Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 4.00	Qtv	Hcwybjhl

Ballard Earnings: Focus Remains on Securing New Orders, Minimizing Cash Burn

Brett Castelli

Nov 7, 2023

We lower our fair value estimates to $4/CAD 5.50 from $5/CAD 6.50 for no-moat Ballard Power Systems following its third-quarter results. The lower valuation is due to moderating our long-term revenue growth and gross margin assumptions. We view shares as fairly valued.

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