Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 2.00	Ythr	Vnddwgglq

Ballard Power: Investor Day Focuses on Cost Reduction, Order Growth; Shares Fairly Valued

Brett Castelli

Jun 14, 2023

We trim our fair value estimate for no-moat Ballard Power to $5 (CAD 6.50) per share from $6 (CAD 8) following its investor day. The primary drivers of our decreased valuation are a reduction to our long-term gross margin forecast and terminal multiple assumption. We view shares as fairly valued at current prices.

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