This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Ballard Power Systems Inc TSX: BLD www.ballard.com Fiscal Yr: Dec-31 NASDAQ: BLDP
Year 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12
Accting Rules C GAAP IFRS
Reporting. Currency <--CDN$ US$-->
USD - CDN$ 1.4733 1.5224 1.5926 1.5796 1.2924 1.2048 1.1630 1.1652 0.9881 1.2240 1.0501 0.9970 1.0115 1.0115
Split
Revenue US$ $22.501 $26.987 $36.204 $90.937 $119.566 $81.373 $53.733 $49.823 $65.532 $59.580 $46.722 $65.019 $86.060 $109.270 140.93% <-Total Growth 10 Revenues US$
Increase 38.4% 19.9% 34.2% 151.2% 31.5% -31.9% -34.0% -7.3% 31.5% -9.1% -21.6% 39.2% 32.4% 27.0% 9.19% <-IRR #YR-> 10 Revenues US$
Rev per Share $0.35 $0.79 $1.01 $0.69 $0.48 $0.44 $0.57 $0.73 $0.56 $0.77 $1.02 $1.30 3.89% <-IRR #YR-> 5 Revenues US$
P/S (Price/Sales) 85.12 60.05 11.69 9.90 9.11 13.04 9.13 1.81 3.40 1.94 1.38 1.02 9.36% <-IRR #YR-> 9 Revenues US$
P/S 10 yr  9.51 5 yr  3.40 10.15% <-IRR #YR-> 5 Revenues US$
-$27 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65
-$54 $0 $0 $0 $0 $65
-$0.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.77
-$0.48 $0.00 $0.00 $0.00 $0.00 $0.77
CDN Revenue* $33.150 $41.085 $57.658 $143.644 $154.527 $98.038 $62.491 $58.054 $64.752 $72.926 $49.064 $64.824 $87.051 $110.529 57.78% <-Total Growth 10 Revenues CDN$
Increase 32.2% 23.9% 40.3% 149.1% 7.6% -36.6% -36.3% -7.1% 11.5% 12.6% -32.7% 32.1% 34.3% 27.0% 4.67% <-IRR #YR-> 10 Revenues CDN$
Rev per Share $0.55 $1.24 $1.31 $0.83 $0.55 $0.51 $0.56 $0.89 $0.58 $0.77 $1.03 $1.31 0.74% <-IRR #YR-> 5 Revenues CDN$
P/S (Price/Sales) 86.49 13.50 11.63 9.74 8.86 13.10 9.42 1.51 3.41 1.95 1.35 1.07 3.81% <-IRR #YR-> 9 Rev Per share CDN$
Averages P/S 10 yr  9.58 5 yr  3.41 6.81% <-IRR #YR-> 5 Rev Per share CDN$
*Revenue inM CDN $ (excluding investment income)
-$41 $0 $0 $0 $0 $0 $0 $0 $0 $0 $65
-$62 $0 $0 $0 $0 $65
-$0.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.77
-$0.55 $0.00 $0.00 $0.00 $0.00 $0.77
x x
EPS* US -$0.60 -$0.64 -$1.05 -$1.40 $1.07 -$1.48 $0.73 -$1.60 -$0.50 $0.40 -$0.04 -$0.42 -$0.36 -$0.15 -34.75% <-Total Growth 10 Earnings CDN$
pre split '97 Earnings CDN$
EPS* CDN -$0.89 -$0.98 -$1.67 -$2.21 $1.38 -$1.78 $0.85 -$1.86 -$0.49 $0.49 -$0.04 -$0.42 -$0.36 -$0.15 -57.27% <-Total Growth 10 Earnings CDN$
Increase -9416.2% 6.6% 63.1% 33.3% -176.4% -238.3% -149.3% -319.2% -68.8% -180.0% -110.0% 950.0% -14.3% -58.3% -8.15% <-IRR #YR-> 10 Earnings CDN$
Earnings Yield -1.6% -1.0% -3.5% -13.2% 9.1% -22.2% 17.3% -28.0% -9.3% 36.5% -2.1% -27.9% -26.0% -10.8% #NUM! <-IRR #YR-> 5 Earnings CDN$
* ESP per share US$ E/P 10 Yrs -6.42% 5Yrs -9.32%
$0.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.42
-$0.85 $0.00 $0.00 $0.00 $0.00 -$0.42
bought  1997 sold 2006 9
$17.35 $10.82 -37.6%
Graham Pr US$ #NUM! #NUM! #NUM! #NUM! $13.97 #NUM! $8.95 #NUM! #NUM! $4.65 #NUM! #NUM!
