Investment Research report

Ballard Power Systems

Nasdaq & TSE: BLDP
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Research Overview

INDEX:
S&P 500
Sector:
Energy
Position:
Short
Date:
Jan 25, 2018

After conducting a forensic financial and accounting review, Spruce Point believes Ballard Power System (NASDAQ & TSE: BLDP), a fuel cell company, continues to face pressures from China industry challenge and does not have a sustainable path ahead as a majority retail-owned platform. Based on our investigation, we estimate 35% to 70% downside risk, or $1.15 - $2.50 per share.

The report highlights several key concerns with the company, including:

  • Evidence that the company’s business and stock price are heavily dependent on the China Hydrogen Fuel Cell Industry 
  • We view Ballard’s partners in China as poorly positioned to deliver on opportunity
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