Stevia Corp (STEV)

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There's too many factors to determining a fair valuation for a speculative stock, it's honestly not even worth the time. You could compare share price to other agriculture companies with similar revenues, but share structure would play a huge factor and you'd have to account for that. Some determine fair PPS by calculating:

(Assets - Liabilities) / Outstanding Shares

This is generally a decent assessment of long-running businesses, but Stevia Corp. is still young and has only recently proven a working business model, so its liabilities are much higher compared to its assets than they would be a few short years from now. It's not possible to get an accurate valuation according to this calculation as a result. This calculation also wouldn't factor in overall market levels, which at the current time are very high, thus a current fair PPS would be rather inflated compared to other periods of market activity.

Price-to-Earnings ratio is also a good indicator for investment grade stocks, but doesn't work for development or speculative companies.