Intrinsic value of Ballard Power Systems - BLDP

Previous Close

$2.79

  Intrinsic Value

$6.66

stock screener

  Rating & Target

str. buy

+139%

  Value-price divergence*

-114%

Previous close

$2.79

 
Intrinsic value

$6.66

 
Up/down potential

+139%

 
Rating

str. buy

 
Value-price divergence*

-114%

*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 0.5

 

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
  43.80
  39.92
  36.43
  33.29
  30.46
  27.91
  25.62
  23.56
  21.70
  20.03
  18.53
  17.18
  15.96
  14.86
  13.88
  12.99
  12.19
  11.47
  10.82
  10.24
  9.72
  9.25
  8.82
  8.44
  8.09
  7.79
  7.51
  7.26
  7.03
  6.83
Revenue, $m
  85
  122
  171
  233
  311
  406
  519
  652
  805
  980
  1,177
  1,395
  1,634
  1,895
  2,177
  2,479
  2,801
  3,142
  3,502
  3,881
  4,279
  4,695
  5,129
  5,581
  6,052
  6,542
  7,052
  7,581
  8,131
  8,703
  9,297
Variable operating expenses, $m
 
  95
  131
  177
  234
  304
  388
  486
  600
  729
  875
  1,032
  1,209
  1,402
  1,610
  1,834
  2,072
  2,324
  2,591
  2,871
  3,165
  3,473
  3,794
  4,129
  4,477
  4,840
  5,216
  5,608
  6,015
  6,438
  6,877
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
  134
  171
  218
  276
  347
  432
  531
  646
  776
  924
  1,082
  1,260
  1,454
  1,664
  1,889
  2,128
  2,382
  2,650
  2,932
  3,227
  3,537
  3,859
  4,196
  4,546
  4,910
  5,288
  5,682
  6,091
  6,516
  6,957
Operating income, $m
  -19
  -11
  0
  16
  35
  58
  87
  120
  159
  204
  253
  313
  374
  441
  513
  590
  672
  760
  852
  949
  1,051
  1,158
  1,269
  1,385
  1,506
  1,632
  1,763
  1,899
  2,040
  2,187
  2,340
EBITDA, $m
  -14
  -4
  9
  26
  47
  73
  105
  142
  184
  233
  288
  350
  417
  490
  570
  655
  746
  842
  944
  1,051
  1,163
  1,281
  1,404
  1,532
  1,665
  1,804
  1,948
  2,098
  2,253
  2,415
  2,583
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  8
  10
  14
  17
  21
  26
  31
  37
  43
  49
  56
  64
  72
  80
  89
  99
  108
  119
  129
  140
  152
  164
  176
  189
  202
Earnings before tax, $m
  -21
  -11
  -1
  13
  31
  53
  79
  110
  146
  186
  232
  287
  343
  404
  470
  541
  616
  696
  780
  869
  962
  1,059
  1,161
  1,267
  1,377
  1,492
  1,611
  1,735
  1,864
  1,998
  2,137
Tax expense, $m
  1
  0
  0
  4
  8
  14
  21
  30
  39
  50
  63
  78
  93
  109
  127
  146
  166
  188
  211
  235
  260
  286
  313
  342
  372
  403
  435
  468
  503
  539
  577
Net income, $m
  -21
  -11
  -1
  10
  23
  39
  58
  80
  106
  136
  170
  210
  251
  295
  343
  395
  450
  508
  570
  634
  702
  773
  847
  925
  1,005
  1,089
  1,176
  1,267
  1,361
  1,459
  1,560

