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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
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      "text": "Investor enthusiasm ebbs and flows over the years for money-losing and speculative fuel cell and energy storage companies similar to Ballard (ex: PLUG, FCEL, and HYGS). We find long-term valuations tend to be around 2.0x - 2.5x book value and 1.5x - 3.5x revenues",
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      "text": "valuation multiples: 2.0x - 2.5x",
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      "text": "Investor enthusiasm ebbs and flows over the years for money-losing and speculative fuel cell and energy storage companies similar to Ballard (ex: PLUG, FCEL, and HYGS). We find long-term valuations tend to be around 2.0x - 2.5x book value and 1.5x - 3.5x revenues",
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      "text": "Source: Bloomberg",
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      "text": "Ballard Valuation In Perspective",
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      "name": "Cost Of Inaction",
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