BioHarvest Sciences Inc. Common Stock

BHST

Basic MaterialsAgricultural InputsNASDAQ

$3.97

Market Cap: $68.79M

BioHarvest Sciences Inc. Common Stock (BHST) Valuation Summary

Updated May 11, 2026 09:35

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.11 – $27.19	$2.93	-26.3%
▸ Trading Multiples
EV/Revenue	$1.45 – $2.51	$1.93	-51.5%

Valuation History

DCF Analysis

BioHarvest Sciences Inc. Common Stock (BHST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.93

Market Price

$3.97

Upside / Downside

-26.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -16.2% to a target of 13.1% over 5 years, discounted at a WACC of 9.7%, BioHarvest Sciences Inc. Common Stock (BHST) has an intrinsic value of $2.93 per share (range: $1.11 – $27.19).

Key Assumptions

Current Operating Margin

-16.2%

Target Operating Margin

13.1%

WACC

9.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.1%

Target CapEx/Rev

14.3%

D&A/Revenue

9.5%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	45	29.1%	-10.3%	-5	-5	4	(11)	3	-15	-14
2027	61	35.8%	-4.5%	-3	-3	6	(14)	3	-14	-12
2028	98	62.1%	1.4%	1	1	9	(22)	6	-18	-14
2029	132	35.0%	7.2%	10	8	13	(28)	6	-14	-10
2030	174	31.2%	13.1%	23	18	17	(35)	7	-7	-5
2031	226	30.0%	13.1%	30	23	22	(43)	9	-7	-4
2032	294	30.0%	13.1%	38	30	28	(52)	11	-5	-3
2033	382	30.0%	13.1%	50	40	36	(64)	14	-2	-1
2034	496	30.0%	13.1%	65	51	47	(77)	19	3	1
2035	609	22.7%	13.1%	80	63	58	(87)	18	16	6

Enterprise Value Bridge

Sum of PV(FCFF)-55

Terminal Value (Gordon Growth at 3.0%)240

PV of Terminal Value100

Enterprise Value45

(–) Net Debt-9

Equity Value54

(÷) Shares Outstanding18

Fair Value per Share$2.93

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
7.7%	$-6	$-4	$7	$17	$27
8.7%	$-6	$-4	$4	$13	$21
9.7%	$-6	$-4	$3	$10	$16
10.7%	$-5	$-4	$2	$7	$13
11.7%	$-5	$-4	$1	$6	$10

Current price: $3.97. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.93

Market Price

$3.97

Upside / Downside

-51.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), BioHarvest Sciences Inc. Common Stock (BHST) has a fair value of $1.93 based on 7 comparable companies in the Agricultural Inputs industry.

EV/Revenue Valuation — Agricultural Inputs

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BioHarvest Sciences Inc. Common StockBHST	73	1.9x	1.9x
Core Molding Technologies, Inc.CMT	239	0.9x	0.7x
FutureFuel Corp.FF	215	1.7x	—
Friedman Industries, IncorporatedFRD	154	0.5x	—
Ascent Industries Co.ACNT	125	1.1x	0.5x
American Vanguard CorporationAVD	87	0.5x	0.4x
Mercer International Inc.MERC	66	0.8x	0.8x
Bioceres Crop Solutions Corp.BIOX	30	0.8x	0.7x
Industry Median		0.8x	0.7x
(*) Revenue		35	35
= Enterprise Value		28	25
(-) Net Debt		-9	-9
Equity Value		37	34
(/) Outstanding shares		18	18
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.93

-51.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.11 – $27.19

$2.93

-26.3%

▸ Trading Multiples

EV/Revenue

$1.45 – $2.51

$1.93

-51.5%

DCF Analysis

BioHarvest Sciences Inc. Common Stock (BHST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.93

Market Price

$3.97

Upside / Downside

-26.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-16.2%

Target Operating Margin

13.1%

WACC

9.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

26.1%

Target CapEx/Rev

14.3%

D&A/Revenue

9.5%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	45	29.1%	-10.3%	-5	-5	4	(11)	3	-15	-14
2027	61	35.8%	-4.5%	-3	-3	6	(14)	3	-14	-12
2028	98	62.1%	1.4%	1	1	9	(22)	6	-18	-14
2029	132	35.0%	7.2%	10	8	13	(28)	6	-14	-10
2030	174	31.2%	13.1%	23	18	17	(35)	7	-7	-5
2031	226	30.0%	13.1%	30	23	22	(43)	9	-7	-4
2032	294	30.0%	13.1%	38	30	28	(52)	11	-5	-3
2033	382	30.0%	13.1%	50	40	36	(64)	14	-2	-1
2034	496	30.0%	13.1%	65	51	47	(77)	19	3	1
2035	609	22.7%	13.1%	80	63	58	(87)	18	16	6

Enterprise Value Bridge

Sum of PV(FCFF)-55

Terminal Value (Gordon Growth at 3.0%)240

PV of Terminal Value100

Enterprise Value45

(–) Net Debt-9

Equity Value54

(÷) Shares Outstanding18

Fair Value per Share$2.93

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
7.7%	$-6	$-4	$7	$17	$27
8.7%	$-6	$-4	$4	$13	$21
9.7%	$-6	$-4	$3	$10	$16
10.7%	$-5	$-4	$2	$7	$13
11.7%	$-5	$-4	$1	$6	$10

Current price: $3.97. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.93

Market Price

$3.97

Upside / Downside

-51.5%

Verdict

Overvalued

EV/Revenue Valuation — Agricultural Inputs

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BioHarvest Sciences Inc. Common StockBHST	73	1.9x	1.9x
Core Molding Technologies, Inc.CMT	239	0.9x	0.7x
FutureFuel Corp.FF	215	1.7x	—
Friedman Industries, IncorporatedFRD	154	0.5x	—
Ascent Industries Co.ACNT	125	1.1x	0.5x
American Vanguard CorporationAVD	87	0.5x	0.4x
Mercer International Inc.MERC	66	0.8x	0.8x
Bioceres Crop Solutions Corp.BIOX	30	0.8x	0.7x
Industry Median		0.8x	0.7x
(*) Revenue		35	35
= Enterprise Value		28	25
(-) Net Debt		-9	-9
Equity Value		37	34
(/) Outstanding shares		18	18
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.93

-51.5%