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.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Ballard Power Systems Inc					TSX:	BLDP	NASDAQ	BLDP	https://www.ballard.com/			Fiscal Yr:	Dec-31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G	Currency
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Reporting. Currency																					Reporting. Currency
USD - CDN$	1.0213	1.0213	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.3727	1.3727	1.3727					USD - CDN$
Split																					Split
														$103.475	<-12 mths	1.08%
Revenue US$	$76.009	$43.690	$61.251	$68.721	$56.463	$85.270	$121.288	$96.586	$106.327	$103.877	$104.505	$83.786	$102.368	$113	$167	$268		67.13%	<-Total Growth	10	Revenue		US$
Increase	16.9%	-42.5%	40.2%	12.2%	-17.8%	51.0%	42.2%	-20.4%	10.1%	-2.3%	0.6%	-19.8%	22.2%	10.2%	47.8%	61.0%		5.27%	<-IRR #YR->	10	Revenue	67.13%	US$
5 year Running Average	$62.572	$58.204	$58.538	$62.938	$61.227	$63.079	$78.599	$85.666	$93.187	$102.670	$106.517	$99.016	$100.173	$101.467	$114.032	$146.811		1.17%	<-IRR #YR->	5	Revenue	5.99%	US$
Revenue per Share	$0.90	$0.48	$0.56	$0.52	$0.36	$0.49	$0.68	$0.42	$0.45	$0.37	$0.35	$0.28	$0.34	$0.38	$0.56	$0.90		5.52%	<-IRR #YR->	10	5 yr Running Average	71.12%	US$
Increase	16.3%	-47.1%	16.9%	-6.5%	-30.8%	35.5%	39.6%	-38.9%	8.9%	-18.8%	-4.7%	-20.0%	22.0%	10.2%	47.8%	61.0%		3.18%	<-IRR #YR->	5	5 yr Running Average	16.93%	US$
5 year Running Average	$0.70	$0.69	$0.65	$0.64	$0.56	$0.48	$0.52	$0.49	$0.48	$0.48	$0.45	$0.37	$0.36	$0.34	$0.38	$0.49		-4.73%	<-IRR #YR->	10	Revenue per Share	-38.43%	US$
P/S (Price/Sales) Med	1.95	2.38	2.45	8.27	5.62	3.78	5.55	8.18	10.91	41.74	75.32	30.45	14.75	7.71	0.00	0.00		-3.84%	<-IRR #YR->	5	Revenue per Share	-17.78%	US$
P/S (Price/Sales) Close	1.20	1.28	2.73	3.81	4.33	3.38	6.47	5.74	15.84	63.54	35.78	16.99	10.80	5.99	4.05	2.52		-5.79%	<-IRR #YR->	10	5 yr Running Average	-44.91%	US$
*Revenue in M US$					P/S Med	20 yr	8.22	15 yr	5.62	10 yr	8.64	5 yr	16.99		-30.68%	Diff M/C		-6.14%	<-IRR #YR->	5	5 yr Running Average	-27.17%	US$
			-$61.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$102.4
								-$96.6	$0.0	$0.0	$0.0	$0.0	$102.4
			-$58.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$100.2
								-$85.7	$0.0	$0.0	$0.0	$0.0	$100.2
			-$0.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.34
								-$0.42	$0.00	$0.00	$0.00	$0.00	$0.34
			-$0.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.36
								-$0.49	$0.00	$0.00	$0.00	$0.00	$0.36
														$142.040	<-12 mths	4.91%
CDN Revenue*	$77.630	$44.622	$65.147	$79.723	$78.187	$114.492	$152.156	$131.763	$138.098	$132.256	$132.491	$113.480	$135.392	$155	$229	$368		107.83%	<-Total Growth	10	Revenue		CDN$
Increase	19.8%	-42.5%	46.0%	22.4%	-1.9%	46.4%	32.9%	-13.4%	4.8%	-4.2%	0.2%	-14.3%	19.3%	14.4%	47.8%	61.0%		7.59%	<-IRR #YR->	10	Revenue	107.83%	CDN$
5 year Running Average	$65.8	$61.8	$60.3	$66.4	$69.1	$76.4	$97.9	$111.3	$122.9	$133.8	$137.4	$129.6	$130.3	$133.7	$153.0	$200.2		0.54%	<-IRR #YR->	5	Revenue	2.75%	CDN$
Revenue per Share	$0.92	$0.49	$0.59	$0.60	$0.50	$0.66	$0.85	$0.57	$0.59	$0.47	$0.45	$0.38	$0.45	$0.52	$0.77	$1.23		8.02%	<-IRR #YR->	10	5 yr Running Average	116.31%	CDN$
Increase	19.19%	-47.06%	21.69%	2.02%	-17.39%	31.42%	30.42%	-33.50%	3.64%	-20.38%	-5.08%	-14.55%	19.09%	14.36%	47.78%	61.01%		3.22%	<-IRR #YR->	5	5 yr Running Average	17.15%	CDN$
5 year Running Average	$0.74	$0.73	$0.67	$0.67	$0.62	$0.57	$0.64	$0.64	$0.63	$0.63	$0.59	$0.49	$0.47	$0.45	$0.51	$0.67		-2.63%	<-IRR #YR->	10	Revenue per Share	-23.43%	CDN$
P/S (Price/Sales) Median	1.88	2.36	2.36	7.98	5.19	3.68	5.69	7.85	11.02	42.98	75.88	29.02	15.07	7.54	0.00	0.00		-4.43%	<-IRR #YR->	5	Revenue per Share	-20.29%	CDN$
P/S (Price/Sales) Close	1.20	1.25	2.72	3.93	4.31	3.39	6.51	5.77	15.76	63.52	35.70	17.04	10.84	6.00	4.06	2.52		-3.54%	<-IRR #YR->	10	5 yr Running Average	-30.28%	CDN$
*Revenue in M CDN $ (excluding investment income)					P/S Med	20 yr	7.91	15 yr	5.69	10 yr	9.50	5 yr	29.02		-36.80%	Diff M/C		-5.98%	<-IRR #YR->	5	5 yr Running Average	-26.54%	CDN$
			-$65	$0	$0	$0	$0	$0	$0	$0	$0	$0	$135
								-$132	$0	$0	$0	$0	$135
			-$60.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$130.3
								-$111.3	$0.0	$0.0	$0.0	$0.0	$130.3
			-$0.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.45
								-$0.57	$0.00	$0.00	$0.00	$0.00	$0.45
			-$0.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.47
								-$0.64	$0.00	$0.00	$0.00	$0.00	$0.47
														-$0.62	<-12 mths	-5.08%
EPS Basic US$	-$0.40	-$0.48	-$0.20	-$0.22	-$0.04	-$0.13	-$0.05	-$0.15	-$0.17	-$0.21	-$0.39	-$0.59	-$0.59					-195.00%	<-Total Growth	10	EPS Basic		US$
EPS Diluted*	-$0.40	-$0.48	-$0.20	-$0.22	-$0.04	-$0.13	-$0.05	-$0.15	-$0.17	-$0.21	-$0.39	-$0.59	-$0.59	-$0.52	-$0.48	-$0.37		-195.00%	<-Total Growth	10	EPS Diluted		US$
Increase	-4.8%	20.0%	-58.3%	10.0%	-81.8%	225.0%	-61.5%	200.0%	13.3%	23.5%	85.7%	51.3%	0.0%	-11.1%	-9.2%	-21.6%		0	10	10	Years of Data, EPS P or N
Earnings Yield	-37.0%	-78.7%	-13.2%	-11.1%	-2.6%	-7.9%	-1.1%	-6.3%	-2.4%	-0.9%	-3.1%	-12.4%	-15.9%	-23.2%	-21.1%	-16.5%		-11.42%	<-IRR #YR->	10	Earnings per Share	-195.00%	US$
5 year Running Average	-$0.19	-$0.19	-$0.31	-$0.34	-$0.27	-$0.21	-$0.13	-$0.12	-$0.11	-$0.14	-$0.19	-$0.30	-$0.39	-$0.46	-$0.51	-$0.51		-31.51%	<-IRR #YR->	5	Earnings per Share	-293.33%	US$
10 year Running Average	-$0.58	-$0.49	-$0.40	-$0.27	-$0.35	-$0.20	-$0.16	-$0.21	-$0.23	-$0.21	-$0.20	-$0.22	-$0.25	-$0.28	-$0.33	-$0.35		-2.39%	<-IRR #YR->	10	5 yr Running Average	-26.62%	US$
* ESP per share US$									E/P	10 Yrs	-4.69%	5Yrs	-3.11%					-27.01%	<-IRR #YR->	5	5 yr Running Average	-230.51%	US$
			$0.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.59
								$0.15	$0.00	$0.00	$0.00	$0.00	-$0.59
			$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.39
								$0.12	$0.00	$0.00	$0.00	$0.00	-$0.39
														-$0.85	<-12 mths	-9.07%
EPS Basic CDN$	-$0.41	-$0.49	-$0.21	-$0.26	-$0.06	-$0.17	-$0.06	-$0.20	-$0.22	-$0.27	-$0.49	-$0.80	-$0.78					-266.84%	<-Total Growth	10	EPS Basic		CDN$
pre split '97
EPS Diluted*	-$0.41	-$0.49	-$0.21	-$0.26	-$0.06	-$0.17	-$0.06	-$0.20	-$0.22	-$0.27	-$0.49	-$0.80	-$0.78	-$0.72	-$0.65	-$0.51		-266.84%	<-Total Growth	10	EPS Diluted		CDN$
Increase	-2.4%	20.0%	-56.6%	20.0%	-78.3%	215.1%	-64.1%	226.2%	7.9%	21.1%	84.9%	61.6%	-2.3%	-7.8%	-9.2%	-21.6%		0	10	10	Years of Data, EPS P or N
Earnings Yield	-37.1%	-80.4%	-13.2%	-10.8%	-2.6%	-7.9%	-1.1%	-6.2%	-2.4%	-0.9%	-3.1%	-12.3%	-15.9%	-23.1%	-21.0%	-16.5%		-13.88%	<-IRR #YR->	10	Earnings per Share	-266.84%	CDN$
5 year Running Average	-$0.17	-$0.17	-$0.31	-$0.36	-$0.28	-$0.24	-$0.15	-$0.15	-$0.14	-$0.19	-$0.25	-$0.40	-$0.51	-$0.61	-$0.69	-$0.69		-30.70%	<-IRR #YR->	5	Earnings per Share	-281.34%	CDN$
10 year Running Average	-$0.73	-$0.55	-$0.44	-$0.28	-$0.38	-$0.21	-$0.16	-$0.23	-$0.25	-$0.24	-$0.24	-$0.27	-$0.33	-$0.38	-$0.44	-$0.47		-5.00%	<-IRR #YR->	10	5 yr Running Average	-62.96%	CDN$
* ESP per share CDN$									E/P	10 Yrs	-4.68%	5Yrs	-3.11%					-27.77%	<-IRR #YR->	5	5 yr Running Average	-240.46%	CDN$
			$0.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.78
								$0.20	$0.00	$0.00	$0.00	$0.00	-$0.78
			$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.51
								$0.15	$0.00	$0.00	$0.00	$0.00	-$0.51
								bought	1997	sold	2006	9
I earned/lost if held todate									$17.35		$10.82	-37.6%	To date->	-82.07%
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth US$								$96.6	$106.3	$103.9	$104.5	$83.8	$102.4	$103	<-12 mths	1.08%		5.99%	<-Total Growth	5	Revenue Growth US$	5.99%	1.17%
EPS Growth								-$0.15	-$0.17	-$0.21	-$0.39	-$0.59	-$0.59	-$0.62	<-12 mths	-5.08%		-293.33%	<-Total Growth	5	EPS Growth	-293.33%	N/C
Net Income Growth								-$37.3	-$50.7	-$65.4	-$145.3	-$235.0	-$235.0	-$185	<-12 mths	21.25%		-530.59%	<-Total Growth	5	Net Income Growth	-530.59%	N/C
Cash Flow Growth								-$31.7	-$14.2	-$42.9	-$80.5	-$132.2	-$87.5	-$71	<-12 mths	18.93%		-176.08%	<-Total Growth	5	Cash Flow Growth	-176.08%	N/C
Dividend Growth								$0.00	$0.00	$0.00	$0.00	$0.00	$0.00					0.00%	<-Total Growth	5	Dividend Growth	0.00%	0.00%
Stock Price Growth								$2.39	$7.18	$23.40	$12.56	$4.77	$3.70	$2.26	<-12 mths	-38.92%		54.81%	<-Total Growth	5	Stock Price Growth	54.81%	9.13%
