BLDP You are right on the fundamentals, I agree.
BUT I don't think you must focus on this right now.
We are in a new era and people are taking a position for the future.
Look at PLUG, FCEL, etc,etc, etc. No fondamental there either.
If you think BLDP is expensive now wait tomorrow... Few months, years...
But you are right, it is probably too expensive for you, nice try !!!
Let it ride !!!
Francois33