Edward Bodmer – Project and Corporate Finance
Resolving BS in Project 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
Hydro Project Finance Models
Infrastructure (Toll Roads, Bridges, Air, Sea & Bus Ports)
Toll Road Project Finance
Sea Port Models
Airport Project Finance Models
Real Estate (Hotels, Buildings, Mixed Developments)
Hotel Project Finance
Commercial Real Estate and Lease Roll
Residential Real Estate Modelling
Mixed Development and Portfolios of Projects
Collateral Debt Obligations and Other
Resource (Mining, Oil, Agriculture)
Mining Models
Downstream Oil and LNG
Agriculture Project Finance
Upstream Oil Project Finance Models
PPP’s (Perpetual Pending Projects)
Value for Money Analysis
Other PPP Examples (Parking and Street Lights)
University PPP Examples
Other (Paper, Manufacturing, Storage, Shipping)
Manufacturing Project Finance
Project Finance Credit Analysis Examples
Torture Chamber Financial Modelling Interviews
What to Do and Not to Do
Unreasonable Exams
Combatting Modelling Arrogance
Rate Base and Merchant Market Exams
Building a Finance Model
Project Finance Links and Guide
A-Z Project Finance Modelling & Guide
Original A-Z (More Basic) Project Finance Modelling
Construction Analysis and EPC
Operating Tax, Depreciation and Currency Adjustments
Debt Service Reserve Accounts
Cash Flow Waterfall and Financial Statements
Modelling Religion, Criminal Behaviour and Time Lines
High Crimes in Project Finance Modelling
Flexible Timelines in Project Finance Models
Audit Tests in Project Finance Models
Structure and Setting-up Order of Modules
Sheet Structure in a Financial Model
Transparent Formulas in Project Finance Models
Model Audits
Expiration of NOL in Project Finance
Working Capital in Project Finance
Learning Crimes from Horrible Models
Structuring Debt in Project Finance
Structuring Guide No Blah, Blah, Blah
Project Finance Theory
Debt Sizing
Different Debt Size – Cash Flow (P90/P50), Debt/Cap
Debt Sizing Philosophy and Debt/Cap vs DSCR
Debt Sizing and Cost Padding with Debt/Capital Constraint
Taxes, Step-up Margins and Other Debt Sizing Issues
Debt Funding
Funding of Construction: Pro-Rata versus Equity Up-Front
Pre-COD Operating Cash Flow
Equity Bridge Loans (EBL)
IDC on Subordinated Debt and Project Cost
Debt Repayment
Sculpted, Annuity and Equal Installment Economics
Repayment and Multiple Tier Capacity Payment
Reverse Sculpting with O&M Contracts
Ballon Payments and Sinking Funds
Interest Rates and Fees
Theory of Credit Spreads in Project Finance
Implied Probability of Default
ECA Financing, Premium and Debt IRR
Floating and Fixed Interest Rates in Project Finance
Interest Rates in Different Currencies and Inflation Rates
Credit Protections
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
Modelling Defaults with Senior and Sub Debt
Re-Financing Analysis
Mini-Perms and Re-financing
Developer Cost, Development Fee, EBL
Development Cost Analysis
Development Fees, Profit Sharing
Actuals, Model Review, Currency, Funds
Incorporating Actuals in Project Finance
Reviewing Models or Laying on a Bed of Nails
Currency Adjustments, Taxes and Debt
Monthly Model with Semi-Annual Debt Service
Debt Sculpting in Project Finance
Sculpting in Project Finance — Part 1
Sculpting Basics – Non-Constant Interest Rates
Debt to Capital Constraint and Constant DSCR
Sculpting and Grace Period
Taxes in Sculpting and Circularity
Multiple Issues and Multiple Currencies
Sculpting in Project Finance — Part 2
Sculpting and Debt Fees with DSRA L/C Fees
Interest Income on the DSRA and Sculpting
DSRA Cash Flow Movement and Sculpting
Sculpting With Multiple Issues
Sculpting with Multiple Issues
Separation into Balloon Payment and Sculpting
Sculpted and Fixed Repayment Issues
Multiple Issues Using SUMIF
Sculpting with Debt to Capital, Changing DSCR
Sculpting Fixed Debt, Changing DSCR — Simple Case