Price Cl US$ $27.66 $62.07 $29.40 $47.16 $11.83 $6.78 $4.34 $5.69 $5.20 $1.31 $1.89 $1.50 $1.41 $1.33 -97.58% <-Total Growth 10 Stock Price US$
Increase 1.6% 124.4% -52.6% 60.4% -74.9% -42.7% -36.0% 31.1% -8.6% -74.8% 44.3% -20.6% -6.0% -5.7% -31.08% <-IRR #YR-> 10 Stock Price US$
P/E -45.8 -96.4 -28.0 -33.7 11.1 -4.6 5.9 -3.6 -10.4 3.3 -47.3 -3.6 -3.9 -8.9 -19.14% <-IRR #YR-> 5 Stock Price US$
Trailing P/E 4265.6 -102.8 -45.7 -44.9 -8.5 6.3 -2.9 7.8 -3.3 -2.6 4.7 -37.5 -3.4 -3.7
Median 10, 5 Yrs Price Inc -8.61% P/E:  -4.08 -3.57
-$62.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.50
-$4.34 $0.00 $0.00 $0.00 $0.00 $1.50
Graham Pr CDN$ $18.70 $15.89 $10.56 $9.65 $5.86 $4.94 $5.15 $4.68 #NUM! #NUM! <-Total Growth 6 Graham Price
Prem /Disc.Med H/L 76.89% 4.87% 15.43% -38.10% 40.81% 22.34% -38.02% -52.55% #NUM! #NUM! <-Median-> 8 Graham Price
Prem /Disc. High 188.67% 23.19% 61.05% -20.95% 98.79% 55.63% 0.65% -28.62% #NUM! #NUM! <-Median-> 8 Graham Price
Prem /Disc. Low -0.34878 -0.13445 -0.3018 -0.55243 -0.1717 -0.10955 -0.7668 -0.7649 #NUM! #NUM! <-Median-> 8 Graham Price
Prem /Disc. Cl -10.44% -4.32% -23.83% -49.13% 13.74% 7.26% -73.96% -57.47% #NUM! #NUM! <-Median-> 8 Graham Price
Price Cl Cdn$ $40.75 $94.50 $47.58 $16.75 $15.20 $8.04 $4.91 $6.66 $5.30 $1.34 $1.99 $1.50 $1.40 $1.40 -98.41% <-Total Growth 10 Stock Price CDN$
Increase -3.0% 131.9% -49.7% -64.8% -9.3% -47.1% -38.9% 35.6% -20.4% -74.7% 48.5% -24.6% -6.7% 0.0% -33.92% <-IRR #YR-> 10 Stock Price CDN$
P/E -45.8 -96.4 -28.5 -7.6 11.0 -4.5 5.8 -3.6 -10.7 2.7 -47.4 -3.6 -3.8 -9.2 -21.11% <-IRR #YR-> 5 Stock Price CDN$
Trailing P/E 4075.0 -106.2 -48.6 -10.0 -6.9 5.8 -2.8 7.8 -2.8 -2.7 4.1 -35.7 -3.3 -3.8
Median 10, 5 Yrs Price Inc -20.42% P/E:  -4.05 -3.58
-$94.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.50
-$4.91 $0.00 $0.00 $0.00 $0.00 $1.50
Price H/L Median CDN$ $44.63 $144.00 $68.05 $33.09 $16.66 $12.19 $5.98 $8.25 $6.05 $3.19 $2.22 $2.27 -98.42% <-Total Growth 10 Stock Price CDN$
Increase 4.4% 222.7% -52.7% -51.4% -49.6% -26.9% -51.0% 38.0% -26.7% -47.2% -30.4% 2.3% -33.97% <-IRR #YR-> 10 Stock Price CDN$
P/E -50.1 -146.9 -40.7 -15.0 12.0 -6.8 7.0 -4.4 -12.2 6.5 -52.9 -5.4 -17.60% <-IRR #YR-> 5 Stock Price CDN$
Trailing P/E 4462.5 -161.8 -69.4 -19.8 -7.5 8.8 -3.4 9.7 -3.2 -6.5 4.5 -54.0
Median 10, 5 Yrs Price Inc -26.68% P/E:  -6.13 -5.42
-$144.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.27
-$5.98 $0.00 $0.00 $0.00 $0.00 $2.27
Mth Jan Apr Feb Feb Oct Mar Stock Price US$
Price Hi US$ $38.18 $128.09 $75.81 $90.70 $14.88 $13.20 $6.58 $10.26 $6.57 $5.00 $3.25 $3.15 -97.54% <-Total Growth 10 Stock Price US$
Increase -1.9% 235.5% -40.8% 19.6% -83.6% -11.3% -50.2% 55.9% -36.0% -23.9% -35.0% -3.1% Stock Price US$
Mth May Mar Jan Jan Oct Apr Sep Apr Feb Feb Oct  Mar
