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Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed.
Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to:
* Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis;
* Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros;
* Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital;
* Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins;
* Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements.
Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field.
Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed.
Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is what bridges the gap from model to value. This book allows readers to gain a true mastery of the principles underlying financial modeling and valuation by helping them to:
* Develop flexible and accurate valuation analysis incorporating cash flow waterfalls, depreciation and retirements, updates for new historic periods, and dynamic presentation of scenario and sensitivity analysis;
* Build customized spreadsheet functions that solve circular logic arising in project and corporate valuation without cumbersome copy and paste macros;
* Derive accurate measures of normalized cash flow and implied valuation multiples that account for asset life, changing growth, taxes, varying returns and cost of capital;
* Incorporate stochastic analysis with alternative time series equations and Monte Carlo simulation without add-ins;
* Understand valuation effects of debt sizing, sculpting, project funding, re-financing, holding periods and credit enhancements.
Corporate and Project Finance Modeling provides comprehensive guidance and extensive explanation, making it essential reading for anyone in the field.
EDWARD BODMER is an experienced financial and economic consultant, trainer, and lecturer. He has conducted many training programs around the world to both large corporations and public programs that have covered project finance, corporate finance, energy analysis, and mergers and acquisitions. Formerly, Bodmer was the Vice President at the First National Bank of Chicago, where he directed analysis of energy loans and also created financial modeling techniques used in advisory projects.
Acknowledgments xxiii
PART I FINANCIAL MODELING STRUCTURE AND DESIGN: STRUCTURE AND MECHANICS OF DEVELOPING FINANCIAL MODELS FOR CORPORATE FINANCE AND PROJECT FINANCE ANALYSIS
CHAPTER 1 Financial Modeling and Valuation Nightmares: Problems That Financial Models Cannot Solve 3
CHAPTER 2 Becoming a Black Belt Modeler 9
CHAPTER 3 General Model Objectives of Structuring Transactions, Risk Analysis, and Valuation 13
CHAPTER 4 The Structure of Alternative Financial Models 17
CHAPTER 5 Avoiding Bad Programming Practices and Creating Effective Auditing Processes 41
CHAPTER 6 Developing and Efficiently Organizing Assumptions 55
CHAPTER 7 Structuring Time Lines 67
CHAPTER 8 Projecting Revenues, Expenses, and Capital Expenditures to Derive Pretax Cash Flow 85
CHAPTER 9 Moving from Pretax Cash Flow to After-Tax Free Cash Flow 91
CHAPTER 10 Adding Debt to a Corporate or Project Finance Model by Programming Cash Flow Waterfalls 113
CHAPTER 11 Alternative Calculations of Equity Distributions 131
CHAPTER 12 Putting Together Financial Statements and Calculating Income Taxes 139
PART II ANALYZING RISKS WITH FINANCIAL MODELS: SENSITIVITY ANALYSIS, SCENARIO ANALYSIS, BREAK-EVEN ANALYSIS, TIME SERIES, AND MONTE CARLO SIMULATION
CHAPTER 13 Risk Assessment: The Centerpiece of All Valuation, Contracting, and Credit Issues in Finance 149
CHAPTER 14 Defining, Describing, and Assessing Risk in a Risk Allocation Matrix 159
CHAPTER 15 Presentation of Risk Analysis through Adding Sensitivity Analysis to Financial Models 165
CHAPTER 16 Using Financial Models to Establish Break-Even Points for Key Input Variables with Data Tables 185
CHAPTER 17 Constructing Flexible Scenario Analysis for Risk Assessment 207
CHAPTER 18 Generating Tornado Diagrams, Spider Charts, and Waterfall Graphs 231
CHAPTER 19 Adding Probabilistic Risk Analysis and Time Series Equations to Financial Models 253
CHAPTER 20 Taking the Mystery out of Applying Time Series Analysis and Monte Carlo Simulation in Financial Models 263
CHAPTER 21 Constructing Probability Distributions with Trends, Mean Reversion, Price Boundaries, and Correlations among Variables 277
