Q: Hi all at 5i!! What are your thoughts on starting a small position in BLDP? Cheers, Tamara
5i Research Answer:
We would not be that keen. While BLDP has lots of cash (about 40% of its market cap), it continues to lose money and has negative cash flow. Cash burn was $132M last year. It 30 years it has never made a cent. The stock tends to have momentum moves, and can sometimes run, but on a fundamental basis we do not find it very interesting.