Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 4.00	Nltl	Ntsndydz

Ballard Expands Manufacturing Capacity in China; Shares Slightly Undervalued

Brett Castelli

Nov 8, 2022

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.

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