Intrinsic value of Ballard Power Systems - BLDP

Previous Close

$4.00

  Intrinsic Value

$11.79

stock screener

  Rating & Target

str. buy

+195%

Previous close

$4.00

 
Intrinsic value

$11.79

 
Up/down potential

+195%

 
Rating

str. buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  52.40
  47.66
  43.39
  39.55
  36.10
  32.99
  30.19
  27.67
  25.40
  23.36
  21.53
  19.87
  18.39
  17.05
  15.84
  14.76
  13.78
  12.90
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
Revenue, $m
  85
  130
  191
  274
  383
  521
  693
  902
  1,152
  1,444
  1,781
  2,165
  2,595
  3,072
  3,596
  4,166
  4,781
  5,440
  6,142
  6,886
  7,671
  8,497
  9,362
  10,268
  11,212
  12,197
  13,222
  14,288
  15,396
  16,548
  17,744
Variable operating expenses, $m
 
  100
  146
  207
  287
  389
  517
  671
  856
  1,072
  1,322
  1,602
  1,920
  2,273
  2,660
  3,082
  3,537
  4,024
  4,544
  5,094
  5,675
  6,286
  6,926
  7,596
  8,294
  9,023
  9,781
  10,570
  11,389
  12,241
  13,127
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
  139
  186
  248
  329
  432
  561
  716
  902
  1,119
  1,371
  1,652
  1,971
  2,325
  2,714
  3,137
  3,593
  4,082
  4,603
  5,155
  5,737
  6,350
  6,991
  7,663
  8,363
  9,093
  9,853
  10,644
  11,465
  12,319
  13,207
Operating income, $m
  -19
  -9
  6
  26
  54
  88
  132
  185
  249
  324
  411
  514
  624
  747
  882
  1,029
  1,188
  1,358
  1,539
  1,731
  1,934
  2,147
  2,371
  2,605
  2,849
  3,104
  3,369
  3,644
  3,931
  4,229
  4,538
EBITDA, $m
  -14
  -2
  15
  38
  68
  106
  154
  213
  284
  366
  462
  570
  692
  828
  976
  1,138
  1,313
  1,500
  1,700
  1,912
  2,135
  2,370
  2,616
  2,874
  3,143
  3,423
  3,715
  4,019
  4,334
  4,662
  5,003
Interest expense (income), $m
  0
  0
  1
  3
  5
  7
  10
  14
  19
  25
  32
  40
  49
  59
  70
  83
  96
  110
  126
  142
  160
  178
  198
  218
  239
  261
  284
  308
  333
  359
  386
Earnings before tax, $m
  -21
  -10
  4
  24
  49
  81
  122
  171
  230
  299
  379
  474
  575
  688
  812
  947
  1,092
  1,247
  1,413
  1,589
  1,774
  1,969
  2,173
  2,387
  2,610
  2,842
  3,084
  3,336
  3,597
  3,869
  4,152
Tax expense, $m
  1
  0
  1
  6
  13
  22
  33
  46
  62
  81
  102
  128
  155
  186
  219
  256
  295
  337
  382
  429
  479
  532
  587
  645
  705
  767
  833
  901
  971
  1,045
  1,121
Net income, $m
  -21
  -10
  3
  17
  36
  59
  89
  125
  168
  218
  276
  346
  420
  502
  593
  691
  797
  911
  1,032
  1,160
  1,295
  1,438
  1,587
  1,743
  1,905
  2,075
  2,251
  2,435
  2,626
  2,824
  3,031

