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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": "Ballard is currently trading near an all-time high valuation on the belief its China growth story will materialize and profits will finally appear. Our on the ground research in China suggests a different base case outcome of financial disappointment.",
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      "text": "Price Target: $1.10 - $2.56",
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      "text": "1) Based on $3.80/share",
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      "text": "Ballard is currently trading near an all-time high valuation on the belief its China growth story will materialize and profits will finally appear. Our on the ground research in China suggests a different base case outcome of financial disappointment. We believe Ballard is a “show-me” story given its numerous prior failures and should trade closer to long-term valuation multiples for speculative, money-losing fuel cell peers.",
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      "kind": "title",
      "text": "Approximately 35% - 70% Downside Risk In Ballard's Share Price",
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