Price Hi Cdn $ $56.25 $195.00 $109.00 $53.99 $19.57 $17.00 $7.63 $11.64 $7.69 $5.18 $3.34 $3.20 -98.36% <-Total Growth 10 Stock Price CDN$
Increase -6.3% 246.7% -44.1% -50.5% -63.8% -13.1% -55.1% 52.6% -33.9% -32.6% -35.5% -4.2% -33.70% <-IRR #YR-> 10 Stock Price CDN$
P/E 2.50 7.23 3.01 0.59 0.16 0.21 0.14 0.23 0.12 0.09 0.07 0.05 -15.95% <-IRR #YR-> 5 Stock Price CDN$
Trailing P/E 8674.9 -322.8 -169.3 -51.4 -14.0 15.9 -5.2 15.9 -4.8 -10.4 8.4 -80.0
Median 10, 5 Yrs Price Inc -32.64% P/E:  0.15 0.09
-$195.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.20
-$7.63 $0.00 $0.00 $0.00 $0.00 $3.20
Mth Jul-Oct Jan Jun Dec Mar  Nov Stock Price US$
Price Low US$ $22.40 $61.09 $15.71 $22.60 $9.05 $5.71 $3.52 $4.14 $4.25 $0.96 $0.86 $1.32 -97.84% <-Total Growth 10 Stock Price US$
Increase 35.5% 172.7% -74.3% 43.9% -60.0% -36.9% -38.4% 17.6% 2.7% -77.4% -10.4% 53.5% Stock Price US$
Mth Feb/Nov Jan Sep Oct Apr Dec May Jan Nov Dec Mar Nov
Price Low Cdn$ $33.00 $93.00 $27.10 $12.18 $13.75 $7.37 $4.32 $4.85 $4.40 $1.20 $1.10 $1.34 -98.56% <-Total Growth 10 Stock Price CDN$
Increase 29.4% 181.8% -70.9% -55.1% 12.9% -46.4% -41.4% 12.3% -9.3% -72.7% -8.3% 21.8% -34.56% <-IRR #YR-> 10 Stock Price CDN$
P/E 1.0 2.3 0.5 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 -20.87% <-IRR #YR-> 5 Stock Price CDN$
Trailing P/E 5089.3 -154.0 -42.1 -11.6 -9.8 6.9 -2.9 6.6 -2.8 -2.4 2.8 -33.5
Median 10, 5 Yrs Price Inc -8.33% P/E:  0.07 0.02
-$93.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.34
-$4.32 $0.00 $0.00 $0.00 $0.00 $1.34
Market Cap Cdn $4,987 $1,939 $1,796 $955 $554 $761 $610 $110 $167 $126 Market Cap CDN$
# of Sh in M 83.990 89.060 104.814 115.789 118.188 118.779 112.750 114.222 115.099 82.122 83.974 84.148 84.148 84.148 Share Capital Shares
Increase 10.5% 2.1% 0.5% -5.1% 1.3% 0.8% -28.7% 2.3% 0.2% 0.0% 0.0% -2.04% <-Average 9 Shares
CF fr Op $M US$ 0.0 -$110.55 -$52.45 -$78.26 -$59.40 -$42.61 -$31.68 -$26.21 -$26.96 -$29.31 -$32.82 $0.00 -44.11% <-Total Growth 7 Cash Flow US$
OPS  US$ -$0.95 -$0.44 -$0.66 -$0.53 -$0.37 -$0.28 -$0.32 -$0.32 -$0.35 -$0.39 $0.00
CF fr Op $M CDN$ -$174.63 -$67.78 -$94.28 -$69.08 -$49.65 -$31.31 -$32.08 -$28.31 -$29.22 -$33.20 $0.00 -56.88% <-Total Growth 7 Cash Flow CDN$
OPS CDN$ $0.00 -$0.95 -$0.44 -$0.66 -$0.53 -$0.37 -$0.27 -$0.39 -$0.34 -$0.35 -$0.39 $0.00 -21.74% <-Total Growth 7 Cash Flow CDN$
Increase -53.52% 48.47% -20.04% -29.19% -27.08% 43.62% -13.69% 3.00% 13.59% -100% -6.05% <-Average 8 Cash Flow CDN$
Non-Cash CF US$ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$8.5 -$3.5 $0.0 $0.0 #NUM! <-IRR #YR-> 10 Cash Flow CDN$
Non-Cash CF CDN$ $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$8.91 -$3.48 $0.00 $0.00 -8.00% <-IRR #YR-> 5 Cash Flow CDN$
