Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 3.00	Gzlvr	Vmwrvsdyp

Ballard Earnings: Adjusting Our Fair Value Estimate as Order Inflection Shifts to the Right

Brett Castelli

Mar 11, 2024

We lowered our fair value estimate to $3/CAD 4 from $4/CAD 5.50 for no-moat Ballard Power Systems following its fourth-quarter results. The lower valuation is due to moderating our long-term revenue growth and margin assumptions.

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