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
  168
  247
  355
  495
  674
  896
  1,167
  1,490
  1,868
  2,305
  2,801
  3,357
  3,975
  4,652
  5,390
  6,185
  7,037
  7,946
  8,908
  9,924
  10,992
  12,112
  13,283
  14,505
  15,779
  17,104
  18,483
  19,917
  21,407
  22,955
Adjusted assets (=assets-cash), $m
  110
  168
  247
  355
  495
  674
  896
  1,167
  1,490
  1,868
  2,305
  2,801
  3,357
  3,975
  4,652
  5,390
  6,185
  7,037
  7,946
  8,908
  9,924
  10,992
  12,112
  13,283
  14,505
  15,779
  17,104
  18,483
  19,917
  21,407
  22,955
Revenue / Adjusted assets
  0.773
  0.774
  0.773
  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
  50
  74
  106
  149
  202
  269
  350
  447
  560
  691
  840
  1,007
  1,192
  1,395
  1,616
  1,855
  2,111
  2,383
  2,672
  2,976
  3,297
  3,633
  3,984
  4,350
  4,732
  5,130
  5,544
  5,974
  6,420
  6,885
Working capital, $m
  65
  -11
  -16
  -22
  -31
  -43
  -57
  -74
  -94
  -118
  -146
  -178
  -213
  -252
  -295
  -342
  -392
  -446
  -504
  -565
  -629
  -697
  -768
  -842
  -919
  -1,000
  -1,084
  -1,172
  -1,262
  -1,357
  -1,455
Total debt, $m
  8
  37
  78
  134
  207
  299
  414
  554
  722
  918
  1,144
  1,401
  1,689
  2,009
  2,360
  2,742
  3,154
  3,595
  4,066
  4,564
  5,091
  5,644
  6,224
  6,830
  7,464
  8,123
  8,810
  9,524
  10,267
  11,039
  11,841
Total liabilities, $m
  59
  87
  128
  184
  257
  349
  464
  604
  772
  968
  1,194
  1,451
  1,739
  2,059
  2,410
  2,792
  3,204
  3,645
  4,116
  4,614
  5,141
  5,694
  6,274
  6,880
  7,514
  8,173
  8,860
  9,574
  10,317
  11,089
  11,891
Total equity, $m
  125
  81
  119
  171
  239
  325
  432
  562
  718
  900
  1,111
  1,350
  1,618
  1,916
  2,242
  2,598
  2,981
  3,392
  3,830
  4,294
  4,783
  5,298
  5,838
  6,402
  6,991
  7,605
  8,244
  8,909
  9,600
  10,318
  11,064
Total liabilities and equity, $m
  184
  168
  247
  355
  496
  674
  896
  1,166
  1,490
  1,868
  2,305
  2,801
  3,357
  3,975
  4,652
  5,390
  6,185
  7,037
  7,946
  8,908
  9,924
  10,992
  12,112
  13,282
  14,505
  15,778
  17,104
  18,483
  19,917
  21,407
  22,955
Debt-to-equity ratio
  0.064
  0.460
  0.660
  0.780
  0.870
  0.920
  0.960
  0.990
  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
  1.070
  1.070
  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
  3
  17
  36
  59
  89
  125
  168
  218
  276
  346
  420
  502
  593
  691
  797
  911
  1,032
  1,160
  1,295
  1,438
  1,587
  1,743
  1,905
  2,075
  2,251
  2,435
  2,626
  2,824
  3,031
Depreciation, amort., depletion, $m
  5
  7
  9
  11
  14
  18
  22
  28
  34
  42
  51
  57
  68
  81
  94
  109
  125
  143
  161
  181
  201
  223
  245
  269
  294
  320
  347
  375
  404
  434
  465
Funds from operations, $m
  5
  -2
  12
  29
  50
  77
  111
  153
  202
  260
  327
  402
  488
  583
  687
  800
  922
  1,053
  1,193
  1,340
  1,496
  1,660
  1,832
  2,012
  2,199
  2,395
  2,598
  2,810
  3,030
  3,258
  3,496
Change in working capital, $m
  9
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -50
  -54
  -58
  -61
  -64
  -68
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -94
  -98
Cash from operations, $m
  -4
  2
  17
  35
  59
  88
  125
  170
  223
  284
  355
  434
  523
  622
  730
  847
  973
  1,107
  1,250
  1,401
  1,561
  1,728
  1,903
  2,086
  2,277
  2,475
  2,682
  2,897
  3,121
  3,353
  3,594
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -10
  -14
  -18
  -24
  -30
  -38
  -47
  -57
  -68
  -81
  -94
  -109
  -125
  -143
  -161
  -181
  -201
  -223
  -245
  -269
  -294
  -320
  -347
  -375
  -404
  -434
New CAPEX, $m
  -7
  -17
  -24
  -32
  -42
  -54
  -67
  -81
  -97
  -114
  -131
  -149
  -167
  -185
  -203
  -221
  -239
  -256
  -272
  -289
  -305
  -320
  -336
  -351
  -367
  -382
  -398
  -414
  -430
  -447
  -464
Cash from investing activities, $m
  5
  -19
  -27
  -37
  -49
  -64
  -81
  -99
  -121
  -144
  -169
  -196
  -224
  -253
  -284
  -315
  -348
  -381
  -415
  -450
  -486
  -521
  -559
  -596
  -636
  -676
  -718
  -761
  -805
  -851
  -898
Free cash flow, $m
  1
  -18
  -10
  -2
  9
  25
  45
  70
  102
  141
  186
  238
  300
  369
  446
  532
  625
  726
  835
  952
  1,076
  1,207
  1,344
  1,489
  1,641
  1,799
  1,965
  2,137
  2,316
  2,502
  2,696
Issuance/(repayment) of debt, $m
  -1
  30
  41
  56
  73
  93
  115
  140
  167
  196
  226
  257
  288
  320
  351
  382
  412
  442
  470
  499
  526
  553
  580
  607
  633
  660
  687
  714
  743
  772
  802
Issuance/(repurchase) of shares, $m
  29
  37
  35
  35
  32
  27
  18
  6
  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
  67
  76
  91
  105
  120
  133
  146
  167
  196
  226
  257
  288
  320
  351
  382
  412
  442
  470
  499
  526
  553
  580
  607
  633
  660
  687
  714
  743
  772
  802
Total cash flow (excl. dividends), $m
  33
  49
  67
  88
  114
  144
  178
  216
  269
  337
  412
  495
  588
  689
  797
  913
  1,037
  1,168
  1,306
  1,450
  1,602
  1,760
  1,924
  2,096
  2,274
  2,459
  2,652
  2,851
  3,059
  3,274
  3,498
Retained Cash Flow (-), $m
  -11
  -37
  -38
  -52
  -68
  -86
  -107
  -130
  -156
  -182
  -210
  -239
  -268
  -298
  -327
  -355
  -383
  -411
  -438
  -464
  -490
  -515
  -540
  -564
  -589
  -614
  -639
  -665
  -691
  -718
  -746
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
 
