed by $8 billion in planned investment and a project pipeline of 8.2 GW, positions it to double installed capacity by 2030, and that six new plants commissioned in 2025 already show the growth engine is running.
Les arguments contre
Sellers fear that falling short-term power prices in France already cut 2025 net earnings by more than half, that renewable projects depend on financing conditions and government contract auctions the company does not control, and that debt taken on to fund $8 billion of growth adds financial risk if power prices stay soft.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
The closest match to Boralex: a Quebec-based independent producer of wind, solar and hydro power bidding for the same long-term utility power contracts in Canada and France, now privately held by La Caisse after its July 2025 take-private.
Another Canadian independent power producer that develops and operates wind and solar capacity under long-term contracts, competing with Boralex for the same provincial tenders and project pipelines.
A French developer of onshore wind, solar and battery storage that bids against Boralex in the same French government renewable-energy tenders; it was delisted from Euronext Paris in April 2025 after Brookfield's buyout.
A French independent producer of wind and solar electricity that competes with Boralex for grid connections, land and public tenders in its core French market.
A far larger owner of hydro, wind and solar plants that competes with Boralex both for renewable project acquisitions and for the same corporate and utility power-purchase agreements in Canada, the US and Europe.
Bilan & Liquidités
Chiffre d'affaires
$898M
12 derniers mois (au 31/03/2026)
Résultat net
$-32M
12 derniers mois (au 31/03/2026)
Flux de trésorerie libre
$-224M
Capitaux propres totaux
$1.52B
Passif total
$4.73B
Ratio de liquidité général
1.24
Couverture des intérêts
-
Dette/EBITDA
9.23
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$31.97
Prix actuel
-
Marge de sécurité
-
Fourchette de juste valeur
$22.83 - $41.11
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
-
ROE
0.1%
Ratio P/B
2.51
P/FCF
-
Marge brute
75.6%
ROIC
3.6%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
3.6%
WACC
3.6%
ROIC − WACC
+0.1 pp
Le ROIC est à peu près aligné sur le coût du capital — l'entreprise couvre à peine son coût du capital.
Critères d'analyse fondamentale
Réussi (6)
- Gross Margin 75.6%
- P/B Ratio 2.51
- Debt/Equity ratio
- Current Ratio
- Revenue Growth 5Y 6.0%
- Earnings Quality (OCF/NI) 49.00
Échoué (9)
- ROIC 3.7%
- Positive Free Cash Flow
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE -2.1%
- Analyst Consensus 9% Buy
- Earnings Surprise avg -107.8%
- Net Margin Trend 0.9% vs 4.4%
- Piotroski F-Score 2/9
Indisponible (12)
- EPS data insufficient
- Historical price data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Patrick Decostre | President, CEO & Director | 52 |
| Mr. Stéphane Milot | Vice President of Investor Relations and Financial Planning & Analysis | - |
| Mr. Pascal Hurtubise | Executive VP & Chief Legal Officer | - |
| Eric Cantin | Vice President of Corporate Finance | - |
| Ms. Marie-Josée Arsenault | Executive VP and Chief People & Culture Officer | - |
| Mr. Rabindra Nath Mishra | Deputy Managing Director of Development Europe | - |
| Mr. Pascal Laprise-Demers | Senior Vice President of Corporate Strategy & Business Performance | - |
| Mr. Nicolas Mabboux | Senior Vice President of IT and Digital Transformation | - |
| David Lett | Head of Projects | - |
| Egbert De Groot | Senior Vice President of Merger, Acquisitions & Energy Commercialisation of North America | - |
Risque d'audit
9
Risque du conseil
4
Risque de rémunération
2
Risque droits des actionnaires
8
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for BRLXF, sourced from Markets Gazette.