CHAPTER 22 The Difficult Problem of Estimating Volatility, Mean Reversion, Time Trends, Correlations, and Price Boundaries from Historical Data or Market Data 295
PART III ADVANCED CORPORATE MODELING: MODELING TERMINAL VALUE WITH STABLE RATIOS IN THE DISCOUNTED CASH FLOW MODEL, DERIVING IMPLIED MULTIPLES, AND COMPUTING THE BRIDGE BETWEEN EQUITY VALUE AND ENTERPRISE VALUE
CHAPTER 23 Overview of Issues When Computing Normalized Cash Flow and Terminal Value 307
CHAPTER 24 Computing the Return on Invested Capital for Historical and Projected Periods in Corporate Models 313
CHAPTER 25 Calculation of Invested Capital 321
CHAPTER 26 Complex Items in Balance Sheet Analysis: Deferred Taxes, Operating Cash, and Derivative Assets 337
CHAPTER 27 Four General Terminal Value Methods 347
CHAPTER 28 Terminal Value and Philosophy: Company Growth Rates and Overall Economic Growth 357
CHAPTER 29 Normalizing Terminal Year Cash Flows for Stable Working Capital Investment 369
CHAPTER 30 Relationship of Growth, Capital Expenditures, Depreciation, and Return on Investment 377
CHAPTER 31 Computing Normalized Deferred Tax Changes 399
CHAPTER 32 Terminal Value and the Ability of a Company to Earn Returns above the Cost of Capital 407
CHAPTER 33 Errors and Distortions in Applying the Value Driver Formula 415
CHAPTER 34 Computing Implied Price/Earnings Ratios for Use in Terminal Value Calculations 435
CHAPTER 35 Computing an Implied EV/EBITDA Ratio in Terminal Value Calculations 445
CHAPTER 36 Developing Value Drivers for P/E and EV/EBITDA Ratios with Benchmarking and Regression 453
PART IV COMPLEX ISSUES: CIRCULAR REFERENCES AND OTHER COMPLEX ISSUES FROM FINANCIAL STRUCTURING IN PROJECT FINANCE AND CORPORATE FINANCE MODELS
CHAPTER 37 Resolving Circular References in Acquisition Models: Computing Interest Expense on the Average Balance of Debt 465
CHAPTER 38 Creating a Structured Cash Flow Process in a Corporate Model to Resolve Circular References 483
CHAPTER 39 Overview of Complex Project Finance Modeling Structuring Issues 491
CHAPTER 40 Funding Techniques in Project Finance and the Associated Circular Reference Problems 497
CHAPTER 41 Debt Sculpting in a Project Finance Model 515
CHAPTER 42 Automating the Goal Seek Process for Annuity and Equal Installment Repayments 539
CHAPTER 43 Modeling Debt Service Reserve Accounts 547
CHAPTER 44 Modeling Maintenance Reserve Accounts 555
CHAPTER 45 Refinancing and Valuing a Project Given Risk Changes over the Life of a Project 563
CHAPTER 46 Covenants and Cash Flow Sweeps in Project Finance Models 571
CHAPTER 47 Asset Portfolios, Progress Payments, and Lease Rolls in Real Estate Models 577
About the Author 589
About the Website 591
Index 593
| Erscheinungsjahr: | 2014 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Seiten: | 624 |
| Inhalt: | 624 S. |
| ISBN-13: | 9781118854365 |
| ISBN-10: | 1118854365 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Bodmer, Edward |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 235 x 157 x 38 mm |
| Von/Mit: | Edward Bodmer |
| Erscheinungsdatum: | 10.11.2014 |
| Gewicht: | 1,046 kg |
EDWARD BODMER is an experienced financial and economic consultant, trainer, and lecturer. He has conducted many training programs around the world to both large corporations and public programs that have covered project finance, corporate finance, energy analysis, and mergers and acquisitions. Formerly, Bodmer was the Vice President at the First National Bank of Chicago, where he directed analysis of energy loans and also created financial modeling techniques used in advisory projects.
Acknowledgments xxiii
PART I FINANCIAL MODELING STRUCTURE AND DESIGN: STRUCTURE AND MECHANICS OF DEVELOPING FINANCIAL MODELS FOR CORPORATE FINANCE AND PROJECT FINANCE ANALYSIS
CHAPTER 1 Financial Modeling and Valuation Nightmares: Problems That Financial Models Cannot Solve 3
CHAPTER 2 Becoming a Black Belt Modeler 9
CHAPTER 3 General Model Objectives of Structuring Transactions, Risk Analysis, and Valuation 13
CHAPTER 4 The Structure of Alternative Financial Models 17
CHAPTER 5 Avoiding Bad Programming Practices and Creating Effective Auditing Processes 41
CHAPTER 6 Developing and Efficiently Organizing Assumptions 55
CHAPTER 7 Structuring Time Lines 67
CHAPTER 8 Projecting Revenues, Expenses, and Capital Expenditures to Derive Pretax Cash Flow 85
CHAPTER 9 Moving from Pretax Cash Flow to After-Tax Free Cash Flow 91
