Ballard Power Systems Inc
BLDP: XTSE (CAN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CAD 5.00 | Bns | Prcpptrp |
Ballard Expands Manufacturing Capacity in China; Shares Slightly Undervalued
We lower our fair value estimate for Ballard Power to $7.50 (CAD 10) per share from $8.50 following its third-quarter results. The primary driver of our lower valuation is a decrease in our terminal multiple to reflect the long-term uncertainty regarding hydrogen market development. We see shares as slightly undervalued in light of our Very High Morningstar Uncertainty Rating.