Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 6.00	Zvgv	Yvfzhpyfg

Ballard Earnings: Reducing Pace of Investment in Response to Delayed Market Adoption

Brett Castelli

Aug 12, 2024

We are lowering our fair value estimates for no-moat Ballard Power Systems to $2/CAD 3 from $3/CAD 4 following second-quarter results. The driver of our reduced valuation is a lower long-term revenue and margin forecast. We view the shares as fairly valued.

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