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  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
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      "text": "Bull market economics are at work when analysts justify higher prices by increasing multiples and changing discount rate assumptions.",
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      "text": "valuation multiples",
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      "text": "Bull market economics are at work when analysts justify higher prices by increasing multiples and changing discount rate assumptions. We question how much on the ground diligence in China has been done by these analysts.",
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      "kind": "table",
      "text": "Table showing analyst price targets and valuation multiples/rates over time for Roth Capital, Cowen & Co., Rodman&Renshaw/HC Wainwright, and Lake Street.",
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      "text": "Price Targets Justified Mostly By Multiple Expansion",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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