PPP/P3/Infrastructure Financial Modelling and Transaction Analysis (APAC)

3 day duration

PPP/P3/Infrastructure: Financial modelling and transaction analysis will enable you to develop flexible and transparent models for PPP/P3 infrastructure projects such as toll roads, rail and social infrastructure. Tailored to Asia Pacific.

PPP/P3 project structures, this course will provide modelling techniques required for investors, sponsors, developers and bankers.

Case study – PPP/P3: practical financial modelling workshop

With the use of a real-life case study, you will have hands-on experience in how to go from a blank Excel workbook to a successfully executed P3/PPP transaction model. Using the Forvis Mazars Financial Modelling methodology, you will gain a deep understanding of funding structures, debt mechanics, risk metrics, cash flow waterfalls and essential scenario analysis.

This financial modelling course will enable you to:

  • Develop skills to take a blank spreadsheet to financial close of a PPP/P3 transaction
  • Understand typical VBA applications for PPP/P3
  • Learn flexible modelling techniques for debt analysis, covenants, financial statements and investment metrics
  • Master transparent and flexible modelling with a focus on professionally styled analysis for communication
  • Implement a powerful framework for scenario analysis in investment, structuring and risk analysis
  • Understand the financial modelling implications of industry metrics, funding mechanics, risk analysis and legal structures

Do you build/analyse PPP/P3 Infrastructure project finance models?

If you need to build, review or analyse project finance models within the of PPP/P3 infrastructure sector, this course is for you. Typical attendees include to investors, sponsors, developers, and bankers working with Asia Pacific projects structures.

Required knowledge: Excel, Finance and the PPP/P3 Infrastructure sector

It is expected that participants have a previous exposure to Excel in a financial modelling context and foundation knowledge of investment concepts such as NPV and cash flows.

Learn the basics of project finance

For a fundamentals course in project finance, take Project Finance: Concepts & Applications

Best practice financial modelling courses

Forvis Mazars project finance modelling courses are delivered in cities across the globe. Some of the courses include Advanced Project Finance Modelling in Singapore, Hong Kong, Tokyo and Manila.

To see a full list of Forvis Mazars training courses go to the training portfolio and the training schedule shows you a list of all the upcoming courses in your region.

The Online Resources section of our website contains a substantial collection of free downloads and tutorials in financial modelling, webinars and blogs. Covering essential topics include NPV modelling and analysis, debt service reserve accounts, terminal value modelling and Excel shortcuts PDF Download– you will have hours and hours of free learning.


Course Agenda

Day One

Master proven techniques for best practice modelling resulting in better models built faster

  • Learn to work with the powerful and easy to follow Forvis Mazars Financial Modelling methodology
  • Discuss and identify good vs. bad modelling techniques using real-life examples
  • Greatly increase consistency amongst your team in calculation technique and presentation

Discuss the life-cycle of a PPP model, from screening and structuring to financial close

  • Learn the various structural phases of a PPP. Understand when to use which phase
  • Build your understanding of the building block components, key details and challenges of a transaction model
  • Understand the design flow of the model builder, learn how to know where to go next
  • Discussion around the multiple parties involved in a PPP and their roles (technical advisors, tax & accounting advisors, financial advisor, D&C contractors, O&M contractors, etc.)

Develop a model structure that is robust and scalable that can evolve with a typical PPP transaction

  • Establish key constants in the model using full scope of Excel range name function
  • Build a flexible timing structure using appropriate date functions and binary flags
  • Construct modularised units that form the building blocks of a professional model including (but not limited to):
    • Availability payment structures (quarterly service payments for X number of years)
    • Operational and maintenance expenses including fixed and variable items
    • Escalation

Understand the structure of cashflow waterfalls and the importance of ‘seniority’

  • Focus on how to calculate Cash Flow Available for Debt Service
  • Learn how to layout line items in an efficient and easy to communicate way

Day Two

Integrate project finance term (operational) debt

  • Walk through of term debt structuring and sculpted repayment through first principles
  • Discussion of linear, annuity and bullet repayment structures in PPP
  • Develop a Debt Service Reserve Account from first principles

Construct and analyse debt facilities for credit or investment decisions

  • Learn the importance of credit ratios and their purposes in analysis
  • Build commonly used ratios in banking and finance from first principles
  • Extract key metrics from ratios using a range of advanced Excel functions

Calculate key returns results and understand the role of dividends policy

  • Integrate IRR and NPV, understand role of the discount rate
  • Learn differences between, IRR and XIRR, NPV and XNPV functions and common errors in their application

Day Three

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

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 the debt components into integrated statements

Utilise, identify and resolve common VBA issues in debt sizing for a PPP transaction

  • Understand the different types of circular references and how to break them using VBA
  • Dual factor optimisation to achieve the target maturity date
  • Discuss the mechanics between debt parameters, equity returns, and service payments

Use advanced Excel techniques for rapid and accurate multi-dimensional sensitivities

  • Produce geared and ungeared tax calculations to analyse the value of interest tax shelter
  • Explore surfaces of dual variables as they impact upon a key metric
  • Use VBA to control data tables so they do not adversely affect calculation speed

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