{"id":16267,"date":"2025-09-25T15:17:45","date_gmt":"2025-09-25T15:17:45","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=16267"},"modified":"2026-01-20T21:52:02","modified_gmt":"2026-01-20T21:52:02","slug":"valuing-delisting-best-world-international-using-dcf-modeling","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/valuing-delisting-best-world-international-using-dcf-modeling\/","title":{"rendered":"Valuing the Delisting of Best World International Using DCF Modeling"},"content":{"rendered":"\n\n\"Samuel\n<\/a>\n\n

In this article, Samuel BRAL<\/a> (ESSEC Business School, Global BBA \u2013 Exchange at NUS, 2025) shares how he conducted a valuation of Best World International using a Discounted Cash Flow model in Excel. This modeling exercise was part of a corporate finance case during his exchange at the National University of Singapore.<\/p>\n\n\n

Context of the project<\/h2>\n\n

During my exchange at NUS, I was asked to evaluate the fair price at which Best World International, a Singaporean skincare and wellness company, could be taken private. The company had announced its intention to delist from the Singapore Exchange (SGX). My role was to determine the intrinsic value per share using a discounted cash flow approach that distinguishes between a high-growth projection period and a long-term steady-state phase. The goal was to assess whether the proposed buyout price was fair to minority shareholders.<\/p>\n\n\n

Understanding the DCF method<\/h2>\n\n

The Discounted Cash Flow method estimates the value of a company by forecasting its future free cash flows and discounting them back to their present value using the firm\u2019s Weighted Average Cost of Capital. This method is widely used by investment banks, private equity firms, and corporate finance teams for valuing companies, especially in the context of M&A and privatizations.<\/p>\n\n

Well-known examples of its application include the valuation of Twitter during its acquisition by Elon Musk in 2022 and the fairness opinions issued by investment banks in LBO transactions such as the Bain Capital acquisition of Kioxia.<\/p>\n\n\n

Step-by-step technical implementation<\/h2>\n\n

The Excel model followed a two-stage DCF approach: an explicit forecast period from 2024 to 2028 and a terminal value from 2029 onward. Below is a breakdown of the modeling process:<\/p>\n\n\n

1. Revenue Forecasting<\/h3>\n\n

I projected revenue growth using a blended approach. I considered:<\/p>\n\n