Revenue Growth			$61.3	$68.7	$56.5	$85.3	$121.3	$96.6	$106.3	$103.9	$104.5	$83.8	$102.4	$113	<-this year	10.19%		67.13%	<-Total Growth	10	Revenue Growth	67.13%	5.27%
EPS Growth			-$0.20	-$0.22	-$0.04	-$0.13	-$0.05	-$0.15	-$0.17	-$0.21	-$0.39	-$0.59	-$0.59	-$0.52	<-this year	11.12%		-195.00%	<-Total Growth	10	EPS Growth	-195.00%	N/C
Net Income Growth			-$21.2	-$32.3	-$8.1	-$28.3	-$10.1	-$37.3	-$50.7	-$65.4	-$145.3	-$235.0	-$235.0	-$154	<-this year	34.69%		-1006.95%	<-Total Growth	10	Net Income Growth	-1006.95%	N/C
Cash Flow Growth			-$17.4	-$20.7	-$25.4	-$3.9	-$9.8	-$31.7	-$14.2	-$42.9	-$80.5	-$132.2	-$87.5	-$99	<-this year	-12.76%		-402.32%	<-Total Growth	10	Cash Flow Growth	-402.32%	N/C
Dividend Growth			$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00					0.00%	<-Total Growth	10	Dividend Growth	0.00%	0.00%
Stock Price Growth			$1.52	$1.98	$1.56	$1.65	$4.41	$2.39	$7.18	$23.40	$12.56	$4.77	$3.70	$2.26	<-this year	-38.92%		143.42%	<-Total Growth	10	Stock Price Growth	143.42%	9.30%
Dividends on Shares				$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	No of Years	10	Total Divs	12/31/13
Paid			$1,001.42	$1,474.14	$1,337.30	$1,380.84	$3,458.32	$2,040.16	$5,772.16	$18,523.16	$9,883.58	$4,030.56	$3,054.02	$1,934.42	$1,934.42	$1,934.42		$3,054.02	No of Years	10	Worth	$1.61	621.12
Total																		$3,054.02
Minimum EPS					$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01
Graham No. CDN$	$3.51	$2.77	$2.76	$2.82	$0.48	$0.46	$0.44	$0.61	$0.56	$0.96	$1.13	$1.09	$0.99	$0.99	$0.99	$0.99		-64.02%	<-Total Growth	10	Graham Price		CDN$
Price/GP Ratio Med	0.49	0.41	0.51	1.71	5.42	5.19	11.15	7.29	11.62	21.07	29.93	10.14	6.87	3.94				8.72	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio High	0.67	0.61	0.79	2.71	7.63	6.91	17.07	9.58	16.65	31.54	46.30	14.69	9.30	4.88				12.13	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Low	0.31	0.21	0.22	0.71	3.21	3.47	5.23	5.00	6.59	10.59	13.57	5.60	4.44	3.00				5.12	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Close	0.31	0.22	0.58	0.84	4.51	4.78	12.76	5.36	16.62	31.13	14.09	5.96	4.94	3.14	3.14	3.14		5.66	<-Median->	10	Price/GP Ratio		CDN$
Prem/Disc Close	-68.62%	-77.94%	-41.68%	-15.82%	350.89%	377.86%	1175.58%	436.29%	1561.77%	3013.40%	1308.52%	495.64%	394.29%	213.65%	213.65%	213.65%		465.96%	<-Median->	10	Graham Price		CDN$
Graham Price US$	$3.17	$2.50	$2.50	$2.54	$0.34	$0.35	$0.35	$0.45	$0.43	$0.75	$0.89	$0.80	$0.75	$0.72	$0.72	$0.72		-69.90%	<-Total Growth	10	Graham Price US$		US$
Price/GP Ratio Med	0.55	0.45	0.55	1.69	5.88	5.33	10.88	7.59	11.50	20.46	29.71	10.64	6.72					9.12	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio High	0.76	0.67	0.86	2.70	8.48	7.20	16.87	10.15	16.70	31.25	45.96	15.72	9.24					12.94	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio Low	0.34	0.24	0.24	0.68	3.28	3.47	4.89	5.04	6.30	9.66	13.46	5.56	4.21					4.97	<-Median->	10	Price/GP Ratio		US$
Price/GP Ratio Close	0.34	0.24	0.61	0.78	4.53	4.77	12.69	5.33	16.70	31.15	14.11	5.94	4.93	3.13	3.13	3.13		5.63	<-Median->	10	Price/GP Ratio		US$
Prem/Disc Close	-68.62%	-77.94%	-41.68%	-15.82%	350.89%	377.86%	1175.58%	436.29%	1561.77%	3013.40%	1308.52%	495.64%	394.29%	213.65%	213.65%	213.65%		465.96%	<-Median->	10	Graham Price		US$
Month Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		21.00	<Count Years>		Month, Year		CDN$
Price Close CDN$	$1.10	$0.61	$1.61	$2.37	$2.15	$2.22	$5.56	$3.28	$9.28	$29.78	$15.89	$6.48	$4.91	$3.11	$3.11	$3.11		204.97%	<-Total Growth	10	Stock Price		CDN$
Increase	-26.67%	-44.55%	163.93%	47.20%	-9.28%	3.26%	150.45%	-41.01%	182.93%	220.91%	-46.64%	-59.22%	-24.23%	-36.66%	0.00%	0.00%		-12.20	<-Median->	10	CAPE (10 Yr P/E)
P/E	-2.69	-1.24	-7.57	-9.29	-38.82	-12.72	-88.64	-16.03	-42.0	-111.4	-32.1	-8.1	-6.3	-4.3	-4.8	-6.1		8.40%	<-IRR #YR->	5	Stock Price	49.70%	CDN$
Trailing P/E	-2.63	-1.49	-3.28	-11.14	-8.42	-40.08	-31.85	-52.29	-45.4	-134.9	-59.4	-13.1	-6.1	-4.0	-4.3	-4.8		11.80%	<-IRR #YR->	10	Stock Price	204.97%	CDN$
CAPE (10 Yr P/E)	-8.64	-8.41	-7.56	-9.62	-6.57	-9.79	-12.54	-9.63	-11.86	-24.64	-29.84	-28.62	-24.72	-21.87	-19.10	-17.92		9.04%	<-IRR #YR->	15	Stock Price	266.42%	CDN$
Median 10, 5 Yrs								T P/E	-$35.97	-$45.35	P/E:	-$24.08	-$32.14					-5.49%	<-IRR #YR->	20	Stock Price	-67.70%	CDN$
Price  25												CAPE Diff	-64.58%					-8.23%	<-IRR #YR->	25	Stock Price		CDN$
Price  30																		-0.06%	<-IRR #YR->	28	Stock Price
Price  5								-$3.28	$0.00	$0.00	$0.00	$0.00	$4.91								Price  5
Price 10			-$1.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								Price 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.91								Price  30
Price H/L Median CDN$	$1.73	$1.15	$1.40	$4.82	$2.59	$2.41	$4.86	$4.46	$6.49	$20.15	$33.77	$11.04	$6.83	$3.91				389.25%	<-Total Growth	10	Stock Price		CDN$
Increase	-23.79%	-33.82%	21.83%	245.16%	-46.31%	-6.77%	101.66%	-8.23%	45.52%	210.48%	67.59%	-67.32%	-38.15%	-42.78%				17.21%	<-IRR #YR->	10	Stock Price	389.25%	CDN$
P/E	-4.23	-2.34	-6.56	-18.87	-46.67	-13.81	-77.48	-21.80	-29.39	-75.36	-68.30	-13.81	-8.75	-5.42				8.88%	<-IRR #YR->	5	Stock Price	53.03%	CDN$
Trailing P/E	-4.13	-2.80	-2.85	-22.64	-10.13	-43.51	-27.84	-71.10	-31.72	-91.26	-126.30	-22.32	-8.54	-5.00				-14.96	P/E Ratio		Historical Median		CDN$
P/E on Run. 5 yr Ave	-9.90	-6.58	-4.44	-13.48	-9.09	-10.14	-31.95	-29.63	-45.19	-108.32	-135.08	-27.78	-13.32	-6.38									CDN$
P/E on Run. 10 yr Ave	-2.38	-2.06	-3.19	-16.91	-6.89	-11.69	-29.81	-19.18	-25.92	-85.67	-138.51	-40.17	-20.59	-10.33									CDN$
Median 10, 5 Yrs								T P/E	-29.78	-31.72	P/E:	-25.59	-29.39						Count	30	Years of data		CDN$
			-$1.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.83
								-$4.46	$0.00	$0.00	$0.00	$0.00	$6.83
High Months	Mar	Feb	Jul	Mar	Feb	Oct	Nov	Sep	Dec	Dec	Feb	Jan	Feb	Jan							High Months
Price High Cdn $	$2.36	$1.70	$2.19	$7.63	$3.64	$3.21	$7.44	$5.86	$9.30	$30.17	$52.23	$15.98	$9.24	$4.84				321.92%	<-Total Growth	10	Stock Price		CDN$
Increase	-26.25%	-27.97%	28.82%	248.40%	-52.29%	-11.81%	131.78%	-21.24%	58.70%	224.41%	73.12%	-69.40%	-42.18%	-47.62%				15.48%	<-IRR #YR->	10	Stock Price	321.92%	CDN$
P/E	-5.78	-3.47	-10.30	-29.90	-65.72	-18.39	-118.61	-28.64	-42.12	-112.84	-105.63	-20.00	-11.84	-9.23				9.54%	<-IRR #YR->	5	Stock Price	57.68%	CDN$
Trailing P/E	-5.6	-4.3	-4.6	-38.2	-16.5	-80.3	-57.2	-117.2	-62.0	-177.5	-248.7	-41.0	-15.7	-8.20				-21.13	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	-59.62	-62.00	P/E:	-36.01	-42.12					-6.24	P/E Ratio		Historical High		CDN$
			-$2.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.24
								-$5.86	$0.00	$0.00	$0.00	$0.00	$9.24
Low Months	Dec	Dec	Jan	Dec	Sep	Jul	Jan	Dec	Jan	Jan	Dec	Dec	Oct	Jul							Low Months
Price Low Cdn$	$1.10	$0.59	$0.60	$2.00	$1.53	$1.61	$2.28	$3.06	$3.68	$10.13	$15.31	$6.09	$4.41	$2.97				635.00%	<-Total Growth	10	Stock Price		CDN$
Increase	-17.91%	-46.36%	1.69%	233.33%	-23.50%	5.23%	41.61%	34.21%	20.26%	175.27%	51.14%	-60.22%	-27.59%	-32.65%				22.08%	<-IRR #YR->	10	Stock Price	635.00%	CDN$
P/E	-2.69	-1.20	-2.82	-7.84	-27.62	-9.22	-36.35	-14.95	-16.67	-37.89	-30.96	-7.62	-5.65	-4.13				7.58%	<-IRR #YR->	5	Stock Price	44.12%	CDN$
Trailing P/E	-2.62	-1.48	-1.25	-10.00	-6.95	-40.25	-17.54	-61.20	-24.53	-59.59	-72.90	-15.62	-7.47	-5.03				-9.22	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	-21.04	-24.53	P/E:	-15.81	-16.67					-34.88	P/E Ratio		Historical Low		CDN$
			-$0.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.41
								-$3.06	$0.00	$0.00	$0.00	$0.00	$4.41
Price Close US$ equivalent to CDN$	$1.08	$0.60	$1.51	$2.04	$1.55	$1.65	$4.43	$2.40	$7.15	$23.39	$12.53	$4.78	$3.71	$2.27	$2.27	$2.27		145.25%	<-Total Growth	10	Pr Cl US$ equivalent/CDN$		US$
Month Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		21.00	<Count Years>		Month, Year		US$
Price Close US$	$1.08	$0.61	$1.52	$1.98	$1.56	$1.65	$4.41	$2.39	$7.18	$23.40	$12.56	$4.77	$3.70	$2.26	$2.26	$2.26		143.42%	<-Total Growth	10	Stock Price		US$
Increase	-28.00%	-43.52%	149.18%	30.26%	-21.21%	5.77%	167.27%	-45.80%	200.42%	225.91%	-46.32%	-62.02%	-22.43%	-38.92%	0.00%	0.00%		-18.38	<-Median->	10	CAPE (10 Yr P/E)		US$
P/E	-2.7	-1.3	-7.6	-9.0	-39.0	-12.7	-88.2	-15.9	-42.24	-111.43	-32.21	-8.08	-6.27	-4.31	-4.74	-6.05		9.13%	<-IRR #YR->	5	Stock Price	54.81%	US$
Trailing P/E	-2.6	-1.5	-3.2	-9.9	-7.1	-41.3	-33.9	-47.8	-47.87	-137.65	-59.81	-12.23	-6.27	-3.83	-4.31	-4.74		9.30%	<-IRR #YR->	10	Stock Price	143.42%	US$