OPS non-cash -$1.51 -$0.57 -$0.79 -$0.61 -$0.43 -$0.27 -$0.39 -$0.44 -$0.39 -$0.39 $0.00 #NUM! <-IRR #YR-> 10 Cash Flow CDN$
P/CF on Cl CDN$ -11.11 -26.50 -10.13 -8.01 -15.32 -19.49 -3.43 -4.49 -3.86 -3.55 #DIV/0! -8.70% <-IRR #YR-> 5 Cash Flow CDN$
Median P/CF 10 Yrs -11.37 5 Yrs -9.32 No cash flow
*Operational Cash Flow per share CDN$
OPM -121.57% -43.86% -96.17% -110.54% -85.52% -48.35% -43.99% -57.71% -45.08% should be zero, it is a check on calculations
Increase 110.7% -24.0% 66.7% 91.6% 48.2% -16.2% -23.8% 0.0% -21.9% 0.00 <-Median-> 9 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs -57.71% 5 Yrs -48.35%
Curr Assets CDN$ $684.51 $489.13 $335.23 $305.82 $257.69 $179.08 $142.10 $111.75 $99.10 $88.07 Liq ratio of 1.5 and up, best Assets CDN$
Curr Liab. $121.44 $103.10 $83.34 $48.75 $39.62 $22.62 $32.57 $31.56 $34.99 $39.68 4.74 <-Median-> 9 Liabilities CDN$
Liquidity 5.64 4.74 4.02 6.27 6.50 7.92 4.36 3.54 2.83 2.22 4.36 <-Median-> 5 Ratio CDN$
Assets CDN$ $1,451.06 $1,078.94 $794.17 $610.43 $415.12 $295.14 $255.13 $205.14 $189.22 $179.13 A/L ratio of 1.5 and up, best Assets CDN$
Liab. $149.27 $120.36 $101.30 $60.54 $59.63 $40.02 $57.66 $38.25 $61.73 $68.08 7.37 <-Median-> 9 Liabilities CDN$
Liquidity 9.72 8.96 7.84 10.08 6.96 7.37 4.42 5.36 3.07 2.63 5.36 <-Median-> 5 Ratio CDN$
Non-control Int US$ $0.00 $0.41 $2.33
Non-control Int CDN$ $0.00 $0.41 $2.36
Book Value US$ $380 $616 $837 $824 $742 $575 $473 $305 $258 $161 $159 $127 $107 -82.81% <-Total Growth 7 Book Value
Book Value CDN$ $559 $938 $1,333 $1,302 $959 $693 $550 $355 $255 $197 $167 $127 $109 -86.74% <-Total Growth 7 Book Value CDN$
BV per share $6.66 $10.53 $12.72 $11.24 $8.11 $5.83 $4.88 $3.11 $2.22 $2.40 $1.99 $1.51 $1.29 -81.38% <-Total Growth 7 Book Value CDN$
Change -11.59% 58.12% 20.82% -11.62% -27.86% -28.08% -16.39% -36.18% -28.78% 8.49% -17.35% -24.01% -14.47% 0.6926 Current/Historical Book Value CDN$
P/BV (CL) 6.12 8.97 3.74 1.49 1.87 1.38 1.01 2.14 2.39 0.56 1.00 0.99 1.08 -22.19% <-IRR #YR-> 8 Book Value CDN$
Change 9.75% 46.67% -58.33% -60.17% 25.79% -26.45% -26.96% 112.55% 11.74% -76.70% 79.69% -0.81% 9.13% -20.90% <-IRR #YR-> 5 Book Value CDN$
Leverage (A/BK) 0.00 0.00 0.00 1.11 1.13 1.15 1.11 1.17 1.16 1.29 1.23 1.49 1.65 1.15 <-Median-> 10 A/BV
Debt/Equity Ratio 0.00 0.00 0.00 0.11 0.13 0.15 0.11 0.17 0.16 0.29 0.23 0.49 0.63 0.15 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 1.43 5 yr Ave 1.00
ROE 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0.00 $0.00 $0.00 $0.00 $0.00 Compreh. Inc
ROE 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0.00 $0.00 $0.00 $0.00 $0.00 Compreh. Inc
ROE -18.0% -16.9% -30.5% -18.4% -59.4% -22.2% 21.1% -2.1% -27.4% Net Income/Shareholders' equity ROE CDN$
5Yr Median -18.4% -22.2% -22.2% -18.4% -22.2% ROE CDN$
