Ballard Power Systems Inc

BLDP: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 1.00	Pdkqr	Gcxrnlq

Ballard Earnings: European Bus Order Drives Backlog Higher; Shares Fairly Valued

Brett Castelli

May 8, 2024

We are maintaining our $3/CAD 4 fair value estimate for no-moat Ballard Power Systems following first-quarter results. We view the shares as fairly valued.

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