CAPE (10 Yr P/E)	-1.87	-1.26	-3.81	-7.25	-4.46	-8.13	-27.91	-11.22	-31.77	-114.15	-61.57	-22.19	-14.57	-7.95	-6.89	-6.41		7.17%	<-IRR #YR->	15	Stock Price	182.44%	US$
Median 10, 5 Yrs								T P/E	-$37.59	-$47.87	P/E:	-$24.07	-$32.21					-5.65%	<-IRR #YR->	20	Stock Price	-68.72%	US$
Price  25												CAPE Diff	-76.55%					-7.67%	<-IRR #YR->	25	Stock Price
Price  30																		0.05%	<-IRR #YR->	28	Stock Price
Price  5								-$2.39	$0.00	$0.00	$0.00	$0.00	$3.70								Price  5
Price 10			-$1.52	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70								Price 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.70								Price  30
Price H/L Median US$	$1.75	$1.14	$1.37	$4.30	$2.03	$1.85	$3.78	$3.41	$4.95	$15.37	$26.44	$8.55	$5.05	$2.91				269.96%	<-Total Growth	10	Stock Price		US$
Increase	-21.70%	-35.14%	20.26%	215.02%	-52.91%	-8.89%	104.88%	-9.92%	45.23%	210.82%	72.02%	-67.66%	-40.94%	-42.38%				13.98%	<-IRR #YR->	10	Stock Price	269.96%	US$
P/E	-4.38	-2.36	-6.83	-19.55	-50.63	-14.19	-75.60	-22.70	-29.09	-73.19	-67.79	-14.49	-8.56	-5.55				8.20%	<-IRR #YR->	5	Stock Price	48.31%	US$
Trailing P/E	-4.18	-2.78	-2.78	-20.21	-7.93	-33.31	-21.66	-54.28	-24.17	-69.61	-98.89	-17.29	-6.32	-3.73				-15.85	P/E Ratio		Historical Median		US$
P/E on Run. 5 yr Ave	-9.11	-6.04	-4.43	-12.50	-7.56	-8.62	-29.53	-28.86	-45.79	-108.24	-136.29	-28.31	-12.95	-4.75									US$
P/E on Run. 10 yr Ave	-$3.03	-$2.34	-$3.42	-$15.75	-$5.79	-$9.09	-$23.92	-$15.99	-$21.88	-$74.98	-$129.61	-$39.77	-$19.88	-7.70									US$
Median 10, 5 Yrs								T P/E	-22.91	-24.17	P/E:	-25.89	-29.09						Count	30	Years of data		US$
			-$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.05
								-$3.41	$0.00	$0.00	$0.00	$0.00	$5.05
High Months	Mar	Mar	Jul	Mar	Feb	Oct	Nov	Sep	Dec	Dec	Feb	Jan	Feb	Jan							High Months
Price High US$	$2.42	$1.68	$2.14	$6.88	$2.92	$2.49	$5.86	$4.55	$7.18	$23.48	$40.90	$12.63	$6.94	$3.65				224.30%	<-Total Growth	10	Stock Price		US$
Increase	-23.17%	-30.58%	27.38%	221.50%	-57.56%	-14.73%	135.34%	-22.35%	57.80%	227.02%	74.19%	-69.12%	-45.05%	-47.41%				12.48%	<-IRR #YR->	10	Stock Price	224.30%	US$
P/E	-6.05	-3.50	-10.70	-31.27	-73.00	-19.15	-117.20	-30.33	-42.24	-111.81	-104.87	-21.41	-11.76	-6.96				8.81%	<-IRR #YR->	5	Stock Price	52.53%	US$
Trailing P/E	-5.76	-4.20	-4.46	-34.40	-13.27	-62.25	-45.08	-91.00	-47.87	-138.12	-194.76	-32.38	-11.76	-6.19				-21.41	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	-46.47	-47.87	P/E:	-36.75	-42.24					-6.41	P/E Ratio		Historical High		US$
			-$2.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.94
								-$4.55	$0.00	$0.00	$0.00	$0.00	$6.94
Low Months	Dec	Dec	Jan	Dec	Sep	Jan	Jan	Dec	Jan	Apr	Dec	Dec	Oct	Jul							Low Months
Price Low US$	$1.08	$0.59	$0.59	$1.72	$1.13	$1.20	$1.70	$2.26	$2.71	$7.26	$11.98	$4.47	$3.16	$2.17				435.59%	<-Total Growth	10	Stock Price		US$
Increase	-18.18%	-45.37%	0.00%	191.53%	-34.30%	6.19%	41.67%	32.94%	19.91%	167.90%	65.01%	-62.69%	-29.31%	-31.33%				18.27%	<-IRR #YR->	10	Stock Price	435.59%	US$
P/E	-2.64	-1.20	-2.77	-6.74	-20.40	-6.87	-27.10	-11.04	-12.27	-27.15	-24.23	-5.59	-4.05	-4.14				6.93%	<-IRR #YR->	5	Stock Price	39.82%	US$
Trailing P/E	-2.58	-1.44	-1.20	-8.09	-4.43	-21.66	-9.74	-36.03	-13.24	-32.88	-44.81	-9.04	-3.95	-3.68				-7.72	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs								T P/E	-11.49	-13.24	P/E:	-11.66	-12.27					-25.17	P/E Ratio		Historical Low		US$
			-$0.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.16
								-$2.26	$0.00	$0.00	$0.00	$0.00	$3.16
														-$202	<-12 mths	-57.02%
Free Cash Flow Mkt Screener									-$28.16	-$55.55	-$93.63	-$166.10	-$145.80								Free Cash Flow Mkt Scr		US$
Change										-97.27%	-68.55%	-77.40%	12.22%								Change		US$
Free Cash Flow WSJ									-$37.37	-$74.51	-$117.39	-$216.24	-$196.76								Free Cash Flow WSJ		US$
Change										-99.39%	-57.54%	-84.20%	9.01%								Change		US$
Free Cash Flow MS	-$37.33	-$29.31	-$17.90	-$24.91	-$29.25	-$10.79	-$16.21	-$41.54	-$28.16	-$56	-$95	-$167	-$129	-$183	-$190	-$137		-619.83%	<-Total Growth	10	Free Cash Flow		US$
Change	-13.92%	21.48%	38.93%	-39.16%	-17.42%	63.11%	-50.23%	-156.26%	32.21%	-98.86%	-69.64%	-75.79%	22.84%	-42.26%	-3.87%	27.89%		25.41%	<-IRR #YR->	5	Free Cash Flow MS		US$
FCF/CF from Op Ratio	1.12	1.04	1.03	1.21	1.15	2.76	1.66	1.31	1.98	1.30	1.18	1.26	1.47	1.86	2.20	2.87		21.82%	<-IRR #YR->	10	Free Cash Flow MS		US$
								$41.54	0.00	0.00	0.00	0.00	-128.85
			$17.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-128.85
Market Cap US$	$91	$56	$167	$262	$245	$288	$785	$554	$1,684	$6,601	$3,739	$1,423	$1,106	$676	$676	$676		560.72%	<-Total Growth	10	Market Cap		US$
Market Cap CDN$	$93	$56	$177	$313	$337	$388	$990	$761	$2,176	$8,400	$4,730	$1,934	$1,468	$930	$930	$930		727.78%	<-Total Growth	10	Market Cap		CDN$
Diluted # of Share in Million	84.44	87.59	100.03	127.39	140.39	163.45	176.27	185.84	232.82	248.48	295.29	298.09	298.66	299.01				198.57%	<-Total Growth	10	Diluted
Change		3.73%	14.20%	27.35%	10.21%	16.42%	7.84%	5.43%	25.28%	6.73%	18.84%	0.95%	0.19%	0.12%				9.03%	<-Median->	10	Change
Difference Diluted/Basic	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%				0.00%	<-Median->	10	Difference Diluted/Basic
Average # of Share in Million	84.44	87.59	100.03	127.39	140.39	163.45	176.27	185.84	232.82	248.48	295.29	298.09	298.66	299.01				198.57%	<-Total Growth	10	Average
Change	0.40%	3.73%	14.20%	27.35%	10.21%	16.42%	7.84%	5.43%	25.28%	6.73%	18.84%	0.95%	0.19%	0.12%				9.03%	<-Median->	10	Change
Difference Basic/Outstanding	0.1%	4.8%	10.1%	3.7%	11.7%	6.9%	1.0%	24.8%	0.7%	13.5%	0.8%	0.1%	0.1%	0.0%				2.36%	<-Median->	10	Difference Basic/Outstanding
														-$70.921	<-12 mths	18.93%
# of Share in Millions	84.551	91.801	110.134	132.104	156.837	174.750	178.063	231.892	234.514	282.078	297.700	298.394	298.936	298.936	298.936	298.936		10.50%	<-IRR #YR->	10	Shares	171.43%
Increase	0.5%	8.6%	20.0%	19.9%	18.7%	11.4%	1.9%	30.2%	1.1%	20.3%	5.5%	0.2%	0.2%	0.0%	0.0%	0.0%		5.21%	<-IRR #YR->	5	Shares	28.91%
CF fr Op $M US$	-$33.22	-$28.15	-$17.42	-$20.67	-$25.36	-$3.90	-$9.77	-$31.69	-$14.23	-$42.93	-$80.48	-$132.17	-$87.48	-$98.6	-$86.7	-$47.8		-402.32%	<-Total Growth	10	Cash Flow		US$
Increase	13.34%	-15.28%	-38.12%	18.68%	22.71%	-84.61%	150.20%	224.41%	-55.09%	201.71%	87.44%	64.24%	-33.81%	-12.76%	12.12%	44.83%		S. Issues	SO		Conv. Warrents, Notes
5 year Running Average	-$29.48	-$28.77	-$27.01	-$25.75	-$24.96	-$19.10	-$15.42	-$18.28	-$16.99	-$20.50	-$35.82	-$60.30	-$71.46	-$88.3	-$97.1	-$90.6		-164.55%	<-Total Growth	10	CF 5 Yr Running		US$
CFPS  US$	-$0.39	-$0.31	-$0.16	-$0.16	-$0.16	-$0.02	-$0.05	-$0.14	-$0.06	-$0.15	-$0.27	-$0.44	-$0.29	-$0.33	-$0.29	-$0.16		-85.06%	<-Total Growth	10	Cash Flow per Share		US$
Increase	12.80%	-21.97%	-48.42%	-1.05%	3.36%	-86.19%	145.55%	149.10%	-55.60%	150.84%	77.61%	63.85%	-33.93%	$0.00	$0.00	$0.00		-17.52%	<-IRR #YR->	10	Cash Flow	-402.32%	US$
5 year Running Average	-$0.33	-$0.34	-$0.31	-$0.27	-$0.24	-$0.16	-$0.11	-$0.11	-$0.09	-$0.09	-$0.13	-$0.21	-$0.24	-$0.30	-$0.33	-$0.30		-22.52%	<-IRR #YR->	5	Cash Flow	-176.08%	US$
P/CF on Med Price	-4.45	-3.70	-8.63	-27.48	-12.52	-82.59	-68.91	-24.92	-81.49	-100.98	-97.81	-19.30	-17.26	-8.82	0.00	0.00		-6.35%	<-IRR #YR->	10	Cash Flow per Share	-85.06%	US$
P/CF on Closing Price	-2.75	-1.99	-9.61	-12.65	-9.65	-73.86	-80.39	-17.49	-118.33	-153.74	-46.46	-10.77	-12.64	-6.85	-7.79	-14.13		-16.45%	<-IRR #YR->	5	Cash Flow per Share	-114.16%	US$
															-85.79%	Diff M/C		2.23%	<-IRR #YR->	10	CFPS 5 yr Running	20.19%	US$
														-$67.19	<-12 mths	4.56%
Excl.Working Capital CF	$6.2	$5.9	$5.4	$5.0	$6.0	-$8.5	$12.3	$17.3	$0.1	$17.0	$2.6	$10.4	$17.1	$0.0	$0.0			-18.03%	<-IRR #YR->	5	CFPS 5 yr Running	-129.08%	US$
CF fr Op $M WC US$	-$27.01	-$22.21	-$12.04	-$15.67	-$19.32	-$12.41	$2.50	-$14.41	-$14.12	-$25.95	-$77.90	-$121.74	-$70.40	-$98.65	-$86.69			-484.85%	<-Total Growth	10	Cash Flow less WC		US$
Increase	-17.65%	-17.79%	-45.79%	30.17%	23.27%	-35.73%	-120.13%	-676.47%	-1.96%	83.77%	200.15%	56.28%	-42.17%	40.13%	-12.12%			-19.32%	<-IRR #YR->	10	Cash Flow less WC	-484.85%	US$
5 year Running Average	-$30.63	-$28.73	-$25.90	-$21.94	-$19.25	-$16.33	-$11.39	-$11.86	-$11.55	-$12.88	-$25.98	-$50.83	-$62.02	-$78.93	-$91.08			-37.34%	<-IRR #YR->	5	Cash Flow less WC	-388.67%	US$
