Boralex Inc. (BRLXF)
適正価値ファンダメンタル
40
株価
$-
時価総額
$3.83B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
競争優位性（moat）
明確な優位性なし · なしElectricity 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.
需要を左右する要因
ディフェンシブMost 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$898M
直近12か月（2026/3/31まで）
純利益
$-32M
直近12か月（2026/3/31まで）
フリーキャッシュフロー
$-224M
自己資本合計
$1.52B
負債合計
$4.73B
流動比率
1.24
利払い倍率
-
負債/EBITDA
9.23
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$31.97
現在株価
-
安全マージン
-
適正価値レンジ
$22.83 - $41.11
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
-
ROE
0.1%
P/B レシオ
2.51
P/FCF
-
粗利益率
75.6%
ROIC
3.6%
収益性レーダー
価値創造（経済的モート）
ROIC
3.6%
WACC
3.6%
ROIC − WACC
+0.1 pp
ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。
ファンダメンタル分析基準
合格（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
不合格（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
データなし（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)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
9
取締役会リスク
4
報酬リスク
2
株主権利リスク
8
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BRLXF, sourced from Markets Gazette.