Edward Bodmer – Project and Corporate Finance
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Project Finance
Featured Project Finance and Real Estate Models
Energy Project Finance – Solar, Wind, Thermal, Hydro
Solar Project Finance Models
On-Shore and Off-Shore Wind Project Finance Models
Project Finance for Thermal Electricity Plants
Traffic Project Finance (Toll Roads, Bridges, Air, Sea & Bus Ports)
Toll Road Project Finance
Sea Port Models
Airport Project Finance Models
Real Estate (Hotels, Commercial Buildings, Mixed Developments)
Hotel Project Finance
Commercial Real Estate and Lease Roll
Residential Real Estate Modelling
Mixed Development and Investment Portfolios of Projects
Collateral Debt Obligations and Other Modelling in Real Estate
Resource Project Finance (Mining, Oil, Agriculture)
Mining Models
Downstream Oil and LNG
Agriculture Project Finance
Upstream Oil Project Finance Models
Tax Equity Models
Tax Equity Structures in the U.S. and Incentives for Renewable Energy
Tax Equity Structures in U.S. – DRO’s, Stop Loss, Outside Capital Account …
Projet Finance Models for PPP’s (Perpetual Pending Projects)
Value for Money Analysis
Other PPP Examples (Parking and Street Lights)
University PPP Examples
Other Project Finance (Paper, Manufacturing, Storage, Shipping)
Manufacturing Project Finance
Project Finance Credit Analysis Examples
Project with Multiple SPV’s
Project Finance On-Line Course
Project Finance Theory and Marriage Contracts
Revised A-Z Project Finance On-Line Modelling Course
Original (More Basic) Project Finance A-Z On-Line Course
Project Finance Structuring with Sculpting — Part 1
Sculpting Fundamentals and Non-Constant Interest Rates
Repayments with Debt to Capital Constraint and Constant DSCR
Incorporating Taxes in Debt Sculpting and Simple UDF Functions
Sculpting with Multiple Debt Issues or Balloon Payment
Project Finance Structuring with Sculpting — Complex Issues
Sculpting and Debt Fees (Including Fees for DSRA L/C)
Interest Income on the DSRA and Sculpting
Including Releases or Deposits to DSRA in DSCR and Sculpting
Debt Sculpting with Fixed Debt, Average Debt Life and Minimum DSCR
Learning What Not to do from Horrible Models
Monthly Model with Semi-Annual Debt Service
Other Project Finance Exercises
Advanced Project Finance Structuring Issues
Introduction to Structuring Issues; Screw the Blah, Blah, Blah Acronyms
Debt Sizing
Debt Sizing Philosophy and Debt/Cap vs DSCR
Developer Fee Theory and Analysis
Debt Sizing and Cost Padding with Debt/Capital Constraint
Other Debt Sizing Issues
Development Fees, Profit Sharing and Theory
Debt Funding
Pro-Rata and Equity Up-Front
Pre-COD Operating Cash Flow
Equity Bridge Loans (EBL)
IDC on Subordinated Debt and Project Cost
Development Fee Timing
Debt Repayment
Sculpted, Annuity and Equal Installment Economics
Repayment and Multiple Tier Capacity Payment
Reverse Sculpting with O&M Contracts
Sculpting to Meet Average Debt Life with Fixed Debt Size
Ballon Payments and Sinking Funds
Interest Rates and Fees
Theory of Credit Spreads in Project Finance
Computation of Implied Probability of Default and BS of Damoradon Country Premiums
Economics of Floating and Fixed Interest Rates in Project Finance
Interest Rates in Different Currencies and Inflation Rates
Credit Protections and Enhancements
LLCR and PLCR Complexities and Meaning for Break Even
DSRA with DSCR and LLCR
Cash Sweep and Risk versus Return
DSRA Economics with L/C and Funded
Covenants with LLCR and Prospective DSCR
Re-Financing Analysis
Circular References: Be a Top Modeller and Not a Copy and Paster
UDF’s as the Soluton to Hitting the Wall in Project Finance
Template Circular Reference Solution – A Real Innovation in Project Finance Models
Introduction to Parallel Circular Reference Template Model
Circular Template and Simple Models
Circular Reference – Applying Template to Detailed Models
Adding Template to Models – Intermediate
Circular Reference with UDF – Basic On-Line Course
Circular Reference – Project Finance Funding
Circular Reference – DSRA
Circular References from DSRA and Cash Sweep
Circular Reference On-Line Course – Advanced UDF’s
Circular Template Technical Details Part 1: Reading Data into UDF
Structuring Contract Incentives and Penalties
General Notion of Back-to-Back Contracts
Contracts and Risk/Return Tradeoffs in Project Finance
Distortions from Contract Penalties and Efficiency
Economics of Incentives and Penalties
Analysis of Counter-Party
Incoproprating Actuals in Project Finance
Critiques of IRR by McKinsey that are B.S.