CFPS Excl. WC US$	-$0.32	-$0.24	-$0.11	-$0.12	-$0.12	-$0.07	$0.01	-$0.06	-$0.06	-$0.09	-$0.26	-$0.41	-$0.24	-$0.33	-$0.29			-9.13%	<-IRR #YR->	10	CF less WC 5 Yr Run	-139.47%	US$
Increase	-18.04%	-24.28%	-54.82%	8.52%	3.83%	-42.32%	-119.76%	-542.65%	-3.06%	52.78%	184.40%	55.92%	-42.28%	40.13%	-12.12%			-39.22%	<-IRR #YR->	5	CF less WC 5 Yr Run	-422.93%	US$
5 year Running Average	-$0.35	-$0.34	-$0.30	-$0.24	-$0.18	-$0.13	-$0.08	-$0.07	-$0.06	-$0.05	-$0.09	-$0.18	-$0.21	-$0.27	-$0.31			-7.98%	<-IRR #YR->	10	CFPS - Less WC	-115.47%	US$
P/CF on Med Price	-5.48	-4.69	-12.49	-36.25	-16.44	-25.97	269.34	-54.81	-82.11	-167.05	-101.04	-20.96	-21.44	-8.82	0.00			-30.54%	<-IRR #YR->	5	CFPS - Less WC	-279.07%	US$
P/CF on Closing Price	-3.38	-2.52	-13.91	-16.69	-12.67	-23.23	314.23	-38.47	-119.22	-254.32	-48.00	-11.69	-15.71	-6.85	-7.79			3.32%	<-IRR #YR->	10	CFPS 5 yr Running	28.68%	US$
			CF/-WC	P/CF Med	10 yr	-48.19	5 yr	-81.49	P/CF Med	10 yr	-31.11	5 yr	-82.11		-77.99%	Diff M/C		-23.99%	<-IRR #YR->	5	CFPS 5 yr Running	-193.00%	US$
														-$97.353	<-12 mths	15.86%
CF fr Op $M CDN$	-$33.93	-$28.75	-$18.52	-$23.98	-$35.12	-$5.24	-$12.25	-$43.23	-$18.48	-$54.66	-$102.03	-$179.01	-$115.71	-$135.42	-$119.00	-$65.66		-524.64%	<-Total Growth	10	Cash Flow		CDN$
Increase	16.10%	-15.28%	-35.56%	29.45%	46.47%	-85.08%	133.77%	252.77%	-57.25%	195.77%	86.65%	75.46%	-35.36%	17.03%	-12.12%	-44.83%		Share Cap.	SO		Conv. Warrents, Notes
5 year Running Average	-$30.97	-$30.46	-$27.75	-$26.88	-$28.06	-$22.32	-$19.02	-$23.97	-$22.87	-$26.77	-$46.13	-$79.48	-$93.98	-$117.36	-$130.23	-$122.96		-238.69%	<-Total Growth	10	CF 5 Yr Running		CDN$
CFPS CDN$	-$0.40	-$0.31	-$0.17	-$0.18	-$0.22	-$0.03	-$0.07	-$0.19	-$0.08	-$0.19	-$0.34	-$0.60	-$0.39	-$0.45	-$0.40	-$0.22		-130.13%	<-Total Growth	10	Cash Flow per Share		CDN$
Increase	15.55%	-21.97%	-46.29%	7.92%	23.37%	-86.61%	129.42%	170.88%	-57.72%	145.90%	76.85%	75.05%	-35.48%	17.03%	-12.12%	-44.83%		-20.11%	<-IRR #YR->	10	Cash Flow	-524.64%	CDN$
5 year Running Average	-$0.35	-$0.36	-$0.31	-$0.28	-$0.26	-$0.18	-$0.13	-$0.14	-$0.12	-$0.11	-$0.17	-$0.28	-$0.32	-$0.40	-$0.44	-$0.41		-21.76%	<-IRR #YR->	5	Cash Flow	-167.66%	CDN$
P/CF on Med Price	-4.31	-3.66	-8.29	-26.53	-11.54	-80.34	-70.62	-23.92	-82.35	-103.98	-98.54	-18.39	-17.63	-8.62	0.00	0.00		-8.69%	<-IRR #YR->	10	Cash Flow per Share	-130.13%	CDN$
P/CF on Closing Price	-2.74	-1.95	-9.57	-13.06	-9.60	-74.01	-80.79	-17.59	-117.75	-153.67	-46.36	-10.80	-12.69	-6.87	-7.81	-14.16		-15.73%	<-IRR #YR->	5	Cash Flow per Share	-107.63%	CDN$
															-85.87%	Diff M/C		-0.22%	<-IRR #YR->	10	CFPS 5 yr Running	-2.25%	CDN$
														-$92.23	<-12 mths	0.94%
Excl.Working Capital CF	$6.34	$6.07	$5.72	$5.80	$8.38	-$11.43	$15.39	$23.58	$0.14	$21.62	$3.27	$14.12	$22.60	$0.00	$0.00	$0.00		-18.33%	<-IRR #YR->	5	CFPS 5 yr Running	-131.98%	CDN$
CF fr Op $M WC CDN$	-$27.59	-$22.68	-$12.80	-$18.18	-$26.75	-$16.67	$3.13	-$19.65	-$18.34	-$33.04	-$98.76	-$164.89	-$93.11	-$135.42	-$119.00	-$65.66		-627.26%	<-Total Growth	10	Cash Flow less WC		CDN$
Increase	-15.64%	-17.79%	-43.55%	41.98%	47.14%	-37.69%	-118.81%	-726.88%	-6.66%	80.15%	198.87%	66.96%	-43.53%	45.44%	-12.12%	-44.83%		-21.95%	<-IRR #YR->	10	Cash Flow less WC	-627.26%	CDN$
5 year Running Average	-$32.18	-$30.45	-$26.60	-$22.79	-$21.60	-$19.41	-$14.25	-$15.62	-$15.65	-$16.91	-$33.33	-$66.94	-$81.63	-$105.04	-$122.24	-$115.61		-36.49%	<-IRR #YR->	5	Cash Flow less WC	-373.77%	CDN$
CFPS Excl. WC CDN$	-$0.33	-$0.25	-$0.12	-$0.14	-$0.17	-$0.10	$0.02	-$0.08	-$0.08	-$0.12	-$0.33	-$0.55	-$0.31	-$0.45	-$0.40	-$0.22		-11.87%	<-IRR #YR->	10	CF less WC 5 Yr Run	-206.89%	CDN$
Increase	-16.04%	-24.28%	-52.95%	18.37%	23.94%	-44.07%	-118.46%	-581.36%	-7.71%	49.77%	183.19%	66.57%	-43.63%	45.44%	-12.12%	-44.83%		-39.19%	<-IRR #YR->	5	CF less WC 5 Yr Run	-422.54%	CDN$
5 year Running Average	-$0.36	-$0.36	-$0.30	-$0.24	-$0.20	-$0.15	-$0.10	-$0.09	-$0.08	-$0.07	-$0.12	-$0.23	-$0.28	-$0.35	-$0.41	-$0.39		-10.36%	<-IRR #YR->	10	CFPS - Less WC	-167.94%	CDN$
P/CF on Med Price	-5.30	-4.63	-12.00	-34.99	-15.16	-25.27	276.04	-52.63	-82.97	-172.01	-101.79	-19.97	-21.91	-8.62	0.00	0.00		-29.73%	<-IRR #YR->	5	CFPS - Less WC	-267.51%	CDN$
P/CF on Closing Price	-3.37	-2.47	-13.85	-17.22	-12.61	-23.28	315.80	-38.70	-118.64	-254.21	-47.90	-11.73	-15.76	-6.87	-7.81	-14.16		0.89%	<-IRR #YR->	10	5 yr Running	8.56%	CDN$
*Operational Cash Flow per share CDN$			CF/-WC	P/CF Med	10 yr	-48.57	5 yr	-82.35	P/CF Med	10 yr	-30.13	5 yr	-82.97		-77.21%	Diff M/C		-24.20%	<-IRR #YR->	5	5 yr Running	-195.58%	CDN$
			-110.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	298.9								Shares
								-231.9	0.0	0.0	0.0	0.0	298.9								Shares
			$17	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$87								Cash Flow		US$
								$32	$0	$0	$0	$0	-$87								Cash Flow		US$
			$0.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.29								Cash Flow per Share		US$
								$0.14	$0.00	$0.00	$0.00	$0.00	-$0.29								Cash Flow per Share		US$
			$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.24								CFPS 5 yr Running		US$
								$0.11	$0.00	$0.00	$0.00	$0.00	-$0.24								CFPS 5 yr Running		US$
			$12.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$70.4								Cash Flow less WC		US$
								$14.4	$0.0	$0.0	$0.0	$0.0	-$70.4								Cash Flow less WC		US$
			$25.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$62.0								CF less WC 5 Yr Run		US$
								$11.9	$0.0	$0.0	$0.0	$0.0	-$62.0								CF less WC 5 Yr Run		US$
			$0.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.24								CFPS - Less WC		US$
								$0.06	$0.00	$0.00	$0.00	$0.00	-$0.24								CFPS - Less WC		US$
			$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.21								CFPS 5 yr Running		US$
								$0.07	$0.00	$0.00	$0.00	$0.00	-$0.21								CFPS 5 yr Running		US$
			$19	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$116								Cash Flow		CDN$
								$43	$0	$0	$0	$0	-$116								Cash Flow		CDN$
			$0.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.39								Cash Flow per Share		CDN$
								$0.19	$0.00	$0.00	$0.00	$0.00	-$0.39								Cash Flow per Share		CDN$
			$0.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.32								CFPS 5 yr Running		CDN$
								$0.14	$0.00	$0.00	$0.00	$0.00	-$0.32								CFPS 5 yr Running		CDN$
			$12.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$93.1								Cash Flow less WC		CDN$
								$19.7	$0.0	$0.0	$0.0	$0.0	-$93.1								Cash Flow less WC		CDN$
			$26.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$81.6								CF less WC 5 Yr Run		CDN$
								$15.6	$0.0	$0.0	$0.0	$0.0	-$81.6								CF less WC 5 Yr Run		CDN$
			$0.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.31								CFPS - Less WC		CDN$
								$0.08	$0.00	$0.00	$0.00	$0.00	-$0.31								CFPS - Less WC		CDN$
			$0.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.28								CFPS 5 yr Running		CDN$
								$0.09	$0.00	$0.00	$0.00	$0.00	-$0.28								CFPS 5 yr Running		CDN$
Net decrease (increase) in Fair value Investments											$9.024
Trade and receivables		0.065	$1.88	-$4.10	$0.41	-$0.77	-$9.387	-$11.702	-$14.494	-$2.093	$9.640	-$2.945	-$12.913
Inventories		4.434	-$2.90	$1.46	-$5.55	-$2.34	-$0.572	-$12.932	-$0.787	$1.355	-$22.996	-$6.532	-$0.898
Prepaid expenses etc		-0.151	$0.19	-$0.43	-$0.17	-$1.32	$0.930	$0.426	-$0.812	-$1.026	-$0.810	-$1.668	$0.076
Trade and other payables		-10.459	-$5.05	$0.07	-$1.34	$1.01	$6.857	-$5.573	$11.083	-$4.238	$1.408	$2.182	-$3.580
Deferred Revenue etc		0.166	$2.43	-$4.36	$4.21	$14.54	-$12.539	$8.607	$3.475	-$10.124	$2.221	-$4.079	-$3.442
Warranty provision		0.005	-$1.93	$2.36	-$3.61	-$2.61	$2.444	$3.892	$1.428	-$0.854	-$1.063	$2.614	$3.671
Change in Working Capital		-$5.94	-$5.38	-$5.00	-$6.05	$8.51	-$12.267	-$17.282	-$0.107	-$16.980	-$2.576	-$10.428	-$17.086
Google --> TD 2016		-$5.94	-$5.38	-$5.00	-$6.05	$8.51	-$12	-$17	$0	-$17	-$3	-$10	-$17
Difference		$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0
TD			-$5	-$5	-$6	$9
Difference			$0	$0	$0	$0
OPM Ratio	-43.71%	-64.42%	-28.43%	-30.08%	-44.92%	-4.58%	-8.05%	-32.81%	-13.38%	-41.33%	-77.01%	-157.75%	-85.46%	-87.45%				-200.56%	<-Total Growth	10	OPM
Increase	3.05%	-47.40%	55.86%	-5.78%	-49.35%	89.81%	-75.90%	-307.37%	59.21%	-208.83%	-86.31%	-104.85%	45.82%	-2.33%					Should increase		or be stable.