Sculpting Fixed Debt, Goal Seek and Data Table
Fixed Debt,Changing DSCR – User Defined Function
Multiple Debt Issues, Fixed Debt, Changing DSCR Average Debt Life
Funding and Sculpting Exercise
MRA, Revolver, Negative Repayment
Circular Reference and Pain Points
Solving the Pain Points in Project Finance Modelling
Suite of Circular Reference Solutions
Circular Reference with UDF – Basic On-Line Course
Implementing the Parallel Model
Philosophy of Circular References
Writing Your Own UDFs for Circular References
Circular Reference – DSRA
UDF for Simple IDC
Technical Details of Working with the UDF
Adjusting Equations and Variables in the Parallel Model
Adjusting Reports in Parallel Model
Reading Data into UDF
Template Circular Reference Solution
Pre-COD Financing Issues with UDF
Multiple Debt Issues with UDF
Complex Sculpting and Sizing Issues with UDF
Tax Equity Partnerships and Leases
A-Z Tax Equity Modeling
Tax Equity Overview and Strategy
Tax Equity Model with Fixed Flip Date
Yield Based Flip and Partnership Allocation
Detailed Model with Periodic Cash Flows
Wind Projects and PAYGO
Tax Equity Financing with Bridge Loan and Back Leverage
Sale Leasback
Inverted Lease
Capital Accounts, DRO’s, Leases
Inside Capital Account (704(b))
Outside Basis (Tax Basis)
Deficit Reduction Obligation
Non-Recourse Debt and Minimum Gain
Equity Distribution, Developer Incentive, IRR Issues
Performance Incentives for Developers
IRR is not B.S
McKinsey Critique of IRR is B.S.
IRR Mathematics and MIRR Problems
Resolution of Problems with IRR
IRR with Changing Discount Rates and Assumed Sale
Payback Period
Alternative to IRR – Weighted Average ROIC
Portfolios (Multiple SPV’s and Leases)
Overview of Creating Portfolio
Macros for Consolidating Projects
Lease Analysis
Creating a Master Database
Financing the Consolidated Portfolio
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
Project Finance Theory and Marriage Contracts
Corporate Finance
My Book: Finance Theory Problems and Climate Change
Featured Corporate Finance Models
M&A and LBO Concepts and Featured Models
Corporate Models of Crisis, Amazon and A-Z Modelling
Model from ROIC and Growth to Derive Value
Food and Beverage with Advanced Valuation
Air Freight and Corporation as Portfolio of Investments
Financial Institution Analysis – Banks and Insurance
First Solar Corporate Model and Danger of High ROIC
New Store Analysis and Construction Company
Other Corporate Models
A-Z Step by Step Corporate Model
Overview of Corporate Model Theory and Practice
Computation of ROIC After Bringing In Data to the Model
Assumptions Section of Corporate Model
Structure of a Corporate Model
Structuring Valuation in Corporate Model
Converting Standalone Model to Acquisition Model
Hellish Corporate Modelling Interviews
Building a Corporate Model
Corporate Finance Theory and Magic Potion
Case Study on Corporate Model
Corporate Model Basic A-Z On-Line Course
Learning from Horrible Corporate Models
Computing NOL with Expiration
Annual Sums in Monthly or Quarterly Models
M&A Courses and Exercises
M&A Course Exercise Files
M&A Theory and Analysis
Comprehensive Acquisition Modelling Exercise
LBO On-Line Course
Pro-Forma Balance Sheet Exercise
Modelling Tax Issues in M&A
Complex Issues in Acquisition Analysis
Retrieve Data for Historic Analysis (SEC Method)
Acquiring Data for Corporate Model
Union Function (UDF)
Union Function 1
Problems with Models and Valuation
Problem 1 – Boring vs Start-up and New Economy
Problem 2 – ROIC Measurement and Interpretation
Reconciliation of IRR on Investments with Corporate ROI
Valuation and Modelling of Financial Institutions and Insurance
ROIC Issues and Measurement from Asset Impairment, Service Companies and Dispositions
Problem 3 – Depreciation and Changing Growth
Depreciation, Asset Vintages and Rates
