Intrinsic value of Ballard Power Systems - BLDP

Previous Close

$3.04

  Intrinsic Value

$12.38

stock screener

  Rating & Target

str. buy

+307%

Previous close

$3.04

 
Intrinsic value

$12.38

 
Up/down potential

+307%

 
Rating

str. buy

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 2017), $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
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  42.20
  38.48
  35.13
  32.12
  29.41
  26.97
  24.77
  22.79
  21.01
  19.41
  17.97
  16.67
  15.51
  14.46
  13.51
  12.66
  11.89
  11.20
  10.58
  10.03
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
Revenue, $m
  172
  238
  322
  425
  550
  699
  872
  1,071
  1,296
  1,547
  1,825
  2,130
  2,460
  2,816
  3,196
  3,601
  4,029
  4,480
  4,955
  5,451
  5,970
  6,512
  7,076
  7,663
  8,274
  8,908
  9,568
  10,253
  10,966
  11,706
Variable operating expenses, $m
  107
  146
  195
  255
  329
  416
  517
  634
  766
  913
  1,070
  1,249
  1,442
  1,651
  1,874
  2,111
  2,362
  2,627
  2,905
  3,196
  3,500
  3,818
  4,148
  4,492
  4,850
  5,222
  5,609
  6,011
  6,428
  6,863
Fixed operating expenses, $m
  51
  52
  53
  55
  56
  57
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  82
  84
  86
  88
  90
  92
  94
  96
Total operating expenses, $m
  158
  198
  248
  310
  385
  473
  575
  694
  827
  975
  1,134
  1,314
  1,508
  1,719
  1,943
  2,182
  2,434
  2,701
  2,981
  3,273
  3,579
  3,899
  4,230
  4,576
  4,936
  5,310
  5,699
  6,103
  6,522
  6,959
Operating income, $m
  14
  40
  74
  116
  166
  226
  297
  378
  469
  572
  692
  816
  952
  1,097
  1,253
  1,419
  1,595
  1,780
  1,974
  2,178
  2,391
  2,614
  2,845
  3,086
  3,337
  3,598
  3,869
  4,150
  4,443
  4,747
EBITDA, $m
  31
  61
  100
  147
  206
  275
  356
  449
  555
  673
  803
  946
  1,102
  1,269
  1,448
  1,639
  1,841
  2,054
  2,277
  2,511
  2,756
  3,012
  3,278
  3,555
  3,843
  4,142
  4,453
  4,777
  5,113
  5,463
Interest expense (income), $m
  0
  1
  3
  6
  10
  15
  21
  28
  37
  46
  57
  69
  83
  97
  113
  130
  148
  168
  188
  210
  233
  257
  282
  308
  335
  363
  392
  423
  454
  487
  522
Earnings before tax, $m
  14
  37
  68
  105
  151
  205
  268
  341
  423
  515
  623
  734
  854
  984
  1,123
  1,271
  1,427
  1,592
  1,764
  1,945
  2,135
  2,332
  2,538
  2,752
  2,974
  3,206
  3,446
  3,696
  3,956
  4,226
Tax expense, $m
  4
  10
  18
  28
  41
  55
  72
  92
  114
  139
  168
  198
  231
  266
  303
  343
  385
  430
  476
  525
  576
  630
  685
  743
  803
  866
  930
  998
  1,068
  1,141
Net income, $m
  10
  27
  49
  77
  110
  150
  196
  249
  309
  376
  455
  536
  624
  719
  820
  928
  1,042
  1,162
  1,288
  1,420
  1,558
  1,702
  1,853
  2,009
  2,171
  2,340
  2,516
  2,698
  2,888
  3,085

