Intrinsic value of Ballard Power Systems - BLDP

Previous Close

$5.00

  Intrinsic Value

$11.14

stock screener

  Rating & Target

str. buy

+123%

  Value-price divergence*

+5000%

Previous close

$5.00

 
Intrinsic value

$11.14

 
Up/down potential

+123%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BLDP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.79
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  85
  128
  186
  262
  362
  486
  640
  825
  1,044
  1,298
  1,590
  1,919
  2,285
  2,690
  3,132
  3,611
  4,127
  4,677
  5,262
  5,880
  6,532
  7,216
  7,932
  8,680
  9,460
  10,273
  11,118
  11,997
  12,911
  13,861
  14,848
Variable operating expenses, $m
 
  98
  141
  198
  272
  364
  478
  614
  776
  965
  1,180
  1,419
  1,691
  1,990
  2,317
  2,672
  3,053
  3,460
  3,893
  4,350
  4,832
  5,338
  5,868
  6,421
  6,998
  7,599
  8,225
  8,875
  9,551
  10,254
  10,984
Fixed operating expenses, $m
 
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
Total operating expenses, $m
  104
  137
  181
  239
  314
  407
  522
  659
  822
  1,012
  1,229
  1,469
  1,742
  2,042
  2,371
  2,727
  3,109
  3,518
  3,952
  4,411
  4,894
  5,402
  5,933
  6,488
  7,067
  7,669
  8,297
  8,949
  9,627
  10,332
  11,064
Operating income, $m
  -19
  -10
  4
  23
  48
  79
  118
  165
  221
  286
  361
  449
  544
  648
  761
  885
  1,017
  1,159
  1,310
  1,470
  1,638
  1,814
  1,999
  2,192
  2,393
  2,603
  2,821
  3,048
  3,284
  3,529
  3,784
EBITDA, $m
  -14
  -2
  13
  34
  62
  96
  139
  191
  253
  324
  407
  500
  604
  718
  844
  979
  1,126
  1,282
  1,448
  1,624
  1,809
  2,003
  2,207
  2,419
  2,641
  2,872
  3,113
  3,363
  3,623
  3,893
  4,173
Interest expense (income), $m
  0
  0
  1
  3
  4
  7
  10
  13
  18
  23
  29
  36
  43
  52
  61
  72
  83
  95
  108
  122
  136
  151
  167
  184
  202
  220
  239
  259
  280
  301
  323
Earnings before tax, $m
  -21
  -10
  3
  21
  44
  73
  109
  152
  204
  264
  332
  414
  500
  596
  700
  813
  935
  1,064
  1,202
  1,348
  1,501
  1,663
  1,831
  2,008
  2,191
  2,383
  2,582
  2,789
  3,004
  3,228
  3,461
Tax expense, $m
  1
  0
  1
  6
  12
  20
  29
  41
  55
  71
  90
  112
  135
  161
  189
  220
  252
  287
  325
  364
  405
  449
  494
  542
  592
  643
  697
  753
  811
  872
  934
Net income, $m
  -21
  -10
  2
  15
  32
  53
  79
  111
  149
  192
  243
  302
  365
  435
  511
  594
  682
  777
  878
  984
  1,096
  1,214
  1,337
  1,465
  1,600
  1,739
  1,885
  2,036
  2,193
  2,357
  2,526

