Ballard Power Systems Inc
BLDP: XTSE (CAN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CAD 5.00 | Qvpbk | Tcckjgdn |
Ballard Looks to Show Continued Order Growth in 2023; Lowering Fair Value Estimate to $6
We have lowered our fair value estimate for no-moat Ballard Power Systems to $6/CAD 8 per share from $7.50/CAD 10 following fourth-quarter results. The drivers of our lower valuation are a moderation in our long-term revenue ramp-up and a slight reduction in terminal gross margins. We see the shares as slightly undervalued in light of our Very High Morningstar Uncertainty Rating.