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  223
  308
  417
  550
  712
  904
  1,128
  1,385
  1,676
  2,002
  2,362
  2,755
  3,183
  3,643
  4,135
  4,658
  5,212
  5,796
  6,410
  7,052
  7,724
  8,424
  9,154
  9,914
  10,703
  11,525
  12,378
  13,264
  14,186
  15,144
Adjusted assets (=assets-cash), $m
  223
  308
  417
  550
  712
  904
  1,128
  1,385
  1,676
  2,002
  2,362
  2,755
  3,183
  3,643
  4,135
  4,658
  5,212
  5,796
  6,410
  7,052
  7,724
  8,424
  9,154
  9,914
  10,703
  11,525
  12,378
  13,264
  14,186
  15,144
Revenue / Adjusted assets
  0.771
  0.773
  0.772
  0.773
  0.772
  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
  105
  146
  197
  260
  336
  427
  533
  654
  792
  945
  1,115
  1,301
  1,503
  1,720
  1,953
  2,200
  2,462
  2,738
  3,027
  3,331
  3,648
  3,979
  4,324
  4,682
  5,055
  5,443
  5,846
  6,265
  6,700
  7,152
Working capital, $m
  -11
  -16
  -21
  -28
  -36
  -46
  -58
  -71
  -86
  -102
  -120
  -141
  -162
  -186
  -211
  -238
  -266
  -296
  -327
  -360
  -394
  -430
  -467
  -506
  -546
  -588
  -631
  -677
  -724
  -773
Total debt, $m
  30
  61
  101
  150
  208
  278
  360
  453
  559
  678
  809
  952
  1,108
  1,275
  1,454
  1,645
  1,846
  2,059
  2,282
  2,516
  2,761
  3,016
  3,281
  3,558
  3,845
  4,144
  4,455
  4,777
  5,113
  5,462
Total liabilities, $m
  81
  112
  152
  200
  259
  329
  411
  504
  610
  729
  860
  1,003
  1,158
  1,326
  1,505
  1,696
  1,897
  2,110
  2,333
  2,567
  2,811
  3,066
  3,332
  3,609
  3,896
  4,195
  4,505
  4,828
  5,164
  5,512
Total equity, $m
  142
  196
  265
  350
  453
  575
  718
  881
  1,066
  1,273
  1,502
  1,752
  2,024
  2,317
  2,630
  2,963
  3,315
  3,686
  4,077
  4,485
  4,912
  5,358
  5,822
  6,305
  6,807
  7,330
  7,872
  8,436
  9,022
  9,631
Total liabilities and equity, $m
  223
  308
  417
  550
  712
  904
  1,129
  1,385
  1,676
  2,002
  2,362
  2,755
  3,182
  3,643
  4,135
  4,659
  5,212
  5,796
  6,410
  7,052
  7,723
  8,424
  9,154
  9,914
  10,703
  11,525
  12,377
  13,264
  14,186
  15,143
Debt-to-equity ratio
  0.210
  0.310
  0.380
  0.430
  0.460
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
Adjusted equity ratio
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  27
  49
  77
  110
  150
  196
  249
  309
  376
  455
  536
  624
  719
  820
  928
  1,042
  1,162
  1,288
  1,420
  1,558
  1,702
  1,853
  2,009
  2,171
  2,340
  2,516
  2,698
  2,888
  3,085
Depreciation, amort., depletion, $m
  16
  20
  26
  32
  40
  49
  59
  71
  85
  100
  112
  130
  150
  172
  195
  220
  246
  274
  303
  333
  365
  398
  432
  468
  506
  544
  585
  626
  670
  715
Funds from operations, $m
  26
  48
  75
  109
  150
  198
  255
  320
  394
  476
  566
  666
  774
  891
  1,015
  1,148
  1,288
  1,436
  1,591
  1,753
  1,923
  2,100
  2,285
  2,477
  2,677
  2,884
  3,100
  3,325
  3,558
  3,800
Change in working capital, $m
  -3
  -4
  -6
  -7
  -8
  -10
  -11
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
Cash from operations, $m
  30
  52
  81
  116
  158
  208
  266
  333
  409
  493
  584
  686
  796
  914
  1,040
  1,174
  1,316
  1,465
  1,622
  1,786
  1,957
  2,136
  2,322
  2,516
  2,717
  2,926
  3,144
  3,370
  3,605
  3,849
Maintenance CAPEX, $m
  -7
  -11
  -15
  -20
  -26
  -34
  -43
  -53
  -65
  -79
  -95
  -112
  -130
  -150
  -172
  -195
  -220
  -246
  -274
  -303
  -333
  -365
  -398
  -432
  -468
  -506
  -544
  -585
  -626
  -670
New CAPEX, $m
  -31
  -40
  -51
  -63
  -76
  -91
  -106
  -121
  -137
  -154
  -170
  -186
  -202
  -217
  -232
  -247
  -262
  -276
  -290
  -303
  -317
  -331
  -345
  -359
  -373
  -388
  -403
  -419
  -435
  -452
Cash from investing activities, $m
  -38
  -51
  -66
  -83
  -102
  -125
  -149
  -174
  -202
  -233
  -265
  -298
  -332
  -367
  -404
  -442
  -482
  -522
  -564
  -606
  -650
  -696
  -743
  -791
  -841
  -894
  -947
  -1,004
  -1,061
  -1,122
Free cash flow, $m
  -9
  1
  15
  33
  56
  84
  118
  159
  206
  260
  320
  388
  464
  546
  636
  732
  834
  943
  1,059
  1,180
  1,307
  1,440
  1,580
  1,725
  1,876
  2,033
  2,197
  2,366
  2,543
  2,727
Issuance/(repayment) of debt, $m
  24
  31
  39
  49
  59
  70
  82
  94
  106
  118
  131
  143
  156
  167
  179
  191
  202
  213
  223
  234
  244
  255
  266
  276
  288
  299
  311
  323
  335
  349
Issuance/(repurchase) of shares, $m
  32
  27
  19
  8
  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 from financing (excl. dividends), $m  
  56
  58
  58
  57
  59
  70
  82
  94
  106
  118
  131
  143
  156
  167
  179
  191
  202
  213
  223
  234
  244
  255
  266
  276
  288
  299
  311
  323
  335
  349
Total cash flow (excl. dividends), $m
  47
  60
  74
  90
  114
  154
  200
  252
  312
  379
  451
  532
  619
  714
  815
  922
  1,036
  1,156
  1,282
  1,414
  1,552
  1,695
  1,845
  2,001
  2,163
  2,332
  2,507
  2,689
  2,879
  3,075
Retained Cash Flow (-), $m
  -42
  -54
  -69
  -85
  -103
  -122
  -142
  -164
  -185
  -207
  -229
  -250
  -272
  -293
  -313
  -333
  -352
  -371
  -390
  -409
  -427
  -446
  -464
  -483
  -502
  -522
  -543
  -564
  -586
  -609
Prev. year cash balance distribution, $m
  20
  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
  3
  4
  6
  8
  11
  14
  18
  23
  28
  34
  40
  47
  55
  64
  73
  83
  94
  105
  116
  129
  142
  155
  169
  184
  199
  215
  232
  249
  267
  285
Cash available for distribution, $m
  26
  5
  5
  5
  11
  32
  57
  89
  127
  172
  222
  281
  348
  421
  502
  589
  684
  785
  892
  1,005
  1,124
  1,250
  1,381
  1,518
  1,661
  1,810
  1,964
  2,125
  2,292
  2,466
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
  24
  5
  4
  4
  9
  23
  39
  55
  73
  90
  105
  120
  132
  141
  147
  150
  149
  144
  137
  128
  116
  104
  91
  77
  65
  53
  42
  33
  25
  19
Current shareholders' claim on cash, %
  92.8
  88.7
  86.6
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0