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  183
  165
  240
  339
  468
  629
  828
  1,067
  1,351
  1,680
  2,056
  2,482
  2,957
  3,480
  4,052
  4,672
  5,338
  6,051
  6,807
  7,607
  8,450
  9,335
  10,261
  11,229
  12,238
  13,289
  14,383
  15,521
  16,703
  17,931
  19,208
Adjusted assets (=assets-cash), $m
  110
  165
  240
  339
  468
  629
  828
  1,067
  1,351
  1,680
  2,056
  2,482
  2,957
  3,480
  4,052
  4,672
  5,338
  6,051
  6,807
  7,607
  8,450
  9,335
  10,261
  11,229
  12,238
  13,289
  14,383
  15,521
  16,703
  17,931
  19,208
Revenue / Adjusted assets
  0.773
  0.776
  0.775
  0.773
  0.774
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
Average production assets, $m
  33
  49
  72
  102
  140
  189
  248
  320
  405
  504
  617
  744
  887
  1,044
  1,215
  1,401
  1,601
  1,815
  2,042
  2,282
  2,534
  2,800
  3,078
  3,368
  3,671
  3,986
  4,314
  4,655
  5,010
  5,378
  5,761
Working capital, $m
  65
  -10
  -15
  -22
  -30
  -40
  -52
  -68
  -86
  -106
  -130
  -157
  -187
  -221
  -257
  -296
  -338
  -384
  -431
  -482
  -536
  -592
  -650
  -712
  -776
  -842
  -912
  -984
  -1,059
  -1,137
  -1,218
Total debt, $m
  8
  35
  74
  126
  192
  276
  379
  503
  650
  820
  1,015
  1,236
  1,481
  1,753
  2,049
  2,370
  2,715
  3,084
  3,476
  3,891
  4,327
  4,785
  5,265
  5,767
  6,289
  6,834
  7,401
  7,990
  8,602
  9,238
  9,900
Total liabilities, $m
  59
  85
  124
  176
  242
  326
  429
  553
  700
  870
  1,065
  1,286
  1,531
  1,803
  2,099
  2,420
  2,765
  3,134
  3,526
  3,941
  4,377
  4,835
  5,315
  5,817
  6,339
  6,884
  7,451
  8,040
  8,652
  9,288
  9,950
Total equity, $m
  125
  80
  116
  164
  225
  303
  399
  514
  651
  810
  991
  1,196
  1,425
  1,677
  1,953
  2,252
  2,573
  2,916
  3,281
  3,667
  4,073
  4,499
  4,946
  5,412
  5,899
  6,406
  6,933
  7,481
  8,051
  8,643
  9,258
Total liabilities and equity, $m
  184
  165
  240
  340
  467
  629
  828
  1,067
  1,351
  1,680
  2,056
  2,482
  2,956
  3,480
  4,052
  4,672
  5,338
  6,050
  6,807
  7,608
  8,450
  9,334
  10,261
  11,229
  12,238
  13,290
  14,384
  15,521
  16,703
  17,931
  19,208
Debt-to-equity ratio
  0.064
  0.450
  0.640
  0.770
  0.850
  0.910
  0.950
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
Adjusted equity ratio
  0.473
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  -10
  2
  15
  32
  53
  79
  111
  149
  192
  243
  302
  365
  435
  511
  594
  682
  777
  878
  984
  1,096
  1,214
  1,337
  1,465
  1,600
  1,739
  1,885
  2,036
  2,193
  2,357
  2,526
Depreciation, amort., depletion, $m
  5
  7
  9
  11
  14