Diff from Median	17.9%	73.8%	-23.3%	-18.9%	21.2%	-87.6%	-78.3%	-11.5%	-63.9%	11.5%	107.7%	325.5%	130.5%	135.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	-37.07%	5 Yrs	-77.01%					should be zero,	it is a check		on calculations
														-$149.9	<-12 mths	0.14%
Adjusted EBITDA			-$8.2	-$18.6	-$15.3	-$9.9	$3.3	-$13.5	-$28.2	-$38.9	-$82.2	-$132.6	-$150.1	-$138.5	-$114.5	-$79.2		-1733.02%	<-Total Growth	10	Adjusted EBITDA		US$
Change				-127.59%	18.12%	35.23%	133.63%	-505.08%	-109.30%	-38.19%	-111.04%	-61.38%	-13.16%	7.72%	17.33%	30.86%		-49.78%	<-Median->	10	Change		US$
Margin			-13.37%	-27.12%	-27.02%	-11.59%	2.74%	-13.94%	-26.51%	-37.49%	-78.65%	-158.30%	-146.62%	-122.78%	-68.69%	-29.50%		-27.07%	<-Median->	10	Margin		US$
Finance Lease Liability US$	$3.0	$13.0		$9.2	$6.7	$6.4	$6.2	$5.1	$17.3	$15.2	$13.9	$11.8	$13.4	$25.7							Long Term Debt US$		US$
Change					-27.13%	-4.39%	-3.10%	-18.70%	241.75%	-12.27%	-8.56%	-14.74%	13.15%	91.89%				-8.56%	<-Median->	9	Change		US$
Debt/Market Cap Ratio				0.04	0.03	0.02	0.01	0.01	0.01	0.00	0.00	0.01	0.01	0.04				0.01	<-Median->	10	Debt/Market Cap Ratio		US$
Assets/Current Liabilities Ratio				5.14	5.34	4.26	4.51	7.25	5.27	18.73	17.33	17.04	15.27	14.82				6.30	<-Median->	10	Assets/Current Liabilities Ratio		US$
Debt to Cash Flow (Years)				-0.45	-0.27	-1.65	-0.64	-0.16	-1.22	-0.35	-0.17	-0.09	-0.15	-0.26				-0.31	<-Median->	10	Debt to Cash Flow (Years)		US$
Finance Lease Liability CDN$				$10.7	$9.3	$8.6	$7.8	$6.9	$22.5	$19.3	$17.6	$16.0	$17.7	$35.3							Long Term Debt CDN$		CDN$
Change					-13.02%	-7.29%	-9.46%	-11.59%	225.36%	-14.00%	-8.95%	-8.91%	10.50%	99.16%				-8.95%	<-Median->	9	Change		CDN$
Debt/Market Cap Ratio				0.03	0.03	0.02	0.01	0.01	0.01	0.00	0.00	0.01	0.01	0.04				0.01	<-Median->	10	Debt/Market Cap Ratio		CDN$
Assets/Current Liabilities Ratio				5.14	5.34	4.26	4.51	7.25	5.27	18.73	17.33	17.04	15.27	14.82				6.30	<-Median->	10	Assets/Current Liabilities		CDN$
Debt to Cash Flow (Years)				-0.45	-0.27	-1.65	-0.64	-0.16	-1.22	-0.35	-0.17	-0.09	-0.15	-0.26				-0.31	<-Median->	10	Debt to Cash Flow (Years)		CDN$
Intangibles US$	$48.1	$36.3	$2.7	$24.2	$16.3	$18.1	$18.0	$8.3	$40.3	$3.8	$20.8	$5.2	$1.4	$1.3				-93.17%	<-Total Growth	10	Intangibles
Goodwill		$4.2	$36.3	$36.3	$40.6	$40.6	$40.6	$40.3	$5.7	$40.3	$64.3	$64.3	$40.3	$40.3				10.98%	<-Total Growth	10	Goodwill
Total	$48.1	$40.5	$39.0	$60.4	$56.9	$58.6	$58.5	$48.6	$46.0	$44.0	$85.1	$69.5	$41.7	$41.6				6.86%	<-Total Growth	10	Total		US$
Change	0.00	-0.16	-0.04	0.55	-0.06	0.03	0.00	-0.17	-0.05	-0.04	0.93	-0.18	-0.40	0.00				-4.78%	<-Median->	10	Change		US$
Goodwill/Market Cap Ratio	0.53	0.72	0.23	0.23	0.23	0.20	0.07	0.09	0.03	0.01	0.02	0.05	0.04	0.06				0.06	<-Median->	10	% of Market C.		US$
Intangibles CDN$	$49.1	$37.1	$2.9	$28.0	$22.6	$24.3	$22.5	$11.3	$52.3	$4.8	$26.4	$7.1	$1.9	$1.8				-55.34%	<-Total Growth	10	Intangibles
Goodwill		$4.3	$38.6	$42.1	$56.2	$54.5	$50.9	$55.0	$7.4	$51.3	$81.5	$87.0	$53.3	$55.3				38.01%	<-Total Growth	10	Goodwill
Total	$49.1	$41.3	$41.5	$70.1	$78.8	$78.7	$73.4	$66.3	$59.7	$56.1	$107.8	$94.1	$55.1	$57.1				32.88%	<-Total Growth	10	Total		CDN$
Change	2.44%	-15.84%	0.34%	69.01%	12.35%	-0.05%	-6.78%	-9.73%	-9.89%	-6.09%	92.31%	-12.73%	-41.42%	3.59%				-6.44%	<-Median->	10	Change		CDN$
Goodwill/Market Cap Ratio	0.53	0.74	0.23	0.22	0.23	0.20	0.07	0.09	0.03	0.01	0.02	0.05	0.04	0.06				0.06	<-Median->	10	% of Market C.		CDN$
Current Assets US$	$77.91	$61.30	$60.71	$50.65	$87.57	$107.75	$102.80	$261.59	$229.93	$854.32	$1,229.19	$1,028.51	$864.74	$826.84				1324.36%	<-Total Growth	10	Current Assets		US$
Current Liabilities	$41.53	$40.09	$26.43	$24.90	$30.19	$43.05	$39.42	$47.71	$64.52	$52.09	$83.16	$73.17	$70.59	$70.89				167.09%	<-Total Growth	10	Current Liabilities		US$
Liquidity Ratio	1.88	1.53	2.30	2.03	2.90	2.50	2.61	5.48	3.56	16.40	14.78	14.06	12.25	11.66				4.52	<-Median->	10	Ratio		US$
Assets US$	$165.29	$127.55	$120.21	$127.95	$161.33	$183.45	$177.66	$346.10	$340.32	$975.60	$1,440.94	$1,247.08	$1,077.54	$1,050.39				796.35%	<-Total Growth	10	Assets		US$
Liabilities	$72.95	$69.55	$49.96	$48.72	$49.72	$61.90	$57.80	$63.50	$90.06	$74.71	$112.73	$88.17	$86.33	$98.79				72.79%	<-Total Growth	10	Liabilities		US$
Debt Ratio	2.27	1.83	2.41	2.63	3.24	2.96	3.07	5.45	3.78	13.06	12.78	14.14	12.48	10.63				4.61	<-Median->	10	Ratio		US$
Estimates BVPS														$2.82	$2.37	$2.12			Estimates		Estimates BVPS
Estimate Book Value														$843.0	$708.5	$633.7			Estimates		Estimate Book Value
P/B Ratio (Close)														0.80	0.95	1.07			Estimates		P/B Ratio (Close)
Difference from 10 year median															-78.42%	Diff M/C			Estimates		Difference from 10 yr med.