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 -25.3
Price to Sales 6.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow -132.8
Price to Free Cash Flow -48.3
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 $121 million for the last fiscal year's total revenue generated by Ballard Power Systems. The default revenue input number comes from 2017 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 42.2% 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 63.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 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 10.2% 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 2.6%.

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 61.1%.

Life of production assets of 10 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 -6.6%. 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 - $120 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 163 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 1.97 0.07  str.sell
FCEL FuelCell Energ 1.17 0.44  str.sell
HYGS Hydrogenics 5.90 0.32  str.sell

COMPANY NEWS

▶ Ballard: 2Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Ballard Reports Q2 2018 Results   [Aug-01-18 09:30PM  PR Newswire]
▶ Ballard Reports Q2 2018 Results   [09:30PM  CNW Group]
▶ Ballard Announces Q2 2018 Results Conference Call   [Jul-12-18 12:30AM  PR Newswire]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Jun-12-18 09:23AM  Benzinga]
▶ June Growth Opportunities Emblem And More   [Jun-04-18 12:02PM  Simply Wall St.]
▶ Ballard: 1Q Earnings Snapshot   [May-01-18 07:48PM  Associated Press]
▶ Ballard Reports Q1 2018 Results   [07:30PM  CNW Group]
▶ Top 3 Growth Stocks For The Month   [Apr-23-18 12:02PM  Simply Wall St.]
▶ Ballard Announces Q1 2018 Results Conference Call   [Apr-17-18 02:30PM  CNW Group]
▶ Don't Get Greedy With Plug Power, Inc. Stock   [Apr-04-18 07:19AM  Motley Fool]
▶ [$$] Is it time to say goodbye to the steering wheel?   [Mar-30-18 06:16AM  Financial Times]
▶ New Strong Sell Stocks for March 21st   [Mar-21-18 09:13AM  Zacks]
▶ Top Growth Stocks To Buy   [12:02PM  Simply Wall St.]
▶ New Strong Sell Stocks for March 7th   [Mar-07-18 07:39AM  Zacks]
▶ Ballard reports 4Q loss   [Feb-28-18 07:49PM  Associated Press]
▶ [$$] Close readings: the rise of the bibliomemoir   [Feb-22-18 08:25PM  Financial Times]
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