CHAPTER 10 Adding Debt to a Corporate or Project Finance Model by Programming Cash Flow Waterfalls 113
CHAPTER 11 Alternative Calculations of Equity Distributions 131
CHAPTER 12 Putting Together Financial Statements and Calculating Income Taxes 139
PART II ANALYZING RISKS WITH FINANCIAL MODELS: SENSITIVITY ANALYSIS, SCENARIO ANALYSIS, BREAK-EVEN ANALYSIS, TIME SERIES, AND MONTE CARLO SIMULATION
CHAPTER 13 Risk Assessment: The Centerpiece of All Valuation, Contracting, and Credit Issues in Finance 149
CHAPTER 14 Defining, Describing, and Assessing Risk in a Risk Allocation Matrix 159
CHAPTER 15 Presentation of Risk Analysis through Adding Sensitivity Analysis to Financial Models 165
CHAPTER 16 Using Financial Models to Establish Break-Even Points for Key Input Variables with Data Tables 185
CHAPTER 17 Constructing Flexible Scenario Analysis for Risk Assessment 207
CHAPTER 18 Generating Tornado Diagrams, Spider Charts, and Waterfall Graphs 231
CHAPTER 19 Adding Probabilistic Risk Analysis and Time Series Equations to Financial Models 253
CHAPTER 20 Taking the Mystery out of Applying Time Series Analysis and Monte Carlo Simulation in Financial Models 263
CHAPTER 21 Constructing Probability Distributions with Trends, Mean Reversion, Price Boundaries, and Correlations among Variables 277
CHAPTER 22 The Difficult Problem of Estimating Volatility, Mean Reversion, Time Trends, Correlations, and Price Boundaries from Historical Data or Market Data 295
PART III ADVANCED CORPORATE MODELING: MODELING TERMINAL VALUE WITH STABLE RATIOS IN THE DISCOUNTED CASH FLOW MODEL, DERIVING IMPLIED MULTIPLES, AND COMPUTING THE BRIDGE BETWEEN EQUITY VALUE AND ENTERPRISE VALUE
CHAPTER 23 Overview of Issues When Computing Normalized Cash Flow and Terminal Value 307
CHAPTER 24 Computing the Return on Invested Capital for Historical and Projected Periods in Corporate Models 313
CHAPTER 25 Calculation of Invested Capital 321
CHAPTER 26 Complex Items in Balance Sheet Analysis: Deferred Taxes, Operating Cash, and Derivative Assets 337
CHAPTER 27 Four General Terminal Value Methods 347
CHAPTER 28 Terminal Value and Philosophy: Company Growth Rates and Overall Economic Growth 357
CHAPTER 29 Normalizing Terminal Year Cash Flows for Stable Working Capital Investment 369
CHAPTER 30 Relationship of Growth, Capital Expenditures, Depreciation, and Return on Investment 377
CHAPTER 31 Computing Normalized Deferred Tax Changes 399
CHAPTER 32 Terminal Value and the Ability of a Company to Earn Returns above the Cost of Capital 407
CHAPTER 33 Errors and Distortions in Applying the Value Driver Formula 415
CHAPTER 34 Computing Implied Price/Earnings Ratios for Use in Terminal Value Calculations 435
CHAPTER 35 Computing an Implied EV/EBITDA Ratio in Terminal Value Calculations 445
CHAPTER 36 Developing Value Drivers for P/E and EV/EBITDA Ratios with Benchmarking and Regression 453
PART IV COMPLEX ISSUES: CIRCULAR REFERENCES AND OTHER COMPLEX ISSUES FROM FINANCIAL STRUCTURING IN PROJECT FINANCE AND CORPORATE FINANCE MODELS
CHAPTER 37 Resolving Circular References in Acquisition Models: Computing Interest Expense on the Average Balance of Debt 465
CHAPTER 38 Creating a Structured Cash Flow Process in a Corporate Model to Resolve Circular References 483
CHAPTER 39 Overview of Complex Project Finance Modeling Structuring Issues 491
CHAPTER 40 Funding Techniques in Project Finance and the Associated Circular Reference Problems 497
CHAPTER 41 Debt Sculpting in a Project Finance Model 515
CHAPTER 42 Automating the Goal Seek Process for Annuity and Equal Installment Repayments 539
CHAPTER 43 Modeling Debt Service Reserve Accounts 547
CHAPTER 44 Modeling Maintenance Reserve Accounts 555
CHAPTER 45 Refinancing and Valuing a Project Given Risk Changes over the Life of a Project 563
CHAPTER 46 Covenants and Cash Flow Sweeps in Project Finance Models 571
CHAPTER 47 Asset Portfolios, Progress Payments, and Lease Rolls in Real Estate Models 577
About the Author 589
About the Website 591
Index 593
| Erscheinungsjahr: | 2014 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Seiten: | 624 |
| Inhalt: | 624 S. |
| ISBN-13: | 9781118854365 |
| ISBN-10: | 1118854365 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Bodmer, Edward |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 235 x 157 x 38 mm |
| Von/Mit: | Edward Bodmer |
| Erscheinungsdatum: | 10.11.2014 |
| Gewicht: | 1,046 kg |
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