Depreciation in Corporate Models with Changing Growth
Economic Depreciation and Reconciling IRR with ROI
Problem 4 – Application of Multiples
Understanding P/E vs EV/EBITDA Multiples
Using the Value Driver Formula to Access Value
Problem 5 – Normalised Terminal Cash Flow
Stable Terminal Cash Flow in DCF — Working Capital, Taxes and ROIC
Normalised Cash Flow in DCF Growth
Bridge from Enterprise Value to Equity Value
Partial Year Discounting and Timing in DCF Analysis
Problem 6 – Value Drivers and Terminal Value
Terminal Value, Fade Period and Multiples
Bias in McKinsey Value Driver Formula – Change in Growth
Biases in McKinsey Formula Part 2 – Inflation Distortions
Use of Proofs in Corporate Valuation Analysis
Circular References in Corporate Models
Databases
Comprehensive Financial Analysis
Guide for Implementing Financial Database
Database for Historical Financial Statement
Adding Ratios to Financial Analysis Page
Search Results
Valuation Ratios and Projected Earnings
Example with Saudi Stocks
Stock Price Database
Commodity Price Database Including Futures Download
Interest Rate and Credit Spread Analysis from FRED
Country Economic Database from FRED
Database of Solar Costs
Other Database and Retrieval
Using Current Currency Database For Invoices etc.
Purchasing Power Parity Database and Exchange Rates
Mechanics of Creating Databases that Retrieve Data
A-Z Course on Reading and Summarising Data
On-Line Course for Creating Database from FRED
Technical Details for Reading Stock Prices into a Database
On-Line Course for Using Webrequest Method
Advanced Issues in Creating Economic Databases
Finding Data with Range Names in Same Path
Statistical Analysis in Finance
Excel Forecasting and Exponential Smoothing
Autocorrelation in Excel
Budgeting Analysis and Pivot Tables
Database Analysis VBA
Risk Measurement
Country Risk Premia (Damodaran)
Country Risk Analysis
Nestle Country by Country Cost of Capital
Soveriegn Debt and Local Debt
Implied Default Probability and Actual Probability
Equity Cost of Capital
General Cost of Capital Principles
Introduction to CAPM Problems
CAPM Problems – Rf
Beta Analysis in CAPM
EMRP Issues in CAPM
Implied Cost of Capital from Cash Flow Analysis
Price to Book Ratio to Derive Cost of Equity
Deriving from Price to Earnings
Other Sources for Cost of Capital
Mean Reversion of Stock Returns
Weighted Average Cost of Capital
Debt Beta from Credit Spreads Instead of Assuming Zero Debt Beta
Proof of Valuation Using Ku or WACC without Interest Tax Shield
Resolution of Tax Shield on Interest Expense in WACC
WACC Adjustment to Correct Valuation of Tax Shields
Credit Spread and Credit Analysis
Credit Analysis and Financial Modelling
Monte Carlo and Credit Analysis
Credit Analysis and Corporate Models
Implied Probablity of Default from Credit Spreads
Merton Model and Credit Analysis in Project vs Corporate Finance
Return on Risk Adjusted Capital for Banks (RORAC)
High Credit Spreads and Stealing from Developing Countries
Monte Carlo Simulation
Adding Monte Carlo Simulation to Models
Time Series Distributions and Volatilty
Mean Reversion and Time Series Equations
Monte Carlo Simulation with Alternative Distributions
Correlation Between Variables in Monte Carlo Simulation
Replication of Black Scholes with Monte Carlo Simulation
Outage Analysis and Monte Carlo Simulation
Cases, Book etc.
Testimony on Energy and Finance Issues
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 of Solar
Housing Values, Loans and Structured Finance in U.S. Housing Crisis
Petrozuata – Oil Project Finance
New Book
Slides Used in Project Finance and Corporate Finance Analysis
Swaps, Options and Futures
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
Energy Analysis
Renewable Resource Analysis (Solar, Wind, Hydro)
Solar Financial Resource Analysis and LCOE
Solar Uncertainty Analysis (P90, P95 etc.)