  17
  21
  26
  31
  38
  46
  50
  60
  71
  82
  95
  108
  123
  138
  154
  171
  189
  208
  228
  248
  269
  291
  315
  338
  363
  389
Funds from operations, $m
  5
  -3
  11
  26
  45
  70
  100
  137
  180
  231
  288
  352
  425
  505
  593
  688
  790
  900
  1,015
  1,138
  1,267
  1,403
  1,545
  1,693
  1,848
  2,009
  2,176
  2,351
  2,532
  2,720
  2,916
Change in working capital, $m
  9
  -3
  -5
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
Cash from operations, $m
  -4
  1
  16
  32
  54
  80
  113
  152
  198
  251
  312
  379
  455
  539
  629
  728
  833
  945
  1,063
  1,189
  1,321
  1,459
  1,603
  1,754
  1,912
  2,075
  2,246
  2,423
  2,607
  2,798
  2,997
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -9
  -13
  -17
  -22
  -27
  -34
  -42
  -50
  -60
  -71
  -82
  -95
  -108
  -123
  -138
  -154
  -171
  -189
  -208
  -228
  -248
  -269
  -291
  -315
  -338
  -363
New CAPEX, $m
  -7
  -16
  -23
  -30
  -38
  -48
  -60
  -72
  -85
  -99
  -113
  -128
  -142
  -157
  -172
  -186
  -200
  -214
  -227
  -240
  -253
  -265
  -278
  -290
  -303
  -315
  -328
  -341
  -355
  -368
  -383
Cash from investing activities, $m
  5
  -18
  -26
  -35
  -45
  -57
  -73
  -89
  -107
  -126
  -147
  -170
  -192
  -217
  -243
  -268
  -295
  -322
  -350
  -378
  -407
  -436
  -467
  -498
  -531
  -563
  -597
  -632
  -670
  -706
  -746
Free cash flow, $m
  1
  -18
  -10
  -2
  8
  22
  41
  63
  92
  125
  165
  210
  263
  322
  387
  460
  538
  623
  714
  811
  914
  1,022
  1,136
  1,256
  1,381
  1,512
  1,648
  1,790
  1,938
  2,091
  2,250
Issuance/(repayment) of debt, $m
  -1
  28
  39
  52
  66
  84
  103
  124
  147
  170
  195
  220
  246
  271
  296
  321
  345
  369
  392
  414
  437
  458
  480
  501
  523
  545
  567
  589
  612
  636
  661
Issuance/(repurchase) of shares, $m
  29
  37
  34
  33
  30
  25
  16
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  31
  65
  73
  85
  96
  109
  119
  128
  147
  170
  195
  220
  246
  271
  296
  321
  345
  369
  392
  414
  437
  458
  480
  501
  523
  545
  567
  589
  612
  636
  661
Total cash flow (excl. dividends), $m
  33
  47
  63
  82
  105
  131
  160
  192
  238
  296
  360
  431
  508
  593
  684
  781
  883
  992
  1,106
  1,225
  1,350
  1,481
  1,616
  1,757
  1,904
  2,057
  2,215
  2,379
  2,550
  2,727
  2,912
Retained Cash Flow (-), $m
  -11
  -37
  -36
  -48
  -62
  -78
  -96
  -115
  -136
  -159
  -182
  -205
  -229
  -252
  -276
  -299
  -321
  -343
  -365
  -386
  -406
  -426
  -447
  -466
  -486
  -507
  -527
  -548
  -570
  -592
  -615
Prev. year cash balance distribution, $m
 
