Intrinsic value of Boralex Inc. Class A Shares - BLX

Previous Close

$22.57

  Intrinsic Value

$87.17

stock screener

  Rating & Target

str. buy

+286%

Previous close

$22.57

 
Intrinsic value

$87.17

 
Up/down potential

+286%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BLX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.69
  37.70
  34.43
  31.49
  28.84
  26.45
  24.31
  22.38
  20.64
  19.08
  17.67
  16.40
  15.26
  14.24
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  302
  416
  559
  735
  947
  1,198
  1,489
  1,822
  2,198
  2,617
  3,080
  3,585
  4,132
  4,720
  5,348
  6,016
  6,721
  7,465
  8,245
  9,062
  9,915
  10,805
  11,732
  12,697
  13,700
  14,742
  15,825
  16,951
  18,120
  19,337
  20,601
Variable operating expenses, $m
 
  315
  419
  547
  701
  883
  1,095
  1,337
  1,610
  1,915
  2,251
  2,606
  3,003
  3,431
  3,888
  4,373
  4,886
  5,426
  5,994
  6,588
  7,208
  7,855
  8,529
  9,230
  9,959
  10,716
  11,504
  12,322
  13,172
  14,057
  14,976
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  235
  315
  419
  547
  701
  883
  1,095
  1,337
  1,610
  1,915
  2,251
  2,606
  3,003
  3,431
  3,888
  4,373
  4,886
  5,426
  5,994
  6,588
  7,208
  7,855
  8,529
  9,230
  9,959
  10,716
  11,504
  12,322
  13,172
  14,057
  14,976
Operating income, $m
  67
  101
  140
  188
  246
  315
  394
  485
  588
  702
  828
  979
  1,128
  1,289
  1,460
  1,643
  1,835
  2,038
  2,251
  2,474
  2,708
  2,951
  3,204
  3,467
  3,741
  4,025
  4,321
  4,629
  4,948
  5,280
  5,625
EBITDA, $m
  183
  231
  311
  409
  527
  666
  828
  1,014
  1,223
  1,456
  1,714
  1,995
  2,299
  2,626
  2,976
  3,347
  3,740
  4,154
  4,588
  5,043
  5,518
  6,013
  6,529
  7,065
  7,623
  8,203
  8,806
  9,432
  10,083
  10,760
  11,464
Interest expense (income), $m
  66
  70
  102
  143
  193
  254
  325
  408
  504
  611
  731
  863
  1,008
  1,164
  1,332
  1,512
  1,702
  1,904
  2,117
  2,340
  2,573
  2,817
  3,071
  3,336
  3,612
  3,899
  4,197
  4,506
  4,828
  5,162
  5,510
Earnings before tax, $m
  -7
  32
  38
  46
  53
  61
  69
  77
  84
  91
  98
  116
  121
  125
  128
  131
  133
  134
  135
  135
  134
  133
  132
  131
  129
  127
  125
  122
  120
  118
  115
Tax expense, $m
  -9
  9
  10
  12
  14
  16
  19
  21
  23
  25
  26
  31
  33
  34
  35
  35
  36
  36
  36
  36
  36
  36
  36
  35
  35
  34
  34
  33
  32
  32
  31
Net income, $m
  -2
  23
  28
  33
  39
  45
  50
  56
  61
  66
  71
  84
  88
  91
  94
  96
  97
  98
  98
  98
  98
  97
  96
  95
  94
  92
  91
  89
  88
  86
  84

