Robert: As is, I guess, well known, my opinion is that ERC has better technology and a better chance for success than Ballard. If there were any justice in the world, ERC's market cap should be greater than Ballard's. Ballard presently has a market cap of $1.3 billion, so if ERC would rise to just equal BLDPF's market cap, ERC would sell for more than $300 per share.
Alternatively, were BLDPF to drop such that its market cap were less than ERC's, as it should be, it would sell for less than $3, compared to its present price of around $56.
The comparison is a little flawed, because Ballard has a decent amount of cash per share, more than ERC does. But then BLDPF keeps losing lots of money, and ERC doesn't, so eventually Ballard's cash will disappear.
One doesn't want to badmouth Ballard too badly, even if it is a hype job, because the hype has educated the public about the existence and potential of fuel cells. That is good for ERC. Nevertheless, the comparitive valuations are completely out of whack. |