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
  158
  221
  302
  402
  525
  671
  843
  1,042
  1,268
  1,522
  1,804
  2,114
  2,451
  2,816
  3,207
  3,623
  4,065
  4,531
  5,021
  5,536
  6,073
  6,635
  7,220
  7,830
  8,463
  9,122
  9,807
  10,519
  11,258
  12,027
Adjusted assets (=assets-cash), $m
  110
  158
  221
  302
  402
  525
  671
  843
  1,042
  1,268
  1,522
  1,804
  2,114
  2,451
  2,816
  3,207
  3,623
  4,065
  4,531
  5,021
  5,536
  6,073
  6,635
  7,220
  7,830
  8,463
  9,122
  9,807
  10,519
  11,258
  12,027
Revenue / Adjusted assets
  0.773
  0.772
  0.774
  0.772
  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
  47
  66
  91
  121
  157
  201
  253
  313
  380
  457
  541
  634
  735
  845
  962
  1,087
  1,219
  1,359
  1,506
  1,660
  1,822
  1,990
  2,166
  2,348
  2,538
  2,736
  2,941
  3,155
  3,377
  3,607
Working capital, $m
  65
  -10
  -14
  -19
  -26
  -33
  -43
  -53
  -66
  -80
  -96
  -114
  -134
  -155
  -178
  -203
  -230
  -258
  -287
  -318
  -351
  -385
  -421
  -458
  -496
  -536
  -578
  -622
  -667
  -714
  -762
Total debt, $m
  8
  32
  65
  106
  158
  222
  298
  387
  490
  607
  738
  885
  1,045
  1,220
  1,409
  1,611
  1,827
  2,055
  2,297
  2,551
  2,817
  3,096
  3,387
  3,690
  4,006
  4,334
  4,675
  5,030
  5,399
  5,782
  6,180
Total liabilities, $m
  59
  82
  115
  156
  208
  272
  348
  437
  540
  657
  788
  935
  1,095
  1,270
  1,459
  1,661
  1,877
  2,105
  2,347
  2,601
  2,867
  3,146
  3,437
  3,740
  4,056
  4,384
  4,725
  5,080
  5,449
  5,832
  6,230
Total equity, $m
  125
  76
  107
  145
  194
  253
  324
  406
  502
  611
  734
  870
  1,019
  1,182
  1,357
  1,546
  1,746
  1,959
  2,184
  2,420
  2,668
  2,927
  3,198
  3,480
  3,774
  4,079
  4,397
  4,727
  5,070
  5,426
  5,797
Total liabilities and equity, $m
  184
  158
  222
  301
  402
  525
  672
  843
  1,042
  1,268
  1,522
  1,805
  2,114
  2,452
  2,816
  3,207
  3,623
  4,064
  4,531
  5,021
  5,535
  6,073
  6,635
  7,220
  7,830
  8,463
  9,122
  9,807
  10,519
  11,258
  12,027
Debt-to-equity ratio
  0.064
  0.420
  0.610
  0.730
  0.820
  0.880
  0.920
  0.950
  0.980
  0.990
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  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
  -11
  -1
  10
  23
  39
  58
  80
  106
  136
  170
  210
  251
  295
  343
  395
  450
  508
  570
  634
  702
  773
  847
  925
  1,005
  1,089
  1,176
  1,267
  1,361
  1,459
  1,560
Depreciation, amort., depletion, $m
  5
  7
  9
  10
  12
  15
  18
  21
  25
  30
  35
  37
  43
  50
  57
  65
  73
  82
  92
  102
  112
  123
  134
  146
  159
  172
  185
  199
  213
  228
  244
Funds from operations, $m
  5
  -4
  8
  20
  35
  53
  75
  101
  132
  166
  204
  246
  293
  345
  400
  460
  523
  590
  661
  736
  814
  896
  982
  1,071
  1,164
  1,261
  1,361
  1,465
  1,574
  1,687
  1,804
Change in working capital, $m
  9
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
Cash from operations, $m
  -4
  -1
  12
  25
  41
  61
  85
  112
  144
  180
  221
  264
  313
  366
  423
  484
  550
  618
  691
  767
  847
  930
  1,018
  1,108
  1,203
  1,301
  1,403
  1,509
  1,619
  1,734
  1,853
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -17
  -21
  -26
  -31
  -37
  -43
  -50
  -57
  -65
  -73
  -82
  -92
  -102
  -112
  -123
  -134
  -146
  -159
  -172
  -185
  -199
  -213
  -228
New CAPEX, $m
  -7
  -14
  -19
  -24
  -30
  -37
  -44
  -52
  -60
  -68
  -76
  -85
  -93
  -101
  -109
  -117
  -125
  -132
  -140
  -147
  -154
  -161
  -168
  -176
  -183
  -190
  -198
  -205
  -213
  -222
  -231
Cash from investing activities, $m
  5
  -16
  -22
  -28
  -36
  -45
  -55
  -66
  -77
  -89
  -102
  -116
  -130
  -144
  -159
  -174
  -190
  -205
  -222
  -239
  -256
  -273
  -291
  -310
  -329
  -349
  -370
  -390
  -412
  -435
  -459
Free cash flow, $m
  1
  -18
  -10
  -4
  5
  16
  30
  47
  67
  91
  119
  149
  184
  222
  264
  310
  360
  412
  469
  528
  591
  657
  726
  798
  874
  952
  1,034
  1,119
  1,207
  1,299
  1,394
Issuance/(repayment) of debt, $m
  -1
  25
  33
  42
  52
  63
  76
  89
  103
  117
  132
  146
  161
  175
  189
  202
  216
  229
  242
  254
  266
  279
  291
  303
  316
  328
  341
  355
  369
  383
  398
Issuance/(repurchase) of shares, $m
  29
  35
  31
  29
  26
  20
  13
  3
  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
  60
  64
  71
  78
  83
  89
  92
  103
  117
  132
  146
  161
  175
  189
  202
  216
  229
  242
  254
  266
  279
  291
  303
  316
  328
  341
  355
  369
  383
  398
Total cash flow (excl. dividends), $m
  33
  42
  54
  67
  83
  100
  119
  139
  170
  208
  250
  295
  344
  397
  453
  513
  575
  641
  710
  782
  857
  936
  1,017
  1,101
  1,189
  1,280
  1,375
  1,473
  1,575
  1,682
  1,792
Retained Cash Flow (-), $m
  -11
  -35
  -31
  -39
  -48
  -59
  -71
  -83
  -96
  -109
  -122
  -136
  -149
  -163
  -176
  -188
  -201
  -213
  -225
  -236
  -248
  -259
  -271
  -282
  -294
  -305
  -318
  -330
  -343
  -356
  -370
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
 
