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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-01-25 00:00:00",
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  "notes": "The slide uses a stacked bar chart to illustrate that revenue growth post-2012 is driven by new segments rather than organic growth.",
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      "text": "In our opinion, Broad Ocean (002249 CH) is a weak partner for Ballard in China. Based in South China, it lacks a network into the central ministries that determine policies and SOE's that are the agents for delivering on policy.",
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      "text": "Broad Ocean Revenue By Product (RMB mm)",
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      "text": "Broad Ocean's organic revenue growth flattened out around FY2012. The revenue growth achieved since then has all come as a result of expensive acquisitions\nIts acquisition strategy has left it laden with debt and downward revisions of new energy subsidies have turned operating cash flows negative\nBallard's key China partner, much like Ballard itself, has a penchant for making frequent statements about current and future projects, but then fails to deliver",
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      "text": "Source: Company reports",
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      "text": "Overview of Broad Ocean",
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