  72
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  83
  27
  34
  43
  53
  64
  76
  102
  137
  179
  225
  280
  341
  408
  482
  562
  649
  741
  840
  944
  1,054
  1,170
  1,291
  1,418
  1,550
  1,688
  1,831
  1,980
  2,135
  2,296
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  79
  24
  30
  35
  41
  46
  52
  64
  79
  94
  107
  119
  129
  137
  141
  143
  141
  136
  129
  120
  109
  97
  85
  72
  60
  49
  39
  31
  23
  17
Current shareholders' claim on cash, %
  100
  91.0
  85.8
  82.4
  80.3
  79.1
  78.5
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4
  78.4

Ballard Power Systems Inc. is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a range of applications, focusing on the power product markets of heavy-duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of its intellectual property portfolio and fundamental knowledge for a range of fuel cell applications. As of December 31, 2016, the Company provided products in four product classes, such as Fuel cell stacks, Fuel cell modules, Fuel cell systems and Power management systems. The Company provides FCgen and FCveloCity fuel cell stacks to original equipment manufacturer (OEM) customers and system integrators that use the stacks to produce fuel cell systems for power solutions.

FINANCIAL RATIOS  of  Ballard Power Systems (BLDP)

Valuation Ratios
P/E Ratio -41.6
Price to Sales 10.3
Price to Book 7
Price to Tangible Book
Price to Cash Flow -218.4
Price to Free Cash Flow -79.4
Growth Rates
Sales Growth Rate 51.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 73
Current Ratio 0
LT Debt to Equity 5.6%
Total Debt to Equity 6.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -12.2%
Ret/ On Assets - 3 Yr. Avg. -13%
Return On Total Capital -16.5%
Ret/ On T. Cap. - 3 Yr. Avg. -17.8%
Return On Equity -17.6%
Return On Equity - 3 Yr. Avg. -20%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 20.2%
EBITDA Margin -18.8%
EBITDA Margin - 3 Yr. Avg. -18.6%
Operating Margin -22.4%
Oper. Margin - 3 Yr. Avg. -35.9%
Pre-Tax Margin -24.7%
Pre-Tax Margin - 3 Yr. Avg. -25.8%
Net Profit Margin -24.7%
Net Profit Margin - 3 Yr. Avg. -25.3%
Effective Tax Rate -4.8%
Eff/ Tax Rate - 3 Yr. Avg. -8.3%
Payout Ratio 0%

BLDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLDP stock intrinsic value calculation we used $85 million for the last fiscal year's total revenue generated by Ballard Power Systems. The default revenue input number comes from 2016 income statement of Ballard Power Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BLDP stock valuation model: a) initial revenue growth rate of 50% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BLDP is calculated based on our internal credit rating of Ballard Power Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ballard Power Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BLDP stock the variable cost ratio is equal to 78.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $38 million in the base year in the intrinsic value calculation for BLDP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Ballard Power Systems.

Corporate tax rate of 27% is the nominal tax rate for Ballard Power Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BLDP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BLDP are equal to 38.8%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Ballard Power Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BLDP is equal to -8.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $125 million for Ballard Power Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 174.946 million for Ballard Power Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ballard Power Systems at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PLUG Plug Power 2.77 0.10  str.sell
FCEL FuelCell Energ 2.13 0.71  str.sell
HYGS Hydrogenics 9.10 0.10  str.sell

COMPANY NEWS

▶ Company News For Sep 19, 2017   [Sep-19-17 09:58AM  Zacks]
▶ Ballard Invited to Join World Hydrogen Council   [Sep-18-17 08:00PM  PR Newswire]
▶ Forget Plug Power, Here's the Fuel Cell Stock to Buy   [Sep-15-17 07:17AM  Motley Fool]
▶ Why Ballard Power Systems Inc's Shares Jumped in August   [Sep-07-17 01:40PM  Motley Fool]
▶ Ballard reports 2Q loss   [Aug-04-17 02:34AM  Associated Press]
▶ Ballard Reports Q2 2017 Results   [Aug-02-17 06:33PM  PR Newswire]
▶ Penny Stocks to Watch for August 2017   [10:05AM  Investopedia]
▶ Ballard Announces Second Quarter 2017 Conference Call   [Jul-19-17 02:00PM  PR Newswire]
▶ Ballard Announces Results of Annual General Meeting   [Jun-09-17 01:30AM  PR Newswire]
▶ Here's Why Ballard Power Systems Plunged 13% in May   [Jun-08-17 11:19AM  Motley Fool]
▶ Fuel Cell Energy Leaders Report Earnings   [12:36PM  Investopedia]
▶ Ballard reports 1Q loss   [May-01-17 07:38PM  Associated Press]
▶ Ballard Reports Q1 2017 Results   [07:30PM  PR Newswire]
▶ Ballard Reports Q1 2017 Results   [07:30PM  CNW Group]
▶ Ballard Announces First Quarter 2017 Conference Call   [Apr-19-17 05:00PM  PR Newswire]
▶ Amazon Deal Sends Plug Power Shares Soaring   [07:48AM  TheStreet.com]
▶ Ballard Appoints Janet Woodruff to Board of Directors   [Apr-03-17 05:00PM  PR Newswire]
Financial statements of BLDP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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