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  110
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,084
  4,077
  5,481
  7,206
  9,285
  11,741
  14,595
  17,861
  21,548
  25,658
  30,191
  35,143
  40,507
  46,273
  52,433
  58,977
  65,897
  73,184
  80,835
  88,844
  97,210
  105,936
  115,023
  124,478
  134,309
  144,528
  155,147
  166,183
  177,652
  189,574
  201,973
Adjusted assets (=assets-cash), $m
  2,974
  4,077
  5,481
  7,206
  9,285
  11,741
  14,595
  17,861
  21,548
  25,658
  30,191
  35,143
  40,507
  46,273
  52,433
  58,977
  65,897
  73,184
  80,835
  88,844
  97,210
  105,936
  115,023
  124,478
  134,309
  144,528
  155,147
  166,183
  177,652
  189,574
  201,973
Revenue / Adjusted assets
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  428
  589
  792
  1,042
  1,342
  1,697
  2,109
  2,582
  3,114
  3,708
  4,364
  5,079
  5,855
  6,688
  7,578
  8,524
  9,524
  10,578
  11,683
  12,841
  14,050
  15,311
  16,625
  17,991
  19,412
  20,889
  22,424
  24,019
  25,677
  27,400
  29,192
Working capital, $m
  -66
  -18
  -24
  -32
  -41
  -51
  -64
  -78
  -95
  -113
  -132
  -154
  -178
  -203
  -230
  -259
  -289
  -321
  -355
  -390
  -426
  -465
  -504
  -546
  -589
  -634
  -680
  -729
  -779
  -831
  -886
Total debt, $m
  2,100
  2,908
  4,077
  5,515
  7,246
  9,292
  11,670
  14,390
  17,461
  20,885
  24,661
  28,786
  33,254
  38,058
  43,189
  48,640
  54,404
  60,475
  66,847
  73,519
  80,488
  87,756
  95,326
  103,202
  111,392
  119,904
  128,750
  137,942
  147,496
  157,428
  167,756
Total liabilities, $m
  2,588
  3,396
  4,565
  6,003
  7,734
  9,780
  12,158
  14,878
  17,949
  21,373
  25,149
  29,274
  33,742
  38,546
  43,677
  49,128
  54,892
  60,963
  67,335
  74,007
  80,976
  88,244
  95,814
  103,690
  111,880
  120,392
  129,238
  138,430
  147,984
  157,916
  168,244
Total equity, $m
  496
  681
  915
  1,203
  1,551
  1,961
  2,437
  2,983
  3,598
  4,285
  5,042
  5,869
  6,765
  7,728
  8,756
  9,849
  11,005
  12,222
  13,499
  14,837
  16,234
  17,691
  19,209
  20,788
  22,430
  24,136
  25,910
  27,752
  29,668
  31,659
  33,729
Total liabilities and equity, $m
  3,084
  4,077
  5,480
  7,206
  9,285
  11,741
  14,595
  17,861
  21,547
  25,658
  30,191
  35,143
  40,507
  46,274
  52,433
  58,977
  65,897
  73,185
  80,834
  88,844
  97,210
  105,935
  115,023
  124,478
  134,310
  144,528
  155,148
  166,182
  177,652
  189,575
  201,973
Debt-to-equity ratio
  4.234
  4.270
  4.450
  4.580
  4.670
  4.740
  4.790
  4.820
  4.850
  4.870
  4.890
  4.900
  4.920
  4.920
  4.930
  4.940
  4.940
  4.950
  4.950
  4.960
  4.960
  4.960
  4.960
  4.960
  4.970
  4.970
  4.970
  4.970
  4.970
  4.970
  4.970
Adjusted equity ratio
  0.130
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  23
  28
  33
  39
  45
  50
  56
  61
  66
  71
  84
  88
  91
  94
  96
  97
  98
  98
  98
  98
  97
  96
  95
  94
  92
  91
  89
  88
  86
  84
Depreciation, amort., depletion, $m
  116
  130
  171
  221
  281
  352
  434
  529
  635
  754
  885
  1,016
  1,171
  1,338
  1,516
  1,705
  1,905
  2,116
  2,337
  2,568
  2,810
  3,062
  3,325
  3,598
  3,882
  4,178
  4,485
  4,804
  5,135
  5,480
  5,838
Funds from operations, $m
  85
  153
  199
  254
  320
  396
  485
  585
  697
  821
  956
  1,100
  1,259
  1,429
  1,609
  1,800
  2,002
  2,213
  2,435
  2,667
  2,908
  3,160
  3,421
  3,694
  3,976
  4,270
  4,576
  4,893
  5,223
  5,566
  5,923
Change in working capital, $m
