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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": "Uses red flag icons to highlight key negative implications.",
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      "kind": "callout",
      "text": "We should expect Synergy to renegotiate its take or pay with Ballard in 2018",
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      "text": "It is unlikely that Broad Ocean will buy more than 100 fuel cell stacks or engines from Ballard or its China joint venture in 2018",
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      "text": "It looks like Ballard may have stuffed the channel with sales in 2017, and as a result, sales to China in 2018 will be lower than 2017",
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      "text": "With Broad Ocean appearing to be stuck with an inventory of 400 Ballard fuel cell modules, this could become a drag on Ballard's sales to Broad Ocean in 2018. Broad Ocean will need time to sell down inventory before it can buy from Ballard again, and Synergy will struggle to make sales to Broad Ocean.",
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      "text": "We estimate that Broad Ocean at best will sell about 500 fuel cell engines in 2018.",
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      "text": "Broad Ocean had only paid $8m of the $29m order for 600 fuel cell modules by Q3 2017. As they have taken delivery of 400 fuel cell modules, we can expect Ballard to record another $12m in sales for this order in Q4 2017.",
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      "text": "Broad Ocean: Unsold Inventory Implications For Ballard's Future Revenues",
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