Boralex Inc Class A

BLX: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 48.00	Bff	Mdrdbnjm

The Niche Renewable Developer; Initiating Coverage of Boralex With CAD 38 Fair Value Estimate

Brett Castelli

Jul 7, 2022

We are initiating coverage of Boralex with a no-moat, stable trend rating and CAD 38 fair value estimate. We like Boralex’s focus on under-the-radar renewable energy projects and its conservative financing approach. However, we view shares as fairly valued given a modest 1.6% dividend yield and trading at 10% above our fair value estimate.

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