  -63
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
Cash from operations, $m
  148
  158
  205
  262
  329
  407
  497
  599
  713
  839
  976
  1,122
  1,283
  1,454
  1,636
  1,829
  2,032
  2,245
  2,469
  2,702
  2,945
  3,198
  3,461
  3,735
  4,020
  4,315
  4,622
  4,941
  5,273
  5,618
  5,977
Maintenance CAPEX, $m
  0
  -86
  -118
  -158
  -208
  -268
  -339
  -422
  -516
  -623
  -742
  -873
  -1,016
  -1,171
  -1,338
  -1,516
  -1,705
  -1,905
  -2,116
  -2,337
  -2,568
  -2,810
  -3,062
  -3,325
  -3,598
  -3,882
  -4,178
  -4,485
  -4,804
  -5,135
  -5,480
New CAPEX, $m
  -223
  -161
  -203
  -249
  -300
  -355
  -413
  -472
  -533
  -594
  -655
  -716
  -775
  -833
  -890
  -946
  -1,000
  -1,053
  -1,106
  -1,158
  -1,209
  -1,261
  -1,313
  -1,367
  -1,421
  -1,477
  -1,535
  -1,595
  -1,658
  -1,723
  -1,792
Cash from investing activities, $m
  -258
  -247
  -321
  -407
  -508
  -623
  -752
  -894
  -1,049
  -1,217
  -1,397
  -1,589
  -1,791
  -2,004
  -2,228
  -2,462
  -2,705
  -2,958
  -3,222
  -3,495
  -3,777
  -4,071
  -4,375
  -4,692
  -5,019
  -5,359
  -5,713
  -6,080
  -6,462
  -6,858
  -7,272
Free cash flow, $m
  -110
  -89
  -116
  -146
  -180
  -216
  -255
  -295
  -336
  -378
  -421
  -466
  -509
  -550
  -592
  -632
  -673
  -713
  -753
  -793
  -833
  -873
  -914
  -956
  -1,000
  -1,044
  -1,090
  -1,138
  -1,188
  -1,240
  -1,295
Issuance/(repayment) of debt, $m
  153
  918
  1,169
  1,438
  1,731
  2,046
  2,377
  2,721
  3,071
  3,424
  3,776
  4,125
  4,468
  4,803
  5,131
  5,451
  5,764
  6,071
  6,373
  6,672
  6,969
  7,268
  7,570
  7,876
  8,190
  8,512
  8,846
  9,192
  9,554
  9,932
  10,328
Issuance/(repurchase) of shares, $m
  4
  162
  206
  255
  308
  366
  426
  489
  554
  620
  686
  743
  808
  872
  935
  997
  1,059
  1,119
  1,179
  1,239
  1,299
  1,360
  1,421
  1,484
  1,548
  1,614
  1,682
  1,754
  1,828
  1,905
  1,986
Cash from financing (excl. dividends), $m  
  150
  1,080
  1,375
  1,693
  2,039
  2,412
  2,803
  3,210
  3,625
  4,044
  4,462
  4,868
  5,276
  5,675
  6,066
  6,448
  6,823
  7,190
  7,552
  7,911
  8,268
  8,628
  8,991
  9,360
  9,738
  10,126
  10,528
  10,946
  11,382
  11,837
  12,314
Total cash flow (excl. dividends), $m
  36
  991
  1,260
  1,546
  1,859
  2,195
  2,549
  2,915
  3,289
  3,666
  4,042
  4,401
  4,767
  5,125
  5,475
  5,816
  6,150
  6,477
  6,799
  7,118
  7,436
  7,755
  8,076
  8,403
  8,738
  9,082
  9,438
  9,808
  10,193
  10,597
  11,019
Retained Cash Flow (-), $m
  49
  -185
  -234
  -288
  -347
  -410
  -477
  -545
  -616
  -686
  -757
  -827
  -896
  -963
  -1,029
  -1,093
  -1,156
  -1,217
  -1,278
  -1,338
  -1,397
  -1,457
  -1,518
  -1,579
  -1,642
  -1,707
  -1,773
  -1,843
  -1,915
  -1,991
  -2,071
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  806
  1,026
  1,258
  1,512
  1,785
  2,072
  2,370
  2,673
  2,979
  3,284
  3,574
  3,871
  4,162
  4,446
  4,723
  4,994
  5,260
  5,522
  5,781
  6,039
  6,297
  6,559
  6,824
  7,096
  7,375
  7,665
  7,965
  8,278
  8,605
  8,949
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  723
  815
  877
  914
  923
  905
  862
  797
  717
  628
  533
  441
  356
  279
  213
  157
  113
  79
  54
  35
  22
  14
  8
  5
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.4
  84.1
  77.8
  72.5
  67.9
  63.9
  60.4
  57.3
  54.6
  52.2
  50.1
  48.2
  46.4
  44.9
  43.5
  42.2
  41.0
  39.8
  38.8
  37.9
  37.0
  36.1
  35.3
  34.6
  33.9
  33.2
  32.6
  32.0
  31.4
  30.9