  84
  28
  36
  46
  58
  71
  86
  114
  154
  202
  256
  320
  391
  471
  558
  654
  757
  868
  986
  1,112
  1,245
  1,385
  1,531
  1,685
  1,845
  2,012
  2,187
  2,368
  2,556
  2,752
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
 
  80
  26
  32
  38
  45
  52
  58
  71
  89
  106
  122
  136
  149
  158
  164
  166
  165
  160
  152
  141
  129
  115
  100
  86
  72
  59
  47
  37
  28
  21
Current shareholders' claim on cash, %
  100
  89.1
  82.9
  78.9
  76.4
  75.0
  74.2
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1
  74.1

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 -33.3
Price to Sales 8.2
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow -174.8
Price to Free Cash Flow -63.5
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 52.4% 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 180.351 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
PLUG Plug Power 2.27 0.09  str.sell
FCEL FuelCell Energ 1.86 0.60  str.sell
HYGS Hydrogenics 10.35 7.40  sell

COMPANY NEWS

▶ These Stocks Could Double -- Again   [Jan-09-18 03:30PM  Motley Fool]
▶ Read This Before You Buy Fuel Cell Stocks   [Dec-30-17 08:09AM  Motley Fool]
▶ Best Growth Stocks To Buy   [Dec-20-17 11:02AM  Simply Wall St.]
▶ High Growth Stocks To Profit From   [Nov-19-17 11:02AM  Simply Wall St.]
▶ Ballard reports 3Q loss   [05:47AM  Associated Press]
▶ Ballard Reports Q3 2017 Results   [Nov-01-17 07:00PM  PR Newswire]
▶ Ballard Announces Third Quarter 2017 Conference Call   [Oct-18-17 02:00PM  PR Newswire]
▶ 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]
Financial statements of BLDP
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