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Gerard FergusonBoralex Inc.BLX.TOTOP PICKJun 27, 2016

An independent power producer based in Québec. Have increased their capacity significantly over the last number of years and are continuing to grow. They have some very aggressive targets for capacity and cash flow. Going from reinvesting all their capital into growth projects, to returning some of it to investors through a dividend, and there is lots of room for that dividend to grow. They have a number of projects that they still want to develop. Trading at a significant discount to their peer group. Dividend yield of 2.99%.

Gerard Ferguson

Owned

Unlock Rating

$18.90

Stock price when the opinion was issued

$36.57

As of Jun 19, 2026. Market Open.

electrical utilities

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PAST TOP PICK

(A Top Pick Jun 06/22, Down 11%)

Very good Q1 results. Full pipeline of fully contracted projects. Won 2 large storage projects in Ontario. Expects production to double within next few years. Rising rates have been an overhang on the sector. Great growth ahead.

BUY

Allan Tong’s Discover Picks

Between the March 28 budget till the eve of Good Friday, BLX rallied 9.2% while Algonquin Power (surprisingly) rose 6.1% and Northland Power 2.1%. Since February 24, Boralex has soared 20%, also outpacing its peers. Read Dark horses: Nuvei, Cineplex, Boralex for our full analysis.

WATCH

None of the renewable businesses are under pressure on the dividends, but it's the valuations. He likes them for growth and ESG reasons, but hasn't made the switch. Once he did make the switch, BLX would be one of the first names on his list.

BUY

Allan Tong’s Discover Picks Boralex already had a strong presence in western Europe when Russia invaded Ukraine in February 2022. Fears of a cold winter in Europe that has cut off Russia energy helped fuel (pardon the pun) the rally in BLX last summer. Reember that Boralex is the only other green energy player operating in Europe. While the August rally stopped sooner than expected, BLX is making another run now. The street forgave Boralex missing its last quarter in November due to these projections of growth and acquisitions. Read 3 Reopening Stocks for China’s Return for our full analysis.

BUY

Allan Tong’s Discover Picks The company boasted liquidity of $921 million in its Q2 report that will contribute to increase capacity to 4.4 GW overall by 2025, at a CAGR (compound annual growth rate) of 16%. Boralex trades at 12.3x 2023 EV/EBITDA, which is below the sector average of 13.7x. BLX pays a 1.3&% dividend which has fallen as shares rallied. Its price targets to $55 are reasonable, promising some upside, which makes Boralex a trade or a long-term hold. Read 3 Stocks to See Green in Green Energy Stocks for our full analysis.

HOLD

A good run driven by divestiture of wind assets and by its recent win on solar procurement. Demonstrates their ability to go into new markets and capture growth. They could use solar as a platform to expand energy and battery storage. Hold for the long term.

TOP PICK

One of Canada's fastest growing renewable companies (wind, solar & hydro). Last week announced major contract with NY State (5 solar farms), will increase capacity 20%. One of only two Canadian renewable companies with presence in Europe. Valuations down which is creating buying opportunity.

HOLD

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. In a volatile market, anything is possible. However, they still like it. The cash flow is stable and the growth potential may attract interest in a choppy backdrop. Unlock Premium - Try 5i Free

TOP PICK

In Canada and France. Stock's come off, but one of the best growth profiles of the independent power producers. Expanding into the US. Not the biggest player, mid-market, can carve out a niche to capture growth and projects. Undemanding valuation. Yield is 1.80%. (Analysts’ price target is $47.75)

BUY

The whole group has traded together. There have been some big pull backs. We have to get past them. There is certainly no change to the drivers of the business. This is probably not the worst time to own them.

WEAK BUY

He did not think we would get the kind of pullback we had over the last two months. It is not his favourite name, but see his top picks today. There was a topping pattern coming out of last year. He thinks it will eventually come back. Governments all over the world are making net zero pledges.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Margins are growing. Balance sheet needs some improvement but this is across the industry. The sector is seeing an enormous influx of interest but long-term views remain positive. Could add here with a long-term horizon. Unlock Premium - Try 5i Free

PAST TOP PICK

(A Top Pick Apr 24/20, Up 55%) The industry has done well on Biden's election and his green energy platform, but the space has recently pulled back. BLX now has further upside as does the green energy space.

HOLD

Allan Tong’s Discover Picks Quebec-based solar and wind energy producer, Boralex , has soared over 30% since October 30, plus another 10% in mid-January amid the euphoria leading up to Biden’s inauguration. In short, Boralex is a hold. Instead, we’ll likely see more upside near-term from NPI and AQN, which also pay higher dividends (2.45% and 3.53%). Read 6 Promising Green Energy Stocks for our full analysis.

BUY

The renewable space has seen rapid at a rapid clip. This company also has additional growth. Firing on all cylinders. Will be able to grow into the valuation. ESG still remains a strong part of the market with strong demand. If they keep executing on current growth, which he thinks they will, still upside from current levels.

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Summer Sale

Gerard FergusonBoralex Inc.BLX.TOTOP PICKJun 27, 2016

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