Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 8.00	Jllv	Yhpwjswp

Ballard Looks to Show Continued Order Growth in 2023; Lowering Fair Value Estimate to $6

Brett Castelli

Mar 17, 2023

We have lowered our fair value estimate for no-moat Ballard Power Systems to $6/CAD 8 per share from $7.50/CAD 10 following fourth-quarter results. The drivers of our lower valuation are a moderation in our long-term revenue ramp-up and a slight reduction in terminal gross margins. We see the shares as slightly undervalued in light of our Very High Morningstar Uncertainty Rating.

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