Ballard Power Systems Inc
TSX:BLDP

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Ballard Power Systems Inc Logo
Ballard Power Systems Inc
TSX:BLDP
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Price: 2.4 CAD 5.73%
Market Cap: 718.6m CAD
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Intrinsic Value

BLDP's intrinsic value estimate is unreliable because it is based only on its multiples and doesn't use a DCF valuation.

The intrinsic value of one BLDP stock under the Base Case scenario is 1.77 CAD. Compared to the current market price of 2.4 CAD, Ballard Power Systems Inc is Overvalued by 26%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

BLDP Intrinsic Value
1.77 CAD
Overvaluation 26%
Intrinsic Value
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Base Case
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Ballard Power Systems Inc

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Financials
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TTM

Balance Sheet Decomposition
Ballard Power Systems Inc

Current Assets 789m
Cash & Short-Term Investments 680.1m
Receivables 39.3m
Other Current Assets 69.5m
Non-Current Assets 232.1m
Long-Term Investments 53.6m
PP&E 136m
Intangibles 42.1m
Other Non-Current Assets 523k
Current Liabilities 72.4m
Accounts Payable 21.4m
Accrued Liabilities 12.1m
Other Current Liabilities 38.9m
Non-Current Liabilities 26.6m
Long-Term Debt 24.5m
Other Non-Current Liabilities 2.1m
Efficiency

Earnings Waterfall
Ballard Power Systems Inc

Revenue
104.2m USD
Cost of Revenue
-127.8m USD
Gross Profit
-23.6m USD
Operating Expenses
-135.2m USD
Operating Income
-158.8m USD
Other Expenses
-27.7m USD
Net Income
-186.5m USD

Free Cash Flow Analysis
Ballard Power Systems Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

Ballard Power Systems delivered $16 million in Q2 revenue, with an 84% QoQ increase in the bus market. Fuel cell product sales rose 48% YoY, highlighting a shift to commercial products. However, gross margin declined to -32%, 11 points lower than last year. The company anticipates breakeven margins by Q4 with increasing revenue and cost reductions. Total operating expenses were stable at $36.2 million, while capital expenditure guidance was cut to $25-40 million. With $678 million in liquid assets, Ballard remains focused on sustaining growth and managing market challenges as it develops its Texas production facility, backed by $94 million in U.S. funding.

What is Earnings Call?
Fundamental Scores

BLDP Profitability Score
Profitability Due Diligence

Ballard Power Systems Inc's profitability score is 19/100. The higher the profitability score, the more profitable the company is.

Exceptional 1-Year Revenue Growth
Positive Revenue Growth Forecast
Positive 3-Years Revenue Growth
Declining ROE
19/100
Profitability
Score

Ballard Power Systems Inc's profitability score is 19/100. The higher the profitability score, the more profitable the company is.

BLDP Solvency Score
Solvency Due Diligence

Ballard Power Systems Inc's solvency score is 78/100. The higher the solvency score, the more solvent the company is.

Short-Term Solvency
Long-Term Solvency
Negative Net Debt
Low D/E
78/100
Solvency
Score

Ballard Power Systems Inc's solvency score is 78/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

BLDP Price Targets Summary
Ballard Power Systems Inc

There are no price targets for BLDP.
Lowest
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Dividends

Ballard Power Systems Inc
does not pay dividends
Shareholder Yield

Current shareholder yield for BLDP is .

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Ballard Power Systems Inc Logo
Ballard Power Systems Inc

Country

Canada

Industry

Electrical Equipment

Market Cap

718.6m CAD

Dividend Yield

0%

Description

Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.

Contact

BRITISH COLUMBIA
Burnaby
9000 Glenlyon Parkway
+16044540900.0
www.ballard.com

IPO

1993-06-15

Employees

1 367

Officers

CEO, President & Non-Independent Director
Mr. R. Randall MacEwen BA, LLB
Senior VP & COO
Mr. Mark Biznek
Senior VP & Chief Commercial Officer
Mr. David Mucciacciaro
Senior VP & Chief Engineering Officer
Dr. Mircea Gradu Ph.D.
Senior VP & CFO
Ms. Kate Igbalode
VP Corporate Finance & Investor Relations
Kate Charlton
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Senior VP & CTO
Dr. Kevin Colbow
General Counsel & Corporate Secretary
Mr. Kerry Brent Hillier
Vice President of Marketing & Strategic Partnerships
Mr. Nicolas Pocard
Senior VP and Chief People & Culture Officer
Ms. Sarbjot Sidhu
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See Also

Discover More
What is the Intrinsic Value of one BLDP stock?

The intrinsic value of one BLDP stock under the Base Case scenario is 1.77 CAD.

Is BLDP stock undervalued or overvalued?

Compared to the current market price of 2.4 CAD, Ballard Power Systems Inc is Overvalued by 26%.

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