What is Business First Bancshares, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Business First Bancshares, Inc.'s reported free cash flow gives $119.48 per share. The share price was $32.79 on November 9, 2026, 73% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $79.11 | +141% |
| Base | 15.0% | 9.0% | $119.48 | +264% |
| Bull | 20.0% | 8.0% | $194.67 | +494% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $150.05 | $159.59 | $171.24 | $185.80 | $204.52 |
| 8.0% | $127.09 | $133.27 | $140.58 | $149.34 | $160.06 |
| 9.0% | $110.38 | $114.61 | $119.48 | $125.17 | $131.90 |
| 10.0% | $97.71 | $100.72 | $104.12 | $108.02 | $112.51 |
| 11.0% | $87.80 | $90.00 | $92.46 | $95.23 | $98.37 |
Where the presets come from
Base: years 1 to 5 grow at Business First Bancshares, Inc.'s revenue growth rate over the last 5 fiscal years (14.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions