02:11 PM EDT, 03/12/2024 (MT Newswires) -- National Bank provided an update on Ballard Power ( BLDP ) following Q4 2023 results.

Ballard Power ( BLDP ) reported (in US$) total revenue of $46.8 million, a beat to NBF's $32.5 million (cons. $34.2 million), driven by strong performance in the stationary power business in Europe.

For 2024E, Ballard gave OpEx and CapEx guidance for the full year of $145-165 million and $50-70 million, respectively. Ballard's order backlog now stands at $130.5 million (down q/q from $134.6 million), largely due to a single customer experiencing liquidity issues, notes analyst Rupert Merer.

Following a thorough review, Ballard has chosen a new U.S. facility as its top priority, where it has selected a site and is negotiating a land acquisition agreement. "Based on its liquidity ($751 million in cash) and industry position, we believe BLDP should trade at a premium to peers."

Lowering target to US$4.50 (from US$5). Maintain Sector Perform.

Price: 3.83, Change: -0.20, Percent Change: -4.96