Reviewing Other Models and Laying on a Bed of Nails
Corporate Finance
Featured Corporate Finance Models
Corporate Model of Amazon and Cement to Demonstrate A-Z Modelling
Financial Model for Amazon that Begins with ROIC and Growth and Derives Value
Food and Beverage Examples with Advanced Valuation and Historic Data
Air Freight and Corporation as Portfolio of Investments
First Solar Corporate Model and Danger of High ROIC
Corporate Finance Model with New Store Analysis
Featured M&A and LBO Models
Financial Institution Analysis – Banks and Insurance
Other Corporate Models
Corporate Finance On-Line Courses
Corporate Finance Theory, Magic Potion and McKinsey B.S.
Corporate Model A-Z On-Line Course
Learning from Horrible Corporate Models
Acquiring Data for Corporate Model
Financial Statement Analysis and Calculating ROIC
Tabulating Annual Sums in Monthly or Quarterly Models
Circular References in Corporate Models
M&A On-Line Courses and Exercises
Comprehensive Acquisition Modelling Exercise
M&A Modelling Fundamentals On-Line Course
LBO On-Line Course
Pro-Forma Balance Sheet Exercise
Modelling Tax Issues in M&A
Advanced Corporate Finance and Valuation
Nuances in the DCF Model
Stable Cash Terminal Cash Flow in DCF — Working Capital, Taxes and Stable ROIC
Normalised Cash Flow in DCF Calculations – Stable Level of Capital Expenditures Consisitent with Terminal Growth
Bridge from Enterprise Value to Equity Value
Advanced Multiples and Value Driver Formula
Understanding P/E and EV/EBITDA Multiples
Biases in McKinsey Value Driver Formula Part 1 – Changes in Growth Rate
Biases in McKinsey Formula Part 2 – Inflation Distortions
Real World Problems with ROIC
Reconciliation of IRR on Single Investments with ROI for the Corporation
ROIC Issues and Measurement from Asset Impairment, Service Companies and Dispositions
Valuation and Modelling of Financial Institutions and Insurance
Complex Issues in Acquisition Analysis
Depreciation in Corporate Models
Depreciation with Different Asset Vintages and Rates Using UDF
Computing the Implied Retirements from Financial Statement Information
Economic Depreciation and Reconciling IRR with ROI
Databases & Graphs
Databases with Internet Update
Comprehensive Stock Price, Economic Variables, Commodity Prices and Exchange Rate Analysis
Comprehensive Financial Database and Scraping Financial Statement Data
Commodity Price Database Including Futures Download
Country Economic Database from FRED
Interest Rate Analysis from FRED
Using Current Currency Database For Invoices etc.
Exchange Rate with More Currencies
Database of Solar Costs
Creating Databases On-Line Course
A-Z Course on Reading and Summarising Data
On-Line Course for Creating Database from FRED
On-Line Course for Reading Stock Prices
On-Line Course for Using Webrequest Method
Advanced Issues in Creating Economic Databases
Making Flexible Graphs
Waterfall Charts (Excel 2010 and 2013)
Flexible Graphs with Index Including Spinner Blank Line Skip
Graphs and Dynamic Range Names with Offset
List Boxes and Check Boxes for Flexible Graphs Incl #NA Fix
Football Field Diagrams
Scatter Plots and Bubble Diagrams
#NA Trick and Flexible x-Scale
Multiple Check Boxes for Creating Graphs
Statistical Analysis in Finance
Forecasting and Exponential Smoothing
Autocorrelation in Excel
Budgeting Analysis
Database Analysis VBA
Cost of Capital & Risk
Equity Cost of Capital
CAPM Problems from Unobservable Data and Beta Measurement
Using a Regression of the Price to Book Ratio and ROE to Derive Cost of Equity
Using the Price to Earnings Ratio to Derive the Cost of Equity
Transferring Wealth with (Damarodan) Country Risk Premia
Credit Spread and Credit Analysis
Financial Ratios and Modelling for Credit Analysis
Implied Probablity of Default from Credit Spreads
High Credit Spreads and Stealing from Developing Countries
Weighted Average Cost of Capital
Use of Proofs in Corporate Valuation Analysis
Proof of Using Debt Net of Tax in Capital Structure and Pre-tax Interest Rate
Resolution of Tax Shield on Interest Expense in WACC
Computing Debt Beta from Credit Spreads Rather than Assuming Zero Debt Beta
