The Project Financier
Learn project finance from the firm hired to teach the top 4 investment banks’ incoming analysts. Includes accounting, financial modeling, project analysis, project accounting, project risks, and both simple and advanced project modeling.
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3000+ students enrolled
45
Hours
31
Topics
271
Practical exercises
4
Exams
The Project Financier includes
- Project finance introduction
- How project finance is different
- Project finance mechanics
- Project finance process
- Project finance contract summary
- Project finance contracts detail
- Eurotunnel case study
- Information memorandum
- Risk taxonomy
- Risk management
- Pre-completion risks
- Post-completion risks
- Risks common to both parties
- Risk reduction summary
- Financing and insurance package
- Understanding debt capacity
- How much can the project borrow
- How much equity does the project need
- Syndicated loan financing
- How many banks in the syndicate
- Syndication strategy
- Financial crisis and the development of club deals
- Fee structures in loan syndication
- Mandated lead arranger
- What has changed in the syndication market
- Return on equity of loan
- Return on equity of two bank loans
- Other financing options
- Project finance accounting
- Cost capitalization
- Profitability to shareholders
- Calculating the IRR
- Calculating the IRR with an exit multiple
- Returns to creditors and problems with the IRR
- Model out a loan
- Model out a bond
- Dividend trap
- Subordinated loan dividend trap
- Cost terminology
- Financing the construction costs
- Sources and uses of funds
- Operational phase
- Unlevered free cash flows
- Amortization methods
- DSCR
- Average life calculation for loan repayments
- Average life
- Coverage ratios
- DSCR and LLCR
- Security
- Covenants
- Covenant breach
- Debt service coverage ratio covenant breach
- Sources and uses of funds
- PP&E
- Soft assets and income statement
- Calculations
- Initial balance sheet
- Cash flow statement
- Debt schedule
- Interest expense
- Returns to equity holders
- Uses of funds
- Sources of funds
- Other assumptions
- Revenues and variable costs
- Depletion of soft costs and PP&E
- Asset retirement obligation – asset
- Asset retirement obligation – liability
- Income statement
- Calcs – operating working capital
- Calcs – Equity
- Balance sheet
- Cash flow preparation
- Cash flow from operations
- Cash flow from investing and financing activities
- Cash flow available for debt service
- Revolving credit facility
- Syndicated loan
- Debt service reserve account
- Non-cash interest
- Wiring up the debt lines
- Interest during the construction phase
- Interest during the operational period
- Returns to equity holders
- Loan life coverage ratio
- Structuring the debt
- The purpose and different types of accounting (financial versus management accounting)
- Users of financial statements
- Introduction to the three main financial statements and explanation of key elements
- Overview of the contents of financial reports
- Introduction to accounting standards
- The accounting equation
- Explanation of accrual accounting, the matching principle, and capitalization
- Making entries and ensuring the balance sheet balances
- Preparing a balance sheet
- Preparing an income statement from the entries to retained earnings
- Preparing a cash flow statement from the entries to the cash account
- A review of the different categorizations on the income statement, balance sheet, and the cash flow statement
- Revenue recognition issues
- Cost recognition issues
- Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
- Calculating EBIT and EBITDA for the historical year, and on an LTM basis
- Basic EPS calculations including weighted average shares
- Dilutive securities: options (treasury method) and convertibles (as if converted)
- Calculating recurring EPS
- Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
- Accounts receivable and bad debts (identifying when companies are manipulating sales)
- Accounts payable and accruals and the difference between them from a due diligence perspective
- Other items including taxes payable, deferred revenue, and pre-paid items
- Working capital and operating working capital and the cash impact of changes in operating working capital
- Credit implications of working capital movements
- Day ratios
- Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
- Building a simple forecast of fixed assets
- Establishing the age of a company’s fixed asset base
- Finite, and infinite intangibles including goodwill
- A review of key methods of accounting for financial investments
- At fair value through the income statement
- Available for sale
- Associate (equity method) accounting
- Debt issues and repurchases
- Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
- Calculating net debt
- Equity issuance and repurchases
- The difference between authorized, issued and outstanding shares and multiple share classes
- Other capital items: preference shares and convertible bonds
- Leverage ratios
- Debt liability maturity analysis
- Profitability ratios, including margins
- Liquidity ratios, including operating working capital
- EBIT and EBITDA for the historical year, and on an LTM basis
- Leverage ratios, including net debt and interest coverage
Asset ratios - Understanding how to categorize cash flows between operating, investing, and financing
- Deriving a cash flow statement from two balance sheets and an income statement
- Deriving a balance sheet from a cash flow statement and an income statement
- Different cash flow statement presentations
- What are equity method investments?
