Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 5.00	Fzvk	Dnrfldpg

Ballard Earnings: Quiet Start to the Year Ahead of Investor Day

Brett Castelli

May 10, 2023

We maintain our $6/CAD 8 fair value estimate for no-moat Ballard Power Systems following its first-quarter results. Our estimates are unchanged as we await Ballard’s investor day on June 13. We view shares as undervalued, but continue to see a wide range of long-term outcomes given the early stage of Ballard’s business model. We give Ballard a Morningstar Uncertainty Rating of Very High.

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