Application of WACC in DCF
How to Compute Debt Beta from Credit Spreads
Scenarios with Data Tables and VBA
Fundamental of One-Way and Two-Way Data Tables
Better Data Tables with VBA
Data Tables with Goal Seek using VBA
Scenario Reporter, Tornado and Spider Diagrams
Using the Scenario Reporter
Scenario Analysis with Index and Data Table
Fundamentals of Creating a Tornado Diagram and Creating Sensitivity Analysis
Creating a Spider Diagram with a Two-Way Data Table
Advanced Tornado Diagrams and Waterfall Charts for Sensitivity Analysis
Monte Carlo Simulation
Ease of Adding Monte Carlo Simulation to Financial Models
Monte Carlo Simulation with Alternative Distributions
Time Series Equations for Monte Carlo Simulation
Correlation Between Variables in Monte Carlo Simulation
Replication of Black Scholes with Monte Carlo Simulation
Outage Analysis and Monte Carlo Simulation
Swaps, Options and Futures
Energy Analysis
Worldwide Merchant Electricity Prices
Philippines Merchant Electricity Prices: WESM
Nordpool Merchant Electricity Prices
Turkey Merchant Prices
UK Merchant Prices
German Merchant Electricity Prices
U.S. Merchant Electricity Prices
Electricity Merchant Prices from ISO’s
Australia Merchant Electricity Prices
Korea Merchant Electricity Prices
Merchant Capacity Prices
Levelised Cost of Energy and Carrying Charges
Three LCOE Methods and Seven Value Drivers
Carrying Charges Part 1 – Fundamentals
Carrying Charge Analysis Part 1 — No Debt, No Taxes, No Inflation
Carrying Charge 2 — Inflation in Carrying Charges in Renewable Energy Prices
Carrying Charges — Inclusion of Taxes in Carrying Charge Rates
Carrying Charges — Effect of Debt in Analysis
LCOE Database
Renewable Resource Analysis
Solar Financial Resource Analysis and LCOE
Solar Uncertainty Analysis
Wind Financial Resource Analysis with Power Curves
Wind P99, P90, P50 for 1-year and 10-year and Debt Sizing
Hydro Resource Analysis and Power Equation from Gravity
Hydro Analysis with Resevoir
Storage Hydro Peak Shaving
Examples of Resourse Analysis
Battery and Storage Analysis
Introduction to Battery Analysis (kWh versus kW)
Microgrid Analysis with Battery – Version 2.0
Retail Rate Analysis of Batteries and Solar
Battery Cost and Efficiency Database
Battery Analysis and Carrying Charges
Battery Analysis and Merchant Prices
Microgrid Anaysis with Battery – Version 1.0
Storage from Batteries and Ancillary Services
Marginal Cost of Electricity and Evaluation of Strategy
Short-term Marginal Cost Presentation and Analysis
Long-term Marginal Cost and Load Duration Curve
Demand Analysis and Hourly Simulation
Conversions and Heat Rates
Outage Analysis and Monte Carlo Simulation
Market Price C++ Model
Resource Analysis of Oil and Gas
Solar Roof-top On-Line Course
Excel Utilities
Read PDF to Excel
Using Read PDF
Union UDF & Master List
Technical Details
A-Z Case 1
A-Z Case 2
Generic Macros File (Colouring and Copy to Right)
Using Generic Macros
Technical Details
Sheet Name Remove
External Link Find
Delete Blank Row
Interpolate-Lookup Function
UDF Functions for Financial Models
Payback UDF
Sum #NA etc.
XMIRR UDF
Volatility UDF
Depreciation Vintage UDF Function
End of Quarter UDF
Dynamic Goal Seek
Spinner Boxes, Dropdown Boxes and Other Forms
Useful Short-Cuts and Creating Your Own Short-cuts
Table of Contents Marco with Hyper Links
Clean Data Extracted from SEC Website
Cases etc.
Case Studies of Failed Project and Corporate Finance Investments
Dabhol – IPP Analysis and Project Finance
Corporate Finance Case Study – First Solar in 2010
Project Finance Model Case Study and Completing a Model in Two Hours
Housing Values, Loans and Structured Finance in U.S. Housing Crisis
Petrozuata – Oil Project Finance
Expert Testimony
Cost of Capital Testimony
Testimony on Cost of Service and Rate Design
Generation Companies
Forecasting and Statistical Analysis
Testimony on Productivity
Testimony on Project Finance
New Book
Slides Used in Project Finance and Corporate Finance Analysis
Courses
Overview of Courses
Financial Modelling Courses
Project Finance and Corporate Finance Theory
Energy Courses
University PPP Examples