Boralex Inc. is a power producer that develops, constructs and operates renewable energy power stations. The Company's segments include wind, hydroelectric, thermal and solar. It operates an asset base with a capacity of approximately 1,260 megawatts (MW), of which over 1,090 MW are under its control, consisting of approximately 490 MW in Canada, over 520 MW in France and over 80 MW in the Northeastern United States. It operates approximately 870 MW wind power portfolio of assets in France and Canada. It also owns the rights to portfolio of wind power projects in France. It is also a wind power operator in Canada with an installed capacity of approximately 550 MW in Quebec and Ontario. It owns over two thermal power stations with a total installed capacity of approximately 50 MW, consisting of over 30 MW wood-residue power station in Quebec and approximately 10 MW natural gas cogeneration power station in France. It operates over three solar power facilities in France and in Canada.

FINANCIAL RATIOS  of  Boralex Inc. Class A Shares (BLX)

Valuation Ratios
P/E Ratio -737.7
Price to Sales 4.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow -19.7
Growth Rates
Sales Growth Rate 12.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.2%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 390.5%
Total Debt to Equity 423.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.8%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity -0.4%
Return On Equity - 3 Yr. Avg. -2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 71.2%
Gross Margin - 3 Yr. Avg. 69.6%
EBITDA Margin 57.9%
EBITDA Margin - 3 Yr. Avg. 55%
Operating Margin 22.2%
Oper. Margin - 3 Yr. Avg. 23.3%
Pre-Tax Margin -2.3%
Pre-Tax Margin - 3 Yr. Avg. -4.6%
Net Profit Margin -0.7%
Net Profit Margin - 3 Yr. Avg. -3.6%
Effective Tax Rate 128.6%
Eff/ Tax Rate - 3 Yr. Avg. 51.7%
Payout Ratio -1800%

BLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLX stock intrinsic value calculation we used $302 million for the last fiscal year's total revenue generated by Boralex Inc. Class A Shares. The default revenue input number comes from 2016 income statement of Boralex Inc. Class A Shares. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BLX stock valuation model: a) initial revenue growth rate of 37.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.6%, whose default value for BLX is calculated based on our internal credit rating of Boralex Inc. Class A Shares, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Boralex Inc. Class A Shares.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BLX stock the variable cost ratio is equal to 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BLX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Boralex Inc. Class A Shares.

Corporate tax rate of 27% is the nominal tax rate for Boralex Inc. Class A Shares. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BLX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BLX are equal to 141.7%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Boralex Inc. Class A Shares operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BLX is equal to -4.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $496 million for Boralex Inc. Class A Shares - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 76.312 million for Boralex Inc. Class A Shares is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Boralex Inc. Class A Shares at the current share price and the inputted number of shares is $1.7 billion.

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Financial statements of BLX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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