Type or paste a DOI name into the text box. A comprehensive review of the main mba project on equity analysis pdf finance assumptions. Through building models in a hands-on environment, you will be better able to quantify risks of different types of projects and to use models to design the best debt, equity and contractual structure.
The program includes different kinds of risk analysis and presentation of summary statistics. Additionally, you will learn how to use advanced techniques to resolve circular references associated with funding of a project and debt sculpting that use VBA functions rather than macros. A laptop computer, equipped with Microsoft Excel, is required for this program. It is necessary that participants bring their own laptop, or if requested, a laptop can be provided at an additional charge. Project Modeling in Excel is a three-day program, divided into seven modules in total. The outline below presents teaching objectives, lectures and case work in each of the different modules.
An optional extra Excel session is available for participants who do not routinely use Excel in their day-to-day work. The objective of this session is to assure that all participants become familiar with the Excel tools needed to be able to work comfortably on the class exercises. The optional Excel session will cover short-cut keys, use of forms, one-way and two-way data tables, and three-key Excel functions. This optional session will take place at AIF on the evening prior to the first day of the program, from 5. The Project Modeling with Excel program begins with introductory comments about the skills and general objectives in project finance modeling with an emphasis on the difficulty in measuring and valuing risk.
After the introductory discussion, participants begin work on construction of a flexible, structured, accurate and transparent project finance model. The second module addresses the theory and practice of risk analysis in project finance models. Different risks that are affected by historic record, mean reversion, volatility, resource risk and political risk are discussed. This is followed by addressing appropriate downside cases for credit analysis. Most of the time for this session is spent demonstrating how to construct scenario analysis, sensitivity analysis and Monte Carlo simulation. As project finance is a type of debt, the third module addresses various theoretical and practical issues related to debt financing in general and project debt in particular.
Subjects included are setting up a debt schedule, debt sculpting, flexible debt terms, debt capacity, debt structure and credit measures. The fourth module of the program addresses the details of project finance models including funding structure during construction, interest during construction, bond financing and various other exercises relevant to financing during construction in project finance models. The fifth module moves from debt structuring to risk analysis. The principal issue addressed is how to model a cash flow waterfall where different instruments such as cash flow sweeps reserve accounts and covenants are used to protect senior debt service. The sixth module completes the project finance model through inclusion of a profit and loss statement and computation of income taxes.
Given the income, a balance sheet is computed to verify calculations in the model. Finally, the LLCR, PLCR and the average debt life are computed. The final module completes the project finance analysis through inclusion of valuation section that reflects the changing risk of a project over time and the potential upside from re-financing of a project. Project Modeling in Excel targets financial professionals involved in evaluating the economics of energy, infrastructure, real estate and other projects. Bankers, developers, financial advisors, consultants, investors, managers and others interested in creating models or simply understanding how to interpret models created by others can benefit.
For a broader understanding of the field, the program can be taken in conjunction with AIF’s Project Finance program. Project Modeling in Excel is a hands-on program that will be conducted using numerous exercises in Excel. All participants are required to have a solid, basic knowledge of Excel prior to attendance. An optional extra Excel session is available for participants who do not regularly use Excel in their day-to-day work. This optional session will take place at AIF on the evening prior to the first day of the program, from 17.
Edward Bodmer Edward Bodmer teaches a number of modeling courses and is a consultant who specializes in financial analysis and modeling. He is a former banker and has taught courses for major corporations and financial institutions around the world for many years. Program fee includes all study materials, books and software that are required for the program as well as daily luncheons. Program fee is exempt from VAT for clients located in the Netherlands. For other EU and Non-EU clients, VAT may be due by client and will not be charged by AIF. Fees may be subject to change. September 2017 session would recommend the Project Modeling in Excel program to their colleagues.
This course helps you to improve you models and makes them more stable, which in turn helps you to make better investment decisions. A good explanation of project finance issues through direct application to Excel so that concepts are also captured by non-professionals in project finance. Leaders in Finance Education Amsterdam Institute of Finance is a global financial training institute for finance and other professionals. AIF operates as a self-funded and not-for-proﬁt foundation.
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