アドバンスト・プロジェクトファイナンス・モデリング
複雑なプロジェクトや幅広い業界におけるトランザクション分析を推進するためには、高度なモデリング技術が不可欠です。プロジェクトファイナンスの取引を成功裏に進めるには、包括的なモデリングとデット分析が求められます。
本コースは、堅牢性・柔軟性・分析力に継続して焦点を当てており、プロジェクトファイナンス分野でのキャリアを大きく向上させ、ファイナンシャルクローズに到達するために必要なツールを提供します。また本コースで習得するモデリング原則および体系的アプローチは、以下を含む幅広い業界に適用可能です：インフラ、鉱業、石油・ガス、電力、再生可能エネルギー、公益事業、不動産
*本コースは、英語のみでの開催となります。
This advanced project finance modelling course will enable you to
- Extend your project finance modelling skills to allow you to take a transaction from screening to financial close
- Develop required techniques for debt sizing, covenant monitoring and advanced debt structures including lock-up mechanisms and debt sculpting
- Gain a complete understanding of the modelling of Debt Service Reserve Accounts (DSRA)
- Extend your toolkit to include alternative debt repayment methods for increased flexibility
- Achieve consistent and accurate outputs with a proven best practice modelling approach
Who should attend this advanced financial modelling course?
This course is suitable for anyone who needs to extend their modelling skills and understand the advanced aspects of project finance models. Typical attendees include Analysts, Managers, Senior Managers and Associate Directors. An existing thorough understanding of best practice modelling and project finance analysis is assumed.
Pre-requisites: Significant financial modelling experience required.
Recommended addition to the following courses: Best Practice Project Finance Modelling
If you are interested in a course in financial modelling but in a different field other than project finance, then you may benefit from the valuation financial modelling training course, or the LBO financial modelling course.
2 day duration
Course Agenda
Day one
Re-examine the main principles underpinning our financial modelling methodology
Share insights into effective modelling of refinancing analysis for rapid and robust analysis:
- Discuss the mechanics of a refinancing – amount, timing, fees and repayment
- Learn different ways to treat the refinance fee
- Discuss the concept of sequential refinancing
Learn powerful techniques for alternative repayment methods for debt sculpting:
- Understand how to effectively model debt sculpting
- Build in switches to allow different structures to be rapidly analysed
- Develop a Debt Service Reserve Account (‘DSRA’) from first principles
- Integrate the DSRA into the financial statements and reinforce the purpose of the cashflow waterfall
Build working capital forecast and integrate it into a developed model
- Model debtor and creditor accounts
- Discuss common errors and pitfalls
Day two
Learn a structured approach to comprehensive depreciation calculations:
- Remove the need for cumbersome tables
- Incorporate switches for multiple depreciation methods
- Easily replicate calculations for accounting and tax depreciation
- Build out a maintenance capex programme that can be easily incorporated into depreciation calculations
- Produce easily replicable tax calculations for geared and ungeared taxation and incorporate the tax losses into the taxable income
Understand how financial statements are constructed and how to identify common problems:
- Master the structure of completed three way financial statements
- Learn how to continuously test and debug the integrated statements
- Incorporate all of the debt components into integrated statements
- Develop checks to automate error checking within the model and discuss the importance of these when developing complex financial models
Understand critical concepts and techniques in debt sizing to support debt structuring discussions:
- Single factor optimisation via maximum gearing or minimum DSCR to vary debt size to achieve target cover ratios
- Discuss dual factor optimisation to achieve target cover ratios and returns
Use advanced Excel techniques for rapid and accurate multi-dimensional sensitivities:
- Develop simple macros to avoid common circularities inherent in project finance calculations
- Become familiar with the VBA environment and understand some core functionality
- Discuss common errors when starting to develop macros and how to make macros more efficient
- Use VBA to control data tables so they do not adversely affect calculation speed