Infrastructure & Energy modeling | WST
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WALL STREET TRAINING

CURRICULUM

WALL STREET TRAINING

Infrastructure & Energy modeling

Introduction

Understand and build valuation and risk/return analysis model for infrastructure and energy projects

Dates
– Sat Nov. 24, 2018 – Sat Dec. 08, 2018
Time
– Every Saturday 10:00 am – 5:oo pm
   (lunch 1:00-2:00)
Pricing
1,300$
What to bring
– Laptop with excel
Location
– Seoul, South Korea

Goal

Infrastructure and energy sector is different from manufacturing & service sectors regarding business models, government regulation, tax issues and financing vehicles. This course will prepare you for such large scale and globally diverse infrastructure and energy deal analyses.

Financial model examples

Recommended for

01

Finance professional who evaluates construction, energy, infrastructure and other alternative investments and projects

02

A person with financial modeling experiences (1-10 years)/Those who already took basic/core financial modeling courses

03

Industry practitioners or government/international agency regulator who plan and execute SOC projects

Instructors

  Edward Ha

– Macquarie-Samchully PEF : Global Energy Private Equity Investment
– Standard Chartered : Global Project & Export-Financing
– Hanwha Asset : Global Infra/PF Investment Senior Manger

Started career in Global PEF and IB Seoul regional offices, dealt multiple M&A, LBO, PF deals, creating detailed DCF, LBO, Project Financing models for in-depths valuation and analysis.

Currently working at one of major asset management firm in Korea, analyzing foreign Alternative Investments and Project Financing

Syllabus

First day AM: Profit & Loss, Cash flow projection

-Establish key indicators reflecting the project
-Calculate and estimate infrastructure asset operations
-Description of market revenue and structure of revenue
-Calculate and estimate raw material cost, other variable costs and fixed costs
-Calculation of capital expenditure and operating cycle
-Calculate cash flow available for debt service
-Add project IRR and scenario analysis

First day PM: Estimate construction period

-Explanation of sources and uses (capital structure, total construction costs, financial costs, interest expenses)
-Debt/bond principal repayment schedule based on construction indicators
-Calculate interest and other financial expenses during construction period
-Description and calculation of depreciation types (PP&E balance)
-Sources and uses balance check during the construction period

Second day AM: Debt repayment schedule, other accounting items

* Debt repayment schedule
-Build debt/bond interest expense and principal repayment schedule for revolver credit facility, priority/subordinated notes, loans, etc
-Credit foncier and DSCR based on sculpting
-Description of debt repayment and order based on tranches (waterfall formation)
-Practitioners’ considerations when building debt schedule (DSCR, IRS, etc)

* Other accounting items
-Calculate excess return and liquidation dividend items
-Corporate taxes calculation (tax brackets and loss carryforwards included)
-Circular reference explanation and activation

Second day PM: Valuation

-Calculate returns (IRR, cash yield and MOIC per investors) and organize financial ratios (DSCR, Credit profile, etc)
-Deal structuring, bidding price calculation and sensitivity analysis
-M&A multiples (precedent transaction comps)

Third day AM: Case Study

-Key investment considerations and background
-Description of revenue and cost constructions and case study model
-Preliminary DCF calculation

Third day PM: Infrastructure investment industry overview and Project Financing

* Infrastructure investment industry overview
-Types and characteristics of infrastructure assets (energy, traffic, telecom, healthcare)
-Different types of infrastructure/energy business models (PPP, Regulated, Availability Based, Merchant Based)
-Different perspectives of equity and debt investors
-Comparison of developed and developing infrastructure markets

* Project Financing
-Overview of infrastructure investment capital structure and terms & conditions of financial instruments
-Excel calculation example of debt schedule and cash sweep
-Difference between normal loans and project financing
-Actual project financing investment case study with key due diligence checkpoints

FAQ

Do you actually build a model?
How is this course different from Wall Street Training’s cor..
Since we learn to calculate IRR in the LBO/private equity cl..

Pricing

Pricing

1,300$