  79
  23
  28
  34
  41
  48
  56
  75
  99
  128
  159
  195
  234
  277
  324
  375
  428
  486
  546
  610
  676
  746
  819
  895
  975
  1,057
  1,143
  1,232
  1,325
  1,422
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
 
  76
  21
  25
  28
  32
  35
  38
  47
  57
  67
  75
  83
  89
  93
  95
  95
  93
  89
  84
  77
  70
  62
  54
  46
  38
  31
  25
  19
  14
  11
Current shareholders' claim on cash, %
  100
  85.3
  77.0
  71.9
  68.7
  66.8
  66.0
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8
  65.8

Ballard Power Systems Inc. engages in the development and commercialization of proton exchange membrane fuel cells worldwide. It is primarily involved in the design, development, manufacture, sale, and service of fuel cell stacks, modules, and systems for various applications. The company also develops methanol clean energy backup power systems, as well as provides engineering services for various fuel cell applications. Ballard Power Systems Inc. offers its fuel cell products for various applications, including portable power, material handling, and telecom backup power, as well as power product markets of bus and tram applications. The company has a strategic alliance with Zhongshan Broad-Ocean Motor Company Limited to produce fuel cell modules for use in buses and commercial vehicles in various cities and regions in China. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

FINANCIAL RATIOS  of  Ballard Power Systems (BLDP)

Valuation Ratios
P/E Ratio -23.2
Price to Sales 5.7
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -121.9
Price to Free Cash Flow -44.3
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 43.8% 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 170.275 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 $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PLUG Plug Power 2.12 0.12  str.sell
FCEL FuelCell Energ 1.41 1.05  sell
HYGS Hydrogenics 7.35 3.08  str.sell

COMPANY NEWS

▶ 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]
▶ Explosive Stocks Under $10   [Mar-07-17 02:41PM  Zacks]
▶ Ballard reports 4Q loss   [Mar-01-17 06:45PM  Associated Press]
▶ Ballard Builds Out China Platform   [Feb-14-17 05:00PM  PR Newswire]
▶ Ballard Appoints Duy-Loan Le to Board of Directors   [Feb-01-17 05:00PM  PR Newswire]
▶ Why Fuel Cell Stocks Face an Uphill Battle in 2017   [Dec-27-16 08:22AM  at Motley Fool]
▶ Does China Offer Plug Power a Path to Profitability?   [Dec-23-16 09:51AM  at Motley Fool]
▶ 3 Top Hydrogen Fuel Cell Stocks You Can Buy Right Now   [Nov-28-16 11:40AM  at Motley Fool]
Stock chart of BLDP 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.