Total Book Value US$	$89.37	$58.00	$70.25	$79.23	$111.61	$121.54	$119.86	$282.60	$250.26	$900.89	$1,328.22	$1,158.91	$991.22	$951.6				1310.90%	<-Total Growth	10	Book Value		US$
Non-control Int US$	-$2.98	-$4.41	-$1.39	-$2.69	-$2.84	-$3.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.0									US$
Book Value US$	$92.35	$62.41	$71.65	$81.93	$114.46	$124.84	$119.86	$282.60	$250.26	$900.89	$1,328.22	$1,158.91	$991.22	$951.6	$951.6	$951.6		1283.49%	<-Total Growth	10	Book Value		US$
Book Value per share	$1.09	$0.68	$0.65	$0.62	$0.73	$0.71	$0.67	$1.22	$1.07	$3.19	$4.46	$3.88	$3.32	$3.18	$3.18	$3.18		409.71%	<-Total Growth	10	Book Value per share		US$
Change	-27.90%	-37.75%	-4.31%	-4.67%	17.67%	-2.11%	-5.78%	81.05%	-12.43%	199.28%	39.70%	-12.95%	-14.62%	-4.00%	0.00%	0.00%		-74.04%	P/B Ratio		Current/Historical Median		US$
P/B Ratio (Median)	1.60	1.67	2.10	6.93	2.77	2.58	5.62	2.79	4.63	4.81	5.93	2.20	1.52	0.91	0.00	0.00		2.74	P/B Ratio		Historical Median		US$
P/B Ratio (Close)	0.99	0.90	2.34	3.19	2.14	2.31	6.55	1.96	6.73	7.33	2.82	1.23	1.12	0.71	0.71	0.71		10.24%	<-IRR #YR->	10	Book Value per Share		US$
Change	-0.14%	-9.26%	160.41%	36.64%	-33.05%	8.04%	183.68%	-70.07%	243.07%	8.90%	-61.58%	-56.37%	-9.14%	-36.38%	0.00%	0.00%		22.16%	<-IRR #YR->	5	Book Value per Share		US$
Leverage (A/BK)	1.79	2.04	1.68	1.56	1.41	1.47	1.48	1.22	1.36	1.08	1.08	1.08	1.09	1.10				1.29	<-Median->	10	A/BV		US$
Debt/Equity Ratio	0.79	1.11	0.70	0.59	0.43	0.50	0.48	0.22	0.36	0.08	0.08	0.08	0.09	0.10				0.29	<-Median->	10	Debt/Eq Ratio		US$
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.71	5 yr Med	4.63		-80.88%	Diff M/C		1.23	Historical	22	A/BV		US$
			-$0.65	$0.00	-$0.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.32
								-$1.22	$0.00	$0.00	$0.00	$0.00	$3.32
Current Assets CDN$	$79.57	$62.60	$64.57	$58.76	$121.27	$144.68	$128.97	$356.87	$298.63	$1,087.71	$1,558.36	$1,393.01	$1,143.71	$1,135.00				1671.21%	<-Total Growth	10	Current Assets		CDN$
Current Liabilities	$42.42	$40.95	$28.11	$28.89	$41.80	$57.80	$49.46	$65.08	$83.79	$66.32	$105.43	$99.10	$93.36	$97.31				232.13%	<-Total Growth	10	Current Liabilities		CDN$
Liquidity	1.88	1.53	2.30	2.03	2.90	2.50	2.61	5.48	3.56	16.40	14.78	14.06	12.25	11.66				4.52	<-Median->	10	Ratio		CDN$
Liq. with CF	1.08	0.83	1.64	1.20	2.06	2.41	2.36	4.82	3.34	15.58	13.81	12.25	11.01	10.27				12.25	<-Median->	5	Ratio		CDN$
Liq. CF re  Inv	0.99	0.83	1.64	1.20	2.06	2.41	2.03	3.25	2.22	9.17	6.81	6.03	6.22	10.27				6.22	<-Median->	5	Ratio		CDN$
Assets CDN$	$168.82	$130.27	$127.86	$148.43	$223.40	$246.31	$222.87	$472.15	$442.01	$1,242.13	$1,826.83	$1,689.04	$1,425.16	$1,441.87				1014.63%	<-Total Growth	10	Assets		CDN$
Liabilities	$74.50	$71.03	$53.14	$56.51	$68.85	$83.12	$72.51	$86.63	$116.96	$95.12	$142.91	$119.41	$114.17	$135.61				114.87%	<-Total Growth	10	Liabilities		CDN$
Debt Ratio	2.27	1.83	2.41	2.63	3.24	2.96	3.07	5.45	3.78	13.06	12.78	14.14	12.48	10.63				4.61	<-Median->	10	Ratio		CDN$
Total Book Value CDN$	$91.28	$59.24	$74.72	$91.92	$154.56	$163.20	$150.36	$385.52	$325.04	$1,147.01	$1,683.91	$1,569.63	$1,310.98	$1,306.26				1654.48%	<-Total Growth	10	Book Value		CDN$
Non-control Int CDN$	-$3.04	-$4.50	-$1.48	-$3.13	-$3.94	-$4.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Book Value CDN$	$94.31	$63.74	$76.20	$95.04	$158.49	$167.63	$150.36	$385.52	$325.04	$1,147.01	$1,683.91	$1,569.63	$1,310.98	$1,306.26	$1,306.26	$1,306.26		1620.39%	<-Total Growth	10	Book Value		CDN$
Book Value per share	$1.12	$0.69	$0.69	$0.72	$1.01	$0.96	$0.84	$1.66	$1.39	$4.07	$5.66	$5.26	$4.39	$4.37	$4.37	$4.37		533.83%	<-Total Growth	10	Book Value per share		CDN$
Change	-26.14%	-37.75%	-0.35%	3.98%	40.46%	-5.08%	-11.97%	96.88%	-16.63%	193.38%	39.11%	-7.00%	-16.63%	-0.36%	0.00%	0.00%		-73.30%	P/B Ratio		Current/Historical Median		CDN$
P/B Ratio (Median)	1.55	1.65	2.02	6.69	2.56	2.51	5.76	2.68	4.68	4.96	5.97	2.10	1.56	0.89				2.67	P/B Ratio		Historical Median		CDN$
P/B Ratio (Close)	0.99	0.88	2.33	3.29	2.13	2.31	6.58	1.97	6.70	7.32	2.81	1.23	1.12	0.71	0.71	0.71		11.26%	<-IRR #YR->	10	Book Value per Share		CDN$
Change	-0.72%	-10.91%	164.87%	41.57%	-35.41%	8.78%	184.51%	-70.04%	239.37%	9.38%	-61.64%	-56.15%	-9.11%	-36.43%	0.00%	0.00%		21.41%	<-IRR #YR->	5	Book Value per Share		CDN$
Leverage (A/BK)	1.79	2.04	1.68	1.56	1.41	1.47	1.48	1.22	1.36	1.08	1.08	1.08	1.09	1.10				1.29	<-Median->	10	A/BV		CDN$
Debt/Equity Ratio	0.79	1.11	0.70	0.59	0.43	0.50	0.48	0.22	0.36	0.08	0.08	0.08	0.09	0.10				0.29	<-Median->	10	Debt/Eq Ratio		CDN$
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	3.68	5 yr Med	4.68		-80.67%	Diff M/C		1.23	Historical	22	A/BV		CDN$
			-$0.69	$0.00	-$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.39
								-$1.66	$0.00	$0.00	$0.00	$0.00	$4.39
														-$186.63	<-12 mths	-4.72%
Total Comprehensive Income US$		-$44.49	-$19.04	-$31.76	-$5.85	-$21.78	-$9.39	-$26.37	-$39.49	-$51.57	-$111.25	-$175.19	-$178.22
NCI		-$1.43	-$1.85	-$1.30	-$0.50	-$0.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Comprehensive Income	-$38.68	-$43.06	-$17.20	-$30.46	-$5.35	-$21.32	-$9.39	-$26.37	-$39.49	-$51.57	-$111.25	-$175.19	-$178.22					-936.45%	<-Total Growth	10	Comprehensive Income		US$
Increase	-10.71%	-11.33%	60.07%	-77.14%	82.43%	-298.47%	55.95%	-180.75%	-49.74%	-30.60%	-115.72%	-57.48%	-1.73%					-49.74%	<-Median->	5	Comprehensive Income		US$
5 Yr Running Average	-$20.02	-$17.17	-$27.43	-$32.87	-$26.95	-$23.48	-$16.74	-$18.58	-$20.39	-$29.63	-$47.61	-$80.77	-$111.14					26.34%	<-IRR #YR->	10	Comprehensive Income	-936.45%	US$
ROE US$	-41.9%	-69.0%	-24.0%	-37.2%	-4.7%	-17.1%	-7.8%	-9.3%	-15.8%	-5.7%	-8.4%	-15.1%	-18.0%					46.54%	<-IRR #YR->	5	Comprehensive Income	-575.81%	US$
5Yr Median	-22.2%	-27.4%	-27.4%	-37.2%	-37.2%	-24.0%	-17.1%	-9.3%	-9.3%	-9.3%	-8.4%	-9.3%	-15.1%					15.02%	<-IRR #YR->	10	5 Yr Running Average	-305.26%	US$
% Difference from NI	7.0%	1.6%	-13.9%	9.3%	-8.0%	1.0%	16.7%	-3.5%	1.1%	0.4%	-2.9%	1.0%	0.3%					43.01%	<-IRR #YR->	5	5 Yr Running Average	-275.12%	US$
Median Values										Diff	5, 10 yr	0.7%	0.4%					-15.1%	<-Median->	5	Return on Equity
			$17.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$178.2
								$26.4	$0.0	$0.0	$0.0	$0.0	-$178.2
			$27.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$111.1
								$18.6	$0.0	$0.0	$0.0	$0.0	-$111.1
Current Liability Coverage Ratio US$	-0.65	-0.55	-0.46	-0.63	-0.64	-0.29	0.06	-0.30	-0.22	-0.50	-0.94	-1.66	-1.00	-1.39							CFO / Current Liabilities		US$
5 year Median	-0.99	-0.93	-0.65	-0.63	-0.63	-0.55	-0.46	-0.30	-0.29	-0.29	-0.30	-0.50	-0.94	-1.00				-0.94	<-Median->	5	Current Liability Cov Ratio		US$
Asset Efficiency Ratio US$	-16.34%	-17.41%	-10.01%	-12.25%	-11.97%	-6.77%	1.41%	-4.16%	-4.15%	-2.66%	-5.41%	-9.76%	-6.53%	-9.39%							CFO / Total Assets		US$
5 year Median	-16.34%	-17.28%	-17.28%	-16.34%	-12.25%	-11.97%	-10.01%	-6.77%	-4.16%	-4.15%	-4.15%	-4.16%	-5.41%	-6.53%				-5.4%	<-Median->	5	Return on Assets		US$
Return on Assets ROA US$	-21.87%	-33.23%	-16.61%	-21.78%	-3.60%	-11.51%	-4.53%	-7.89%	-11.47%	-5.27%	-7.95%	-13.91%	-16.49%	-14.61%				Net	Income/Assets		Return on Assets		US$
5Yr Median	-18.41%	-18.41%	-18.41%	-21.78%	-21.78%	-16.61%	-11.51%	-7.89%	-7.89%	-7.89%	-7.89%	-7.95%	-11.47%	-13.91%				-9.7%	<-Median->	10	Asset Efficiency Ratio		US$
Return on Equity ROE US$	-39.15%	-67.91%	-27.86%	-34.02%	-5.08%	-16.91%	-6.71%	-9.67%	-15.60%	-5.70%	-8.63%	-14.97%	-17.93%	-16.13%				Net Inc/	Shareholders' equity		Return on Equity		US$
5Yr Median	-22.19%	-27.41%	-27.86%	-34.02%	-34.02%	-27.86%	-16.91%	-9.67%	-9.67%	-9.67%	-8.63%	-9.67%	-14.97%	-14.97%				-12.3%	<-Median->	10	Return on Equity		US$
														-$185.09	<-12 mths	-4.15%
Total Net Income US$		-$43.72	-$21.70	-$29.43	-$6.57	-$21.69	-$8.05	-$27.32	-$39.05	-$51.38	-$114.61	-$173.49	-$177.72
NCI		-$1.34	-$1.74	-$1.56	-$0.76	-$0.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Shareholders US$	-$36.16	-$42.39	-$19.96	-$27.87	-$5.82	-$21.11	-$8.05	-$27.32	-$39.05	-$51.38	-$114.61	-$173.49	-$177.72	-$153.5	-$142.4	-$120.2		-790.18%	<-Total Growth	10	Net Income		US$