- Equity affiliates/associates
- Joint ventures
- Equity method accounting
- Income statement
- Balance sheet
- Cash flow statement
- Financial statement integration
- M&A accounting overview
- Balance sheet consolidation
- Sources and uses of funds
- Goodwill calculation
- Income statement consolidation
- Non controlling interests – NCI
- Key settings
- Formatting and layout standards
- Building a simple income statement and balance sheet model, on one sheet, then across sheets
- Balancing the balance sheet using the cash flow statement
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Income statement construction and highlighting key numbers
- Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
- Balancing the balance sheet with a cash sweep
- Calculating interest using average balances
- Circular references and iterations
- Working with a circular reference switch
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Steps before editing
- Inserting a new item
- Removing an old item
- After editing
- Relevant keyboard shortcut keys
- Cleaning up the income statement and balance sheet and simplifying the line items
- Getting estimates for revenues and EBIT
- Building multiple scenarios into a model’s assumption
- Modeling a forecast debt repayment schedule from the notes
- Key ratios
- Checking the model for reasonableness
- Formatting and putting the output into a pitch book
- Why banks want to be repaid early
- Cash sweep mechanisms
- How to model cash sweeps
- Building a three statement model with a cash sweep
- Top ten errors
- Auditing and error checking toolkit
- Checking your own model
- Checking someone else’s model
- Renewable energy technologies
- Project finance vs. renewable energy
- Build an operating model
- Production and sales volumes
- Offtake agreements & pricing assumptions
- Operating costs
- Efficiency and availability factors
- CapEx
- Construction costs
- Lookup functions
- Sensitivities for changes in costs
- Depreciation of the capital assets
- Interest during construction (IDC)
- Circular references
- Debt amortization
- Refinancing
- Debt Service Reserve Accounts (DRSA)
- Overview of modelling techniques for tax
- Modelling cash available for distribution
- Modelling dividends from the project with typical debt covenant constraints
- Ratios and bank covenants in a power generation project
- Mechanics of modeling typical project finance ratios:
- Debt service cover ratio (DSCR)
- Loan life / project life cover ratio (LLCR / PLCR)
- Using the DSCR to create a sculpted debt repayment profile
The Project Financier
| Micro-Degree
Project Finance
10
Hours
9
Topics
55
Practical exercises
1
Exam
Access one of the most extensive project finance online courses available. Learn risk management, the accounting specifics, how to structure the finance behind a project, and build a project finance model.
Introduction to Project Finance
24 video minutes
0 excel exercises
Video minutes 24
Excel Exercises 0
Risk Management in Project Finance
16 video minutes
0 excel exercises
Video minutes 16
Excel Exercises 0
Financing the Project
45 video minutes
6 excel exercises
Video minutes 45
Excel Exercises 6
Accounting for Project Finance
20 video minutes
5 excel exercises
Video minutes 20
Excel Exercises 5
Project Finance Returns
26 video minutes
6 excel exercises
Video minutes 26
Excel Exercises 6
Structuring the Project
21 video minutes
2 excel exercises
Video minutes 21
Excel Exercises 2
Debt, Coverage Ratios and Covenants
29 video minutes
3 excel exercises
Video minutes 29
Excel Exercises 3
Building a Simple Project Finance Model
27 video minutes
9 excel exercises
Video minutes 27
Excel Exercises 9
Building a Full Project Finance Model
81 video minutes
24 excel exercises
Video minutes 81
Excel Exercises 24
The Accountant
13
Hours
11
Topics
100
Practical exercises
1
Exam
Quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high-quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace.
