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PPP/P3/Infrastructure Financial Modelling and Transaction Analysis - Training course APAC

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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 Corality’s best practice modelling methodology, SMART, 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

Corality’s project finance modelling courses are run publically in a number of cities across the globe.. Some of the courses include Advanced Project Finance Modelling in Singapore, Hong Kong and Manila.

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

Financial modelling tutorials – a free resource library

For free financial modelling resources visit the SMART Campus. The extensive library full of analytical insights will help you to reduce risk in your models.

Corality’s project finance modelling courses are run publically in a number of cities. Some of the more popular locations and courses include best practice project finance modelling in Sydney, Advanced Project finance modelling in New York, and London financial modelling courses. For an extensive list, see Corality’s training courses and schedules.

What is financial modelling and how can you learn more?

For a deeper understanding of Corality’s approach to financial modelling and SMART, we recommend reviewing and downloading some of our financial modelling tutorials from the SMART Campus. Many of the free examples are inspired by content from our training courses in financial modelling and project finance, and from Valuation modelling and theory.

Visit SMART Campus – financial modelling examples

The SMART Campus, Corality’s library of project finance and modelling tutorials, holds a range of Project Finance related examples, such as the DSRA, LLCR, and DSCR.

Visit Corality SMART Campus.

Course outline

Day 1

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

  • Learn to work with the powerful and easy to follow SMART best practice 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 2

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 3

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 of 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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