Company Valuation: Ballard Power Systems Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,738 1,429 1,111 497.4 767.7 719.2 - -
Change - -61.78% -22.26% -55.22% 54.35% -6.32% - -
Enterprise Value (EV) 1 2,631 530.6 377.4 -82.7 262.8 296.5 238.2 257.7
Change - -79.83% -28.87% -121.91% 417.75% 12.84% -19.67% 8.21%
P/E -32.2x -8.25x -6.3x -1.54x -8.51x -10.7x -15.5x -17.9x
PBR 2.81x 1.23x 1.12x 0.74x 1.3x 1x 1.05x 1.08x
PEG - -0.2x -3.65x -0x 0.1x 0.3x 0.5x 1.3x
Capitalization / Revenue 35.8x 17.1x 10.8x 7.13x 7.72x 6.9x 5.21x 4.56x
EV / Revenue 25.2x 6.33x 3.69x -1.19x 2.64x 2.84x 1.72x 1.63x
EV / EBITDA -32x -3.68x -2.51x 0.49x -2.6x -6.87x -7.06x -11.1x
EV / EBIT -29.9x -3.34x -2.32x 0.45x -2.54x -5.32x -5.02x -6.32x
EV / FCF -28.1x -3.19x -2.59x 0.62x -3.98x -7.53x -4.02x -4.75x
FCF Yield -3.56% -31.3% -38.6% 162% -25.1% -13.3% -24.9% -21%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.39 -0.58 -0.59 -1.08 -0.3 -0.1913 -0.1324 -0.1147
Distribution rate - - - - - - - -
Net sales 1 104.5 83.79 102.4 69.73 99.4 104.3 138.2 157.7
EBITDA 1 -82.19 -144 -150.1 -168.1 -100.9 -43.19 -33.74 -23.28
EBIT 1 -88.1 -158.9 -162.9 -183.3 -103.5 -55.72 -47.47 -40.81
Net income 1 -114.4 -173.5 -177.7 -324.2 -90.91 -57.2 -47.7 -38.2
Net Debt 1 -1,107 -898 -733.2 -580.1 -504.9 -422.7 -481 -461.4
Reference price 2 12.556 4.788 3.718 1.661 2.553 2.048 2.048 2.048
Nbr of stocks (in thousands) 297,688 298,375 298,720 299,421 300,739 351,091 - -
Announcement Date 3/12/22 3/17/23 3/11/24 3/13/25 3/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33x2.61x16.92x1.37% 140B
20.82x1.16x8.56x0.85% 29.5B
12.52x1.61x8.65x1.88% 25.35B
10x3.29x6.3x-.--% 18.77B
17.3x4.06x14.08x3.81% 14.84B
-14.06x0.99x24.54x-.--% 12.64B
22.33x2.66x12.57x-.--% 12.79B
10.96x0.75x9.22x4.48% 11.42B
17.84x1.11x9.3x1.5% 9.69B
Average 14.52x 2.03x 12.24x 1.54% 30.56B
Weighted average by Cap. 23.28x 2.29x 13.94x 1.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Ballard Power Systems Inc.