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The Corality Training Academy

Introduction to Project Finance Modeling

Dec 11—13, 2019
3 days
New York, New York, United States
USD 1599
USD 533 per day

How it works

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Description

Perfect for finance professionals and those looking to break into the project finance industry, our Introduction to Project Finance Modeling Boot Camp will teach you how to build models from the ground up- the way it's done on the job.

Taught by experienced project finance professionals, this is the same intensive training used to prepare incoming analysts at top financial institutions and infrastructure funds who will be analyzing project finance transactions.

What You'll Learn

  • Learn the key principals of Project Finance
  • Build a project finance transaction model from the ground up
  • Understand commonly used project financing structures
  • Includes Excel Project Finance model templates

Agenda

Day 1 8AM - 5PM

You will learn the principals for project finance and the key drivers for structuring transactions in order to maximize the benefits for debt lenders, equity investors and public agencies. Our instructors will walk you though project finance modeling best practices and how to set up your model to maximize efficiency. Students will begin the process of building a project finance model.

Day 2 8AM - 5PM

Trainees continue the project finance model building process with a focus on building operational calculations and financing structure calculations involving multiple tranches of debt and equity. These calculations will take into consideration accounting principles by providing students with hands on experience in building 3-statement accounting sheets to track project performance.

Day 3 8AM - 5PM

Trainees complete the project finance model and build model outputs to analyze the impact of various scenarios to key project metrics (ie: debt service coverage ratio, equity IRR, Project WACC) and financial statements. This day will allow for students to take a step back and understand the implications of various project assumptions to project performance.

Online Pre-Seminar Excel training

This boot camp assumes proficiency in Excel. Enrollment includes access to our popular Excel Crash Course for those who need an Excel refresher.

Boot Camp Overview

This boot camp is an intensive instructor-led training program where trainees learn project finance modeling in Excel using an intuitive, step-by-step approach. Participants will use real case studies to build models from scratch the way it is done at financial institutions. The program is a synthesis of Excel modeling, navigating through various financial reports, and the application of accounting, corporate finance, and valuation courses.

Schedule

Each day begins at 8am and ends at 5pm with a 1-hour lunch break as well as a midmorning and mid-afternoon break.

What’s Included?

Comprehensive training materials (manuals and online exercises), Detailed reusable modifiable Excel model templates, Unlimited e-mail support for content-related questions for 12 months post-seminar.

Syllabus

Introduction to Project Finance Modeling

Introduction to Project Finance

This section provides a conceptual overview of project finance and is intended to provide students with the basic understanding of the financial structure of the Project Finance Model Case Study.

  • What is project finance
  • Difference between project finance and corporate finance
  • Project finance structure
  • Project finance risks and risk changes over time
  • Constraints to project finance investment
  • Sources of project finance
    • Project revenues and costs
    • Debt financing instruments and characteristics
    • Equity financing and characteristics
  • Introduction to key project finance metrics
  • Types of project documentation

Project Finance Modeling Best Practices

This section discusses and provides practical excel exercises for formats, functions, and formulas which will be used in the Project Finance Model Case Study

  • Features of the financial model
  • Importance of financial models
  • Modeling best practices (12 rules)

Project Finance Model Case Study, Phase 1

This section is a step by step hands on excel exercise which will build upon the previous exercise to arrive at a final project finance model for a single project. Each part is intended to be additive where answers to each part will be provided in the proceeding part.

Project Finance Model Part 1: Introduction to the Project Finance Model Case Study

  • Overview of case study project
  • Baseline financial structure of case study (eg: revenue, cost, capital structure)

Project Finance Model Part 2: Setting Up A Template Worksheet

  • Formatting a template sheet for easy viewing
  • Introduce model headings, output messages, units, and timelines

Project Finance Model Part 3: Setting Up the Timing Sheet

Set up the proper model periodicity using key excel functions

Project Finance Model Part 4: Setting Up Inputs Sheets

  • Categorically set up input sheets which can run multiple scenarios
  • Create flexibility for revenues, expenses, leverage, and financing assumptions
  • Set up static and time-based inputs for model calculations

Project Finance Model Case Study, Phase 2

This section is the continuation of a step by step hands on excel exercise which will build upon the previous exercise to arrive at a final project finance model for a single project. Each part is intended to be additive where answers to each part will be provided in the proceeding part.

Project Finance Model Part 5: Creating Timing Flags

  • Code flexible timing flags for triggers, construction, and operational periods
  • Calculate flexible percent completion flags

Project Finance Model Part 6: Integrating Financial Statements

  • Set up an integrated Cashflow Statement, Balance Sheet, and Income Statement
  • Understand dependences between the 3 financial statements and calculations

Project Finance Model Part 7: Capital Costs Calculations

  • Code control accounts for project expenditures
  • Calculate fixed assets during construction
  • Develop depreciation calculations and integrate into financial statements
  • Project Finance Model Part 8: Implementing a Checks Sheet
  • Build a project checks sheet with a tolerance level

Project Finance Model Part 9: Reserve Accounts

  • Develop working capital accounts to account for timing differences of cash received and expended
  • Code operational period calculations including routine operations and major maintenance expenditures
  • Link operational period calculations to financial statements

Project Finance Model Part 10: Debt Financing Calculations

  • Code senior debt and subordinated debt calculations
  • Understand the impact of cashflow available or debt service to repayment of debt financing
  • Calculate debt drawdown, debt principal, and debt interest

Project Finance Model Part 11: Equity and Dividend Calculations

  • Calculate equity injections and redemptions
  • Create a dividends control account and constraints to equity distributions

Project Finance Model Case Study, Phase 3

This section is the continuation of a step by step hands on excel exercise which will build upon the previous exercise to arrive at a final project finance model for a single project. Each part is intended to be additive where answers to each part will be provided in the proceeding part.

Project Finance Model Part 12: Project Taxation

  • Calculate profit chargeable to corporation tax
  • Set up a corporation tax control account to link to financial statements

Project Finance Model Part 13: Ratios and Returns

  • Develop a debt service coverage ratio calculation, NPV Calculation, Project and Equity IRR calculation
  • Create project outputs and management overviews including a sources and uses table and management dashboard

Project Finance Model Part 14: Final Project Finance Model Review

  • Code in VBA to analyze project and equity IRRs of multiple scenarios simultaneously
  • Learn summary and perform sensitivity analysis

Who should attend

  • Investment banking analysts and associates
  • Private equity, asset management and infrastructure fund associates
  • Financial, technical, and legal professionals working in the infrastructure sector
  • MBA students and business undergraduates
  • Anyone seeking to improve their financial modeling skill set

Next dates

Dec 11—13, 2019
3 days
New York, New York, United States
USD 1599
USD 533 per day

How it works

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