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Gerard FergusonBoralex Inc.BLX.TOHOLDApr 04, 2017

Valuation is not expensive. They have a plan to grow the company dramatically over the next few years. There are a number of catalysts that are upcoming for the company, from dividend increases to other acquisition opportunities. They are growing their capacity and tend to have longer-term contracts. Feels this will be a very different company 3 years from now, but in a positive way.

Gerard Ferguson

Owned

Unlock Rating

$21.71

Stock price when the opinion was issued

$36.57

As of Jun 19, 2026. Market Open.

electrical utilities

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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.

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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.

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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.

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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

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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.

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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.

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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

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HOLD

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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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Gerard FergusonBoralex Inc.BLX.TOHOLDApr 04, 2017

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