Increase	3.49%	17.23%	-52.90%	39.59%	-79.13%	263.06%	-61.88%	239.50%	42.92%	31.57%	123.08%	51.37%	2.43%	-13.63%	-7.23%	-15.59%		EPS/CF Ratio should not be higher than 1.00					US$
5 Yr Running Average	-$19.5	-$16.5	-$27.3	-$32.3	-$26.4	-$23.4	-$16.6	-$18.0	-$20.3	-$29.4	-$48.1	-$81.2	-$111.3	-$134.1	-$152.3	-$153.5		24.44%	<-IRR #YR->	10	Net Income	-790.18%	US$
Operating Cash Flow	-$33.22	-$28.15	-$17.42	-$20.67	-$25.36	-$3.90	-$9.77	-$31.69	-$14.23	-$42.93	-$80.48	-$132.17	-$87.48					45.43%	<-IRR #YR->	5	Net Income	-550.43%	US$
Investment Cash Flow	-$3.78	$13.03	$20.89	$20.89	$23.28	$5.19	-$6.48	-$23.12	-$32.75	-$36.39	-$85.63	-$75.56	-$54.28					15.07%	<-IRR #YR->	10	5 Yr Running Average	-306.92%	US$
Total Accruals	$0.84	-$27.26	-$23.44	-$28.09	-$3.73	-$22.40	$8.20	$27.48	$7.93	$27.95	$51.49	$34.23	-$35.95					43.89%	<-IRR #YR->	5	5 Yr Running Average	-516.92%	US$
Total Assets	$165.29	$127.55	$120.21	$127.95	$161.33	$183.45	$177.66	$346.10	$340.32	$975.60	$1,440.94	$1,247.08	$1,077.54						Balance Sheet		Assets		US$
Accruals Ratio	0.51%	-21.38%	-19.50%	-21.95%	-2.31%	-12.21%	4.62%	7.94%	2.33%	2.86%	3.57%	2.75%	-3.34%					2.75%	<-Median->	5	Ratio		US$
EPS/CF Ratio	1.25	1.98	1.83	1.85	0.32	1.83	-3.56	2.41	2.82	2.28	1.49	1.45	2.51					1.84	<-Median->	10	EPS/CF Ratio
			$20	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$178
								$27	$0	$0	$0	$0	-$178
			$27	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$111
								$18	$0	$0	$0	$0	-$111
Financial Cash Flow US$	$5.13	$4.65	$16.92	$16.92	$18.09	$31.00	$5.02	$186.14	$2.57	-$696.53	$526.91	-$2.41	$3.68						C F Statement		Financial Cash Flow		US$
Total Accruals	-$4.29	-$31.91	-$40.36	-$45.01	-$21.82	-$53.40	$3.18	-$158.66	$5.36	$724.48	-$475.42	$36.64	-$39.63								Accruals		US$
Accruals Ratio	-2.59%	-25.02%	-33.57%	-35.18%	-13.52%	-29.11%	1.79%	-45.84%	1.57%	74.26%	-32.99%	2.94%	-3.68%					1.57%	<-Median->	5	Ratio		US$
														-$256.19	<-12 mths	-75.12%
Total Comprehensive Income CDN$		-$45.44	-$20.25	-$36.85	-$8.10	-$29.24	-$11.78	-$35.98	-$51.29	-$65.66	-$141.04	-$237.28	-$235.71
NCI		-$1.46	-$1.96	-$1.51	-$0.69	-$0.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Comprehensive Income	-$39.50	-$43.98	-$18.29	-$35.34	-$7.41	-$28.63	-$11.78	-$35.98	-$51.29	-$65.66	-$141.04	-$237.28	-$235.71					-1900.35%	<-Total Growth	10	Comprehensive Income		CDN$
Increase	-13.41%	-11.33%	58.41%	-93.22%	79.03%	-286.37%	58.84%	-205.30%	-42.56%	-28.03%	-114.80%	-68.23%	0.66%					-42.6%	<-Median->	5	Comprehensive Income		CDN$
5 Yr Running Average	-$18.53	-$16.00	-$28.00	-$34.39	-$28.90	-$26.73	-$20.29	-$23.83	-$27.02	-$38.67	-$61.15	-$106.25	-$146.20					29.13%	<-IRR #YR->	10	Comprehensive Income	-1900.35%	CDN$
ROE CDN$	-41.9%	-69.0%	-24.0%	-37.2%	-4.7%	-17.1%	-7.8%	-9.3%	-15.8%	-5.7%	-8.4%	-15.1%	-18.0%					45.64%	<-IRR #YR->	5	Comprehensive Income	-555.20%	CDN$
5Yr Median	-22.2%	-27.4%	-27.4%	-37.2%	-37.2%	-24.0%	-17.1%	-9.3%	-9.3%	-9.3%	-8.4%	-9.3%	-15.1%					17.97%	<-IRR #YR->	10	5 Yr Running Average	-422.05%	CDN$
% Difference from NI	7.0%	1.6%	-13.9%	9.3%	-8.0%	1.0%	16.7%	-3.5%	1.1%	0.4%	-2.9%	1.0%	0.3%					43.74%	<-IRR #YR->	5	5 Yr Running Average	-441.13%	CDN$
Median Values										Diff	5, 10 yr	0.7%	0.4%					-15.1%	<-Median->	5	Return on Equity		CDN$
			$18.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$235.7
								$36.0	$0.0	$0.0	$0.0	$0.0	-$235.7
			$28.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$146.2
								$23.8	$0.0	$0.0	$0.0	$0.0	-$146.2
Current Liability Coverage Ratio CDN$	-0.65	-0.55	-0.46	-0.63	-0.64	-0.29	0.06	-0.30	-0.22	-0.50	-0.94	-1.66	-1.00	-1.39							CFO / Current Liabilities		CDN$
5 year Median	-0.99	-0.93	-0.65	-0.63	-0.63	-0.55	-0.46	-0.30	-0.29	-0.29	-0.30	-0.50	-0.94	-1.00				-0.94	<-Median->	5	Current Liability Cov Ratio		CDN$
Asset Efficiency Ratio CDN$	-16.34%	-17.41%	-10.01%	-12.25%	-11.97%	-6.77%	1.41%	-4.16%	-4.15%	-2.66%	-5.41%	-9.76%	-6.53%	-9.39%							CFO / Total Assets		CDN$
5 year Median	-16.34%	-17.28%	-17.28%	-16.34%	-12.25%	-11.97%	-10.01%	-6.77%	-4.16%	-4.15%	-4.15%	-4.16%	-5.41%	-6.53%				-5.4%	<-Median->	5	Return on Assets		CDN$
Return on Assets ROA CDN$	-21.9%	-33.2%	-16.6%	-21.8%	-3.6%	-11.5%	-4.5%	-7.9%	-11.5%	-5.3%	-8.0%	-13.9%	-16.5%	-14.6%				Net	Income/Assets		Return on Assets		CDN$
5Yr Median	-18.4%	-18.4%	-18.4%	-21.8%	-21.8%	-16.6%	-11.5%	-7.9%	-7.9%	-7.9%	-7.9%	-8.0%	-11.5%	-13.9%				-11.5%	<-Median->	5	Asset Efficiency Ratio		CDN$
Return on Equity ROE CDN$	-39.2%	-67.9%	-27.9%	-34.0%	-5.1%	-16.9%	-6.7%	-9.7%	-15.6%	-5.7%	-8.6%	-15.0%	-17.9%	-16.1%				Net Inc/	Shareholders' equity		Return on Equity		CDN$
5Yr Median	-22.2%	-27.4%	-27.9%	-34.0%	-34.0%	-27.9%	-16.9%	-9.7%	-9.7%	-9.7%	-8.6%	-9.7%	-15.0%	-15.0%				-15.0%	<-Median->	5	Return on Equity		CDN$
														-$244.80	<-12 mths	-3.17%
Total Net Income CDN$		-$44.66	-$23.08	-$34.14	-$9.10	-$29.12	-$10.10	-$37.27	-$50.72	-$65.41	-$145.31	-$234.98	-$235.05
NCI		-$1.37	-$1.85	-$1.81	-$1.05	-$0.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Income CDN$	-$36.93	-$43.29	-$21.23	-$32.33	-$8.05	-$28.35	-$10.10	-$37.27	-$50.72	-$65.41	-$145.31	-$234.98	-$235.05	-$210.71	-$195.47	-$165.00		-1006.95%	<-Total Growth	10	Net Income		CDN$
Increase	6.02%	17.23%	-50.95%	52.26%	-75.09%	252.04%	-64.38%	269.19%	36.07%	28.97%	122.14%	61.71%	0.03%	-10.35%	-7.23%	-15.59%		EPS/CF Ratio should not be higher than 1.00					CDN$
5 Yr Running Average	-$18.0	-$15.4	-$27.9	-$33.7	-$28.4	-$26.7	-$20.0	-$23.2	-$26.9	-$38.4	-$61.8	-$106.7	-$146.3	-$178.3	-$204.3	-$208.2		27.18%	<-IRR #YR->	10	Net Income	-1006.95%	CDN$
Operating Cash Flow	-$33.93	-$28.75	-$18.52	-$23.98	-$35.12	-$5.24	-$12.25	-$43.23	-$18.48	-$54.66	-$102.03	-$179.01	-$115.71					44.53%	<-IRR #YR->	5	Net Income	-530.59%	CDN$
Investment Cash Flow	-$3.86	$13.30	$22.22	$24.24	$32.24	$6.97	-$8.13	-$31.53	-$42.53	-$46.34	-$108.56	-$102.33	-$71.79					18.00%	<-IRR #YR->	10	5 Yr Running Average	-423.59%	CDN$
Total Accruals	$0.86	-$27.85	-$24.93	-$32.59	-$5.17	-$30.08	$10.29	$37.49	$10.29	$35.59	$65.28	$46.37	-$47.55					44.50%	<-IRR #YR->	5	5 Yr Running Average	-530.03%	CDN$
Total Assets	$168.82	$130.27	$127.86	$148.43	$223.40	$246.31	$222.87	$472.15	$442.01	$1,242.13	$1,826.83	$1,689.04	$1,425.16						Balance Sheet		Assets		CDN$
Accruals Ratio	0.51%	-21.38%	-19.50%	-21.95%	-2.31%	-12.21%	4.62%	7.94%	2.33%	2.86%	3.57%	2.75%	-3.34%					2.75%	<-Median->	5	Ratio		CDN$
EPS/CF Ratio	1.25	1.98	1.83	1.85	0.32	1.83	-3.56	2.41	2.82	2.28	1.49	1.45	2.51					1.84	<-Median->	10	EPS/CF Ratio		CDN$
			$21	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$235
								$37	$0	$0	$0	$0	-$235
			$28	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$146
								$23	$0	$0	$0	$0	-$146
Change in Close	-26.67%	-44.55%	163.93%	47.20%	-9.28%	3.26%	150.45%	-41.01%	182.93%	220.91%	-46.64%	-59.22%	-24.23%	-36.66%	0.00%	0.00%			Count	23	Years of data
up/down	up		up	up	up		up		down										Count	11	47.83%
Meet Prediction?			yes	yes			yes											% right	Count	3	27.27%
Financial Cash Flow CDN$	$5.24	$4.74	$18.00	$19.63	$25.05	$41.62	$6.30	$253.93	$3.34	-$886.82	$668.01	-$3.26	$4.86						C F Statement		Financial Cash Flow		CDN$
Total Accruals	-$4.38	-$32.59	-$42.93	-$52.21	-$30.22	-$71.70	$3.99	-$216.44	$6.96	$922.41	-$602.73	$49.63	-$52.42								Accruals		CDN$
Accruals Ratio	-2.59%	-25.02%	-33.57%	-35.18%	-13.52%	-29.11%	1.79%	-45.84%	1.57%	74.26%	-32.99%	2.94%	-3.68%					1.57%	<-Median->	5	Ratio		CDN$
																		No cash flow, meaningless
Cash US$	$20.32	$9.77	$30.30	$23.67	$40.05	$72.63	$60.26	$192.24	$147.79	$763.43	$1,123.90	$913.73	$751.13	$720.67							Cash		US$
Cash CDN$	$20.75	$9.98	$32.23	$27.46	$55.46	$97.52	$75.59	$262.25	$191.95	$972.00	$1,424.87	$1,237.56	$993.44	$989.26				$993.44	<-Median->	5	Cash per Share		CDN$
Cash per Share	$0.25	$0.11	$0.29	$0.21	$0.35	$0.56	$0.42	$1.13	$0.82	$3.45	$4.79	$4.15	$3.32	$3.31				344.58%	<-Median->	5	% of Stock Price		CDN$
Percentage of Stock Price	22.31%	17.82%	18.18%	8.77%	16.45%	25.14%	7.64%	34.48%	8.82%	11.57%	30.12%	64.00%	67.68%	106.41%
Notes:
July 21, 2024. Last estimates were for 2023, 2024 of $156M, $239M US$ Revenue, -$0.44, -$0.48, -$0.57 2023/5 EPS, -$140M, -$148M US$ FCF, -$143M, -$119M US Net Income.