Net Income US$ -$148.42 -$125.09 -$175.41 -$86.98 -$181.14 -$57.30 $34.08 -$3.26 -$34.94 -76.46% <-Total Growth 8 Net Income US$
Oper C. F. -$110.55 -$52.45 -$78.26 -$59.40 -$42.61 -$31.68 -$26.21 -$26.96 -$29.31 C F Statement  Oper C. F. US$
Invest. C. F $122.34 $82.15 -$12.32 -$14.82 -$50.79 -$19.63 -$5.97 $19.65 $38.34 C F Statement  Invest. C. F US$
Total Accruals -$160.21 -$154.79 -$84.83 -$12.77 -$87.74 -$5.99 $66.25 $4.05 -$43.97 Accruals US$
Total Assets $918.62 $834.84 $659.17 $524.87 $356.27 $298.69 $208.44 $195.35 $189.79 Balance Sheet Assets US$
Accruals Ratio -17.44% -18.54% -12.87% -2.43% -24.63% -2.01% 31.78% 2.08% -23.17% Ratio US$
Fin. C. F US$ $5.94 $0.00 $36.92 -$3.48 -$0.39 C F Statement  Fin. C. F US$
Total Accruals -$93.68 -$5.99 $29.33 $7.53 -$43.57 Accruals US$
Accruals Ratio -26.29% -2.01% 14.07% 3.85% -22.96% Ratio US$
Net Income CDN$ -$234.44 -$161.67 -$211.33 -$101.16 -$211.06 -$56.62 $41.71 -$3.42 -$34.83 -85.14% <-Total Growth 8 Net Income CDN$
Oper C. F. -$174.63 -$67.78 -$94.28 -$69.08 -$49.65 -$31.31 -$32.08 -$28.31 -$29.22 C F Statement  Oper C. F. CDN$
Invest. C. F $193.25 $106.17 -$14.85 -$17.24 -$59.18 -$19.39 -$7.30 $20.63 $38.23 C F Statement  Invest. C. F CDN$
Total Accruals -$253.06 -$200.06 -$102.20 -$14.85 -$102.23 -$5.92 $81.09 $4.26 -$43.84 Accruals CDN$
Total Assets $1,451.06 $1,078.94 $794.17 $610.43 $415.12 $295.14 $255.13 $205.14 $189.22 Balance Sheet Assets CDN$
Accruals Ratio -17.44% -18.54% -12.87% -2.43% -24.63% -2.01% 31.78% 2.08% -23.17% Ratio CDN$
Fin. C. F CDN$ $6.92 $0.00 $45.19 -$3.65 -$0.39 C F Statement  Fin. C. F CDN$
Total Accruals -$109.16 -$5.92 $35.90 $7.91 -$43.44 Accruals CDN$
Accruals Ratio -26.29% -2.01% 14.07% 3.85% -22.96% No cash flow, meaningless Ratio CDN$
2006 Sold stock.  I did not think that it was going to make a profit any time soon. Lost 5.3% per year on stock since purchase in 1997 (or 37.6% of investment). I waited too long to sell.
I do not expect Ballard to make any money for a few more years.  Revenues are growing slowly.  I still intend to hold this stock.
This was bought as a high risk, small cap stock.  I bought it because I believe in Hydrogen fuel cells as the way of the future.
2004 I still intend to hold on to this stock. 
AR 2004.  I still intend to hold on to this Stock.   Five analyst follow this stock, 2 as hold and 3 a hold/sell
2003  I still intend to hold on to this stock.
How they make their money.
Ballard Power Systems designs and manufactures clean energy hydrogen fuel cells. Better energy, delivered through our focused fuel cell innovations, offers the Power to Change end-user applications, while also
improving the environment.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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10.796
Institutions 0.012 0.11%
10.807