Stock price when the opinion was issued
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.
Leading renewable energy producer. Mainly in wind, solar. Robust pipeline of storage projects expected to double production capacity. Valuations in space have been crushed. By far, best in the sector. Very high-quality assets, best management team. Multi-decade growth and tailwinds.
Great entry point at historically low levels of 9x EBITDA. Recent record results, 22% growth in EBITDA. Strong free cashflow. Yield is 2.3%.
Canada's leading renewable energy company. Are strong in Quebec, US and France in wind, but solar and energy storage are growing. Recommended it because all utilities were beaten down. It hit $36 before Trump was elected. However, energy demand is increasing. BLX has fine free cash flow generation and a pipeline that will double capacity in coming years. Revenues and EBITDA will jump 25% this year. Trading at historically low valuations.
(A Top Pick Feb 8/16. Up 38.9%.) Wind and renewable energy. Continues to rank well in his overall dividend model. Yield of 3% and payout ratio of 23%. The purpose of owning this is to benefit from the rising earnings, up 36% in November, and expected to be up 75% when they report in March. Year-over-year earnings growth is expected to go from $.21 in 2016, to $.48 in 2017, giving a 42X PE multiple. Free cash flow is minus 7%. Enterprise value to EBITDA is at 13X. Still feels there are great opportunities for growth.