July 18, 2023.  Last estimates were for  2022, 2023 and 2024 of $$111M, $156M and $239M US$ for Revenue, -0.53, -$0.46-$0.37 US$ for EPS,
-$170M, -$140, -$148M US$ for FCF, -$158M, -$143M and -$119M US$ for Net Income.
July 23, 2022.  Last estimates were for 2021 and 2022 of $154M and $195M US$ for Revenue, $-0.11 and -0.03 US$ for EPS,
$-17.70M and -$7.55M US$ for FCF, $-0.07 US$ for CFPS for 2021, -$27.6M and -$8M US$ for Net Income.
July 24, 2021.  Last estimates were for 2020, 2021 and 2022 $119M, $154M, and $195M US$ for Revenue, -$0.18, -$011, -$0.03 US$ for EPS,
-$0.17 and -$0.07 for CFPS for 2020 and 21, -$43.5M, -$27.6M and -$8M US$ for Net Income.
July 25, 2020,.  Last estimates were for 2019, 2020 and 2021 of $96M, $134M and $172M for Revenue US$, -$0.15, -$0.07 and -$0.08 for EPS US$,
$0.12 for 2019 for CFPS US$ and -$34.4M, -$16.5M and -$19.5M for Net Income US$.
August 1, 2019.  Last estmates were for 2018, 2019 and 2020 of $114M, $139M and $147M for Revenue US$, -$0.09, -$.02 and $0.02 for EPS US$,
$0.12 for CFPS US$ for 2018 and -$13M, -$4.3M and $3.4M for Net Income US$.
Juuly 29, 2018.  Last estimates were for 2017, 2018 and 2019 of $108M, $131M and $158M for Revenue US$, -$0.05, -$0.01 and $0.02 for EPS US$,
$0.07 and $0.12 for CFPS for 2017 and 2018 US$, -$8.6M,-$0.9M and $3.6M for Net Income US$.
August 4, 2017.  Last estimates were for 2016, 2017 and 2018 of $83.4M, $105M and $138M for Revenue US$, -$.016, -$0.09 and $0.01 US$ EPS,
$0.07, $0.08 and $0.12 US$ for CFPS, -$25M, -$13.3M and $2.6M US$ for Net Income.
January 3, 2017.  Stock Symbol change from BLD to BLDP for TSX.
July 26, 2015.  Last Estimates were for 2014, 2015 and 2016 of $78.3M, $108M and $115M US$ for Revenue, -$0.10 and $0.02 for EPS for 2014 and 2015 US$,
-$0.05, $0.02 and $0.03 US$ for CFPS and -$11.4M and $2.74M for Net Income US$ for 2014 and 2015.
July 18, 2014.  Last Estimates were for 2013 and 2014 of $62M and $79M for Revenue US$, $-$0.24 and $-$0.19 for EPS US$,
March 17, 2013.  Last Estimates were for 2012 and 2013 of $67M and $87M US$ for Revenue, -$.26 and -$.09 US$ for EPS.
November 3, 2012.  Last Estimates were for 2011 and 2012 of $87M and $110M for revenue US$, -$0.36 and -$0.15 US$ for earnings.
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.
Sector:
Manufacturing, Industrial
What should this stock accomplish?
Would I buy this company and Why.
I would not buy this stock.  They have not made any money for sometime.
Why I bought this stock.
Back in 1997, I read about Ballard and fell in love with the idea of cars running with fuel cells.  I could help save the environment and also make some money.  It was very attractive.
I sold this stock in 2006 because it had lost its attraction.  It did not seem that Ballard fuel cells would be in any car anytime soon.
I was ahead in 2000, but the stock started to fall in October 2000 and never recovered.
Dividends
No Dividends
How they make their money.
Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications.
Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products.
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.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Aug 4	2017	Jul 29	2018	Aug 1	2019	Jul 25	2020	Jul 24	2021	Jul 23	2022	Jul 18	2023			Jul 21	2024
MacEwen, Randall	0.02%	0.096	0.05%	0.162	0.07%	0.316	0.13%	0.313	0.11%	0.249	0.08%	0.313	0.10%	0.313	0.10%			0.331	0.11%			5.99%
CEO - Shares - Amount	$0.067		$0.534		$0.531		$2.935		$9.324		$3.956		$2.026		$1.535				$1.031
Options - percentage	0.60%	1.215	0.68%	1.434	0.62%	1.300	0.55%	0.592	0.21%	0.456	0.15%	0.402	0.13%	0.305	0.10%			0.986	0.33%			223.16%
Options - amount	$2.313		$6.757		$4.703		$12.066		$17.622		$7.242		$2.606		$1.498				$3.065
Sheridan, John W.
CEO - Shares - Amount
Options - percentage
Options - amount
Dobson, Paul										0.000	0.00%	0.000	0.00%	0.000	0.00%			0.020	0.01%			#DIV/0!
CFO - Shares - Amount											$0.000		$0.000		$0.000				$0.062
Options - percentage										0.027	0.01%	0.078	0.03%	0.068	0.02%			0.235	0.08%			245.47%
Options - amount											$0.427		$0.503		$0.334				$0.730
Guglielmin, Anthony Robert	0.09%	0.181	0.10%	0.193	0.08%	0.187	0.08%	0.066	0.02%
CFO - Shares - Amount	$0.347		$1.009		$0.632		$1.738		$1.977
Options - percentage	0.33%	0.628	0.35%	0.636	0.27%	0.541	0.23%	0.384	0.14%
Options - amount	$1.282		$3.491		$2.087		$5.024		$11.450
Colbow, Kevin Michael	0.00%	0.000	0.00%	3.894	1.68%	0.027	0.01%	0.042	0.01%	0.055	0.02%	0.072	0.02%	0.072	0.02%			0.072	0.02%		CTO	0.00%
Officer - Shares - Amount	$0.000		$0.000		$12.772		$0.251		$1.259		$0.880		$0.467		$0.354				$0.224
Options - percentage	0.05%	0.254	0.14%	0.300	0.13%	0.301	0.13%	0.212	0.07%	0.171	0.06%	0.153	0.05%	0.113	0.04%			0.172	0.06%			51.85%
Options - amount	$0.182		$1.413		$0.984		$2.796		$6.300		$2.719		$0.991		$0.556				$0.534
Mucciacciaro, David														0.000	0.00%			0.002	0.00%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.008
Options - percentage														0.029	0.01%			0.133	0.04%			358.23%
Options - amount															$0.142				$0.412
Hayhurst, Douglas Palmer	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%	0.005	0.00%			0.005	0.00%			-50.48%
Director - Shares - Amount	$0.011		$0.028		$0.016		$0.046		$0.149		$0.079		$0.032		$0.025				$0.016
Options - percentage	0.08%	0.179	0.10%	0.190	0.08%	0.203	0.09%	0.209	0.07%	0.212	0.07%	0.219	0.07%	0.231	0.08%			0.255	0.09%			10.16%
Options - amount	$0.320		$0.993		$0.622		$1.881		$6.225		$3.369		$1.418		$1.136				$0.792
Neese, Marty Tucker														0.000	0.00%			0.000	0.00%			#DIV/0!
Director - Shares - Amount															$0.000				$0.000
Options - percentage														0.095	0.03%			0.118	0.04%			24.02%
Options - amount															$0.466				$0.366
Roche, James Norman				0.050	0.02%	0.050	0.02%	0.050	0.02%	0.050	0.02%	0.050	0.02%	0.050	0.02%			0.050	0.02%			0.00%
Chairman - Shares - Amt					$0.164		$0.464		$1.489		$0.795		$0.324		$0.246				$0.156
Options - percentage				0.055	0.02%	0.073	0.03%	0.083	0.03%	0.084	0.03%	0.092	0.03%	0.106	0.04%			0.135	0.05%			27.59%
Options - amount					$0.182		$0.675		$2.465		$1.331		$0.593		$0.520				$0.420
Bourne, Ian Alexander
Chairman - Shares - Amt
Options - percentage
Options - amount
Increase in O/S Shares	0.34%	0.662	0.38%	2.301	1.29%	1.250	0.54%	2.623	1.12%	2.006	0.71%	0.752	0.25%	0.581	0.19%			0.317	0.11%
due to SO 2013	$1.131		$1.471		$12.791		$4.099		$24.338		$59.748		$11.951		$3.768				$1.555
Book Value	$1.184		$1.295		$6.765		$3.286		$7.771		$7.467		$4.230		$4.681				$2.492
Insider Buying	-$0.089		-$0.076		-$0.164		$0.000		-$0.759		$0.000		-$0.010		$0.000				-$0.014
Insider Selling	$0.000		$0.421		$1.467		$1.081		$16.804		$8.873		$0.616		$0.358				$0.181
Net Insider Selling	-$0.089		$0.345		$1.302		$1.081		$16.045		$8.873		$0.606		$0.358				$0.167
% of Market Cap	-0.02%		0.03%		0.17%		0.05%		0.19%		0.19%		0.03%		0.02%				0.02%
Directors		8		7		8		8		8		10		9				10
Women	14%	2	25%	2	29%	2	25%	2	25%	2	25%	3	30%	2	22%			3	30%
Minorities	0%	0	0%	0	0%	3	38%	3	38%	3	38%	3	30%	2	22%			2	20%
Institutions/Holdings	5.43%	74	3.80%	102	4.05%	93	2.84%	20	8.86%	20	49.29%			20	15.27%			20	23.55%
Total Shares Held	4.88%	6.681	3.75%	7.235	3.12%	6.601	2.81%	20.606	7.31%	146.654	49.26%			45.598	15.25%			70.514	23.59%
Increase/Decrease	-9.82%	0.190	2.93%	0.986	15.77%	1.622	32.58%	3.563	20.91%	-1.836	-1.24%			0.691	1.54%			11.007	18.50%
Starting No. of Shares	Nasdaq	6.490	Nasdaq	6.249	Nasdaq	4.979	Nasdaq	17.043	Top 20 MS	148.490	Top 20 MS			44.907	Top 20 MS			59.507	Top 20 MS
Institutions/Holdings				99	2.05%
Percentage					$44.560
Total Shares Held				12.000	6.74%
Percentage					$66.720
Increase/Decrease 3 Mths				1.000	9.09%
Starting No. of Shares				11.000	Moringstar
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3. Ballard Power (TSX:BLD) +139%
Price on December 31, 2012: $.61
Price on October 29, 2013: $1.46
1. Ballard Power (TSX:BLD) +67.7%
Closing Price December 31st: $1.61
Closing Price February 21st: $2.70
Byron Capital analyst Dev Bhangui says that throughout its history there have been problems with Ballard’s business model. Its focus on developing fuel stack to automobile OEMs, he says, was simply unsustainable
because of the protracted timeline to commercialization. Selling to systems integrators didn’t work because the margins were too low. But Bhangui analyst says a recent shift in business model towards becoming a
systems builder and solutions provider have moved Ballard up the fuel cell value chain. He says the effect on gross margins, which he believes are moving towards 30%, is dramatic considering the company’s gross
margins just four years ago were close to 4%.
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