Wind Financial Resource Analysis with Power Curves
Wind P99, P90, P50 (1-year, 10-year) and Debt Sizing
Wind Power and Merchant Prices
Hydro Resource Analysis and Power Equation from Gravity
Storage Hydro Peak Shaving
Analysis of Actual Variation in Hydro, Wind and Solar Production
Biomass and Biogas Analysis
Worldwide Merchant Electricity Prices
Nord Pool Merchant Electricity Prices
Philippines Merchant Electricity Prices: WESM
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
Introduction: Four Methods
Lazard LCOE Reconciliation
LCOE and Value Drivers
Real Levelised Cost and Inflaton
Levelised Cost and Degradation
Levelised Cost and Taxes
Levelised Cost and Capital Replacements
Levelised Cost and Construction Timing
Levelised Cost and Debt Financing
LCOE Database
Battery and Storage Analysis
Introduction to Battery Analysis (kWh versus kW)
Battery as Merchant Peaker
Retail Rate Analysis of Batteries and Solar
Battery Analysis and Carrying Charges
Battery Characteristics
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
Analysis of Upstream Oil and Gas
Production Sharing Agreements
Reserve Based Loans
Hydrogen Analysis
Overview of Hydrogen
Storage, Compression, Dispensing and Distribution Cost
Vehicle Analysis with Hydrogen versus Other Energy
Hydrogen in the Context of Electricity System
Mini-Grid
Mini-Grid A-Z Model
Microgrid Anaysis with Battery – Version 1.0
Microgrid Analysis with Battery – Version 2.0
Solar Roof-top On-Line Course
Battery and Solar Home Systems versus Kerosene
Microgrid Demand and Supply
Mini Grid and Solar Rooftop
Solar, Battery, Hydrogen Course
Excel and VBA
Heavy Financial Models
Read PDF to Excel
Using Read PDF
Union UDF & Master List
VBA Explanation
European Numbers
A-Z Case 1
A-Z Case 2
Generic Macros File (Colouring and Copy to Right)
Coloring and Formatting (CNTL,ALT,C)
Copy to the Right (SHIFT,CNTL,R)
Finding No Dependent and Transfers
Additional Short-Cuts
Re-setting your Model
Sheet Name Remove
External Link Find
Delete Blank Row
VBA Explanations
Formula Evaluation with ALT, u
UDF Functions for Financial Models
Payback UDF
Sum #NA etc.
Maxif and Minif
XMIRR UDF
Volatility UDF
Depreciation Vintage UDF Function
Find Month
End of Quarter UDF
Dynamic Goal Seek
Repayment Function..Varying Rates
Match with Partial Titles
Resolving Millions, Billions in MarketWatch
Interpolate-Lookup Function
Spinner Boxes, Dropdown Boxes and Other Forms
Useful Short-Cuts, Creating Your Own Short-Cuts, Macros
Table of Contents Marco and Hyper Link Macros
Goal Seek Macro – Your First
Adding UserForms
Finding Circular References
CNTL TAB Fix
Scenarios & Graphs
Data Tables
Basic Data Tables
Better Data Tables with VBA
Data Tables and Goal Seek
Scenarios
Index/Data Table Scenarios
Scenarios and Spinners
Using Scenario Reporter
Tornado and Spider Diagrams
Tornado Fundamentals
Advanced Tornadoes
Spider Diagrams
Dynamic Graphs
Index and Spinner Blank Skip
#NA Trick and Flexible x-Scale
Offset and Dynamic Ranges
List Boxes, Check Boxes, #NA Fix
List Boxes and Multiple Series
Fixing #N/A Multiple Series
Multiple Check Boxes
Waterfall Chart Templates
Scatter Plots and Bubble Diagrams
Football Field Diagrams
Graphing Step Changes
Course
Project Finance Theory and Contracts
Exercises for Project Finance Modelling Class
Exercises for Renewable Energy Course
Exercises for Modelling Tax Equity
Exercises for Electricity Analysis
Modelling for Adaption and Mitigation of Climate Change
Burton Sensors Case and Corporate Finance
Development Fees, Profit Sharing and Theory