Accounting Foundations
72 video minutes
0 excel exercises
Video minutes 72
Excel Exercises 0
Financial Accounting Review
34 video minutes
3 excel exercises
Video minutes 34
Excel Exercises 3
Income Statements
61 video minutes
15 excel exercises
Video minutes 61
Excel Exercises 15
Earnings Per Share
27 video minutes
11 excel exercises
Video minutes 27
Excel Exercises 11
Working Capital
56 video minutes
12 excel exercises
Video minutes 56
Excel Exercises 12
Non-Current Assets
39 video minutes
11 excel exercises
Video minutes 39
Excel Exercises 11
Capital Structure
50 video minutes
14 excel exercises
Video minutes 50
Excel Exercises 14
Accounting Ratios
41 video minutes
5 excel exercises
Video minutes 41
Excel Exercises 5
Cash Flow Statements
25 video minutes
3 excel exercises
Video minutes 25
Excel Exercises 3
Equity Method Investments
9 video minutes
5 excel exercises
Video minutes 9
Excel Exercises 5
Intro to Full Consolidation
68 video minutes
21 excel exercises
Video minutes 68
Excel Exercises 21
The Modeler
12
Hours
6
Topics
71
Practical exercises
1
Exam
Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. Our online financial modeling course provides the perfect introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.
Introduction to Modeling
55 video minutes
13 excel exercises
Video minutes 55
Excel Exercises 13
Three Statement Modeling with Iterations
77 video minutes
10 excel exercises
Video minutes 77
Excel Exercises 10
Three Statement Model Editing
44 video minutes
6 excel exercises
Video minutes 44
Excel Exercises 6
Three Statement Model With Estimates
70 video minutes
12 excel exercises
Video minutes 70
Excel Exercises 12
Building a Model with Cash Sweep
71 video minutes
19 excel exercises
Video minutes 71
Excel Exercises 19
Checking a Model for Integrity and Errors
36 video minutes
11 excel exercises
Video minutes 36
Excel Exercises 11
Renewable Energy Project Finance
9
Hours
9
Topics
44
Practical exercises
1
Exam
Learn the fundamental differences between traditional project finance and renewable energy project finance and the key issues to be aware of when building a project finance model. Discover the implications for renewable energy project finance through a step-by-step build-up of a wind farm project.
Introduction to Renewable Energy
6 video minutes
0 excel exercises
Video minutes 6
Excel Exercises 0
– Similarities
– Differences
Renewable Energy - Operating Model
40 video minutes
6 excel exercises
Video minutes 40
Excel Exercises 6
Renewable Energy - Capex
38 video minutes
6 excel exercises
Video minutes 38
Excel Exercises 6
Renewable Energy - Financing and Loans
116 video minutes
21 excel exercises
Video minutes 116
Excel Exercises 21
Renewable Energy - Tax and Dividends
43 video minutes
3 excel exercises
Video minutes 43
Excel Exercises 3
Renewable Energy – Ratios
60 video minutes
8 excel exercises
Video minutes 60
Excel Exercises 8
Skills & Learning Objectives in The Project Financier Micro-Degree
Learn from our expert instructors
Learn more about our full facultyRecognized by industry experts
Colin Evans
Managing Director at J.P. Morgan
Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.
Dr. Bridget Lyons
Professor of Finance
Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.
Chris Bishko
CFO
CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.
Wall Street Recognized Certification
Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.
Complete a Micro‑degree to join our exclusive alumni
Sit beside the world’s best investment bankers on LinkedIn, and take advantage of exclusive must-have benefits for new and experienced analysts.
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|---|---|---|---|
| Completion certificates | 38 | 38 | |
| Skills certificates | 4 | 51 | 51 |
| Micro-degrees | 1 | 12 | 12 |
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| Ready-to-use sector and transaction models | |||
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