Boralex Inc Class A

BLX: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 46.00	Nxkz	Chctptnft

Boralex Remains on Track to Achieve Its 2025 Targets

Brett Castelli

Feb 27, 2023

We lower our fair value estimate for Boralex to CAD 39 per share from CAD 41 following its fourth-quarter results. The change in our fair value is a result of lower near-term results from the company's French wind portfolio following government initiatives and power price moves. We also adjust our Morningstar Uncertainty Rating to Medium from High, in line with other renewable developers under our coverage. We view shares as slightly undervalued.

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