Edward Bodmer – Project and Corporate Finance
Resolving BS in 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
Multiple SPV’s for Roof-top Solar and Real Estate
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 Project Finance (Mining, Oil, Agriculture)
Mining Models
Downstream Oil and LNG
Agriculture Project Finance
Upstream Oil Project Finance Models
Project 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
Building a Finance Model
Revised A-Z Project Finance Modelling
Original A-Z (More Basic) Project Finance Modelling
Construction Analysis and EPC
Operating Tax, Depreciation and Currency Adjustments
Expiration of NOL in Project Finance
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
Working Capital in Project Finance
Project Finance Model Funding and Sculpting Exercise
Sculpting with Multiple Debt Issues – Size from DSCR
Setting-up Debt Page with Multiple Issues Using SUMIF
One Sculpted Debt Issue and Other Non-Sculpted Issues with Fixed Repayment
Multiple Debt Issues All Sculpted — Part 1
Multiple Debt Issues All Sculpted — Part 2
Separation into Balloon Payment and Sculpting
Sculpting with Debt from Debt to Capital, Changing DSCR
Sculpting with Fixed Debt and Changing DSCR — Simple Case
Sculpting with Fixed Debt – Goal Seek and Data Table Method
Sculpting with Fixed Debt and Changing DSCR – User Defined Function
Debt Sculpting with Multiple Debt Issues, Fixed Debt and Changing DSCR to Meet Average Debt Life
Sculpting in Project Finance — 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 in Project Finance — Part 2
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
Actuals, Model Review, Monthly Modelling, Currency Adjustment
Incorporating Actuals in Project Finance
Reviewing Project Finance Models and Laying on a Bed of Nails
Currency Adjustments, Taxes and Debt
Monthly Model with Semi-Annual Debt Service
Developer Cost and Development Fee Theory and Analysis
Development Cost Analysis
Learning Crimes from Horrible Models
Structuring Debt in Project Finance
Project Finance Theory
Introduction to Structuring Issues; Screw the Blah, Blah, Blah
Debt Sizing
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
Development Fees, Profit Sharing and Theory
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 and BS of Damoradon Country Premiums
ECA Financing, Premium and Debt IRR
Economics of 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
Re-Financing Analysis
Circular Reference and Pain Points
Solving the Pain Points in Project Finance Modelling
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
Circular References from DSRA and Cash Sweep
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 Model with Fixed Flip Date (Generally for Solar Projects)
Yield Based Flip and Partnership Allocation ( Wind Projects)
Detailed Model with Periodic Cash Flows
Wind Projects and PAYGO
Capital Accounts, DRO’s, Leases
Inside Capital Account (704(b))
Outside Basis (Tax Basis)
Non-Recourse Debt and Minimum Gain
Inverted Lease
Equity Distribution, Developer Incentive, IRR Issues
Performance Incentives for Developers
IRR is not B.S
McKinsey Critique of IRR is B.S.
Overview of 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
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
Torture Chamber Financial Modelling Interviews
Corporate Finance
Featured Corporate Finance Models
M&A and LBO Concepts and Featured Models
Corporate Models of Crisis, Amazon and A-Z Modelling
Financial Model Beginning with ROIC and Growth to Derive Value
Food and Beverage Examples with Advanced Valuation and Historic Data
Air Freight and Corporation as Portfolio of Investments
Financial Institution Analysis – Banks and Insurance
First Solar Corporate Model and Danger of High ROIC
Other Corporate Finance Models (New Store Analysis and Construction)
Other Corporate Models
Building a Corporate Model
Corporate Finance Theory, Magic Potion and McKinsey B.S.
A-Z Step by Step Corporate Model with Theory and Mechanics
Overview of Corporate Model Theory and Practice
Acquiring Data for Corporate Model
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
Corporate Model Basic A-Z On-Line Course
Learning from Horrible Corporate Models
Tricky Problem of Computing NOL with Expiration After Given Period
Tabulating Annual Sums in Monthly or Quarterly Models
Problems with Models and Valuation
Problem 1 – Boring vs Start-up and New Economy
Retrieve Data for Historic Analysis (SEC Method)
Problem 2 – ROIC Measurement and Interpretation
Reconciliation of IRR on Single Investments with ROI for the Corporation
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 with Different Asset Vintages and Rates Using UDF
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 and Growth
Stable Terminal Cash Flow in DCF — Working Capital, Taxes and ROIC
Normalised Cash Flow in DCF Calculations – Stable Level of Capital Expenditures Consisitent with Terminal 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
Biases in McKinsey Value Driver Formula Part 1 – Changes in Growth Rate
Biases in McKinsey Formula Part 2 – Inflation Distortions
Use of Proofs in Corporate Valuation Analysis
M&A On-Line Courses and Exercises
M&A Theory and Analysis
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
Complex Issues in Acquisition Analysis
Circular References in Corporate Models
Hellish Corporate Modelling Interviews
Databases
Databases from Internet with Automatic Updates
Stock Price Database
Comprehensive Financial Database
Commodity Price Database Including Futures Download
Country Economic Database from FRED
Interest Rate and Credit Spread Analysis from FRED
Using Current Currency Database For Invoices etc.
Purchasing Power Parity Database and Exchange Rates
Database of Solar Costs
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 Measurment
Country Risk Premia (Damodaran)
Equity Cost of Capital
Introduction to Cost of Capital Measurement and CAPM Problems
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
Weighted Average Cost of Capital
Debt Beta from Credit Spreads Rather than 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
Ease of Adding Monte Carlo Simulation to Financial Models
Brownian Motion and Mean Reversion
Monte Carlo Simulation with Alternative Distributions
Mean Reversion and Time Series Equations
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
Hydrogen 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
Four Levelised Cost Methods
Three LCOE Methods and Seven Value Drivers
Replacement Cost and LCOE
Carrying Charge Analysis Part 1 — No Debt, No Taxes, No Inflation
Carrying Charges Part 1 – Fundamentals
LCOE Database
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
Battery and Storage Analysis
Introduction to Battery Analysis (kWh versus kW)
Battery as Merchant Peaker
Microgrid Analysis with Battery – Version 2.0
Retail Rate Analysis of Batteries and Solar
Battery Analysis and Carrying Charges
Battery Characteristics
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
Mini Grid and Solar Rooftop
Microgrid Demand and Supply
Battery and Solar Home Systems versus Kerosene
Solar Roof-top On-Line Course
Analysis of Upstream Oil and Gas
Production Sharing Agreements
Reserve Based Loans
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)
Formatting Sheets (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
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
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
Finding Circular References
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
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