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Corporate and project finance modeling : theory and practice /
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley,
[2015]
|
| Temas: | |
| Acceso en línea: | Texto completo (Requiere registro previo con correo institucional) |
Tabla de Contenidos:
- Machine generated contents note: ch. 1 Financial Modeling and Valuation Nightmares: Problems That Financial Models Cannot Solve
- ch. 2 Becoming a Black Belt Modeler
- ch. 3 General Model Objectives of Structuring Transactions, Risk Analysis, and Valuation
- ch. 4 The Structure of Alternative Financial Models
- Structure of a Corporate Model: Incorporating History and Deriving Forecasts from Historical Analysis
- Use of the INDEX Function in Corporate Models
- Easing the Pain of Acquiring PDF Data
- Structure of a Project Finance Model That Accounts for Different Risks in Different Phases over the Life of a Project
- Reconciliation of Internal Rate of Return in Project Finance with Return on Investment in Corporate Finance
- Structure of an Acquisition Model: Alternative Transaction Prices and Financing Terms
- Structure of an Integrated Merger Model: Forecasting Earnings per Share
- ch. 5 Avoiding Bad Programming Practices and Creating Effective Auditing Processes
- How to Make Financial Models More Efficient and Accurate
- ch. 6 Developing and Efficiently Organizing Assumptions
- Assumptions in Demand-Driven Models versus Supply-Driven Models: The Danger of Overcapacity in an Industry
- Creating a Flexible Input Structure for Model Assumptions
- Alternative Input Structures for Project Finance and Corporate Finance Models
- Setting Up Inputs with Code Numbers and the INDEX Function
- ch. 7 Structuring Time Lines
- Timing in Corporate Finance Models: Distinguishing the Historical Period, Explicit Period, and Terminal Period
- Development to Decommissioning: Phases in the Life of a Project Finance Model
- Timing in Acquisition Models: Separating the Transaction Period, the Holding Period, and the Exit Period
- Structuring a Time Line to Measure History, Explicit Periods, and Terminal Periods in Corporate Models and Risk Phases in Project Finance Models
- Computing Start of Period and End of Period Dates
- TRUE and FALSE Switches in Modeling Time Periods
- Computing the Age of a Project in Years on a Monthly, Quarterly, or Semiannual Basis
- The Magic of a HISTORIC Switch in a Corporate Model
- Transferring Data from a Corporate Model to an Acquisition Model Using MATCH and INDEX Functions
- ch. 8 Projecting Revenues, Expenses, and Capital Expenditures to Derive Pretax Cash Flow
- Transparent Calculations of Pretax Cash Flow
- Inflation and Growth Rates in Calculations of Pretax Cash Flow
- Valuation Analysis from Prefinancing, Pretax Cash Flow
- ch. 9 Moving from Pretax Cash Flow to After-Tax Free Cash Flow
- Working Capital Analysis
- Problems in Computing Depreciation Expense in Corporate Models Involving Asset Retirements
- Portfolios of Assets with a Vintage Process
- Accounting for Asset Retirements in Corporate Models
- Alternative Methods for Deriving Retirements Associated with Existing Assets in Corporate Models
- Depreciation Issues in Project Finance Models
- Modeling the Change in Deferred Taxes in Corporate Models
- Adjusting the Tax Basis in an Acquisition
- ch. 10 Adding Debt to a Corporate or Project Finance Model by Programming Cash Flow Waterfalls
- Adding the Debt Schedule to a Financial Model
- Modeling Scheduled Debt Repayments
- Connecting Debt to Cash Flow in Corporate Models
- With a Structured Process, You Can Model Any Cash Flow Waterfall
- Defaults on Debt and Measuring the Debt Internal Rate of Return
- Assessing Risk and Return Characteristics of Subordinated Debt
- ch. 11 Alternative Calculations of Equity Distributions
- Modeling Dividend Distributions
- Computing a Target Capital Structure through Simulating New Equity Issues and Buybacks
- ch. 12 Putting Together Financial Statements and Calculating Income Taxes
- Computation of Taxes Paid and Taxes Deferred
- Cash Flow Statement and Balance Sheet
- ch. 13 Risk Assessment: The Centerpiece of All Valuation, Contracting, and Credit Issues in Finance
- Six Alternative Ways to Assess the Risk of a Company, a Project, or a Contract
- Using Direct Risk Assessment to Measure Cash Flow and Financial Ratios
- ch. 14 Defining, Describing, and Assessing Risk in a Risk Allocation Matrix
- ch. 15 Presentation of Risk Analysis through Adding Sensitivity Analysis to Financial Models
- Setting Up Data for Making Graphs by Converting Periodic Data into Annual, Semiannual, or Quarterly Data
- Using the INDIRECT Function to Automate Conversion to Time Period Data
- Making Flexible Graphs for Sensitivity Analysis
- ch. 16 Using Financial Models to Establish Break-Even Points for Key Input Variables with Data Tables
- Establishing Break-Even Criteria When Analyzing Financial Models
- Mechanics of Using Data Tables to Compute Break-Even Points Automatically
- Creating Data Tables Using VBA Instead of the Data Table Tool
- Summary of Break-Even Analysis
- ch. 17 Constructing Flexible Scenario Analysis for Risk Assessment
- Mechanics of Scenario Analysis
- Using VBA Code to Create a Scenario Analysis
- Getting the Best of Both Worlds: Creating a Special Custom Scenario That Allows Use of Spinner Buttons and Drop-Down Boxes
- ch. 18 Generating Tornado Diagrams, Spider Charts, and Waterfall Graphs
- Tornado Diagrams That Display Which Variables Have the Largest Effect on Value and Which Variables Have the Least Effect on an Output Variable
- Creating a Tornado Diagram by Extending Scenario Analysis
- Creating a Tornado Diagram Using a Two-Way Data Table
- Spider Diagrams That Illustrate How Each Range in Input Variables Affects an Output Variable
- How to Create a Spider Diagram Using a Two-Way Data Table
- Presenting Sensitivity Analysis with a Waterfall Chart
- ch. 19 Adding Probabilistic Risk Analysis and Time Series Equations to Financial Models
- Definition of Some Terms for Adding Stochastic Analysis to Your Financial Models
- Using Probability Distributions with Spreadsheet Functions Rather Than Equations with Greek Letters
- ch. 20 Taking the Mystery out of Applying Time Series Analysis and Monte Carlo Simulation in Financial Models
- Step-by-Step Procedure to Incorporate a Monte Carlo Simulation into Your Models
- ch. 21 Constructing Probability Distributions with Trends, Mean Reversion, Price Boundaries, and Correlations among Variables
- Starting Point for Developing Time Series Equations- Brownian Motion and Normal Distributions
- Testing the Assumption That Input Variables Are Normally Distributed
- Price Boundaries and Short-Run Marginal Cost
- Mean Reversion and Long-Run Equilibrium Analysis
- Modeling Correlations among Variables in Time Series Equations
- ch. 22 The Difficult Problem of Estimating Volatility, Mean Reversion, Time Trends, Correlations, and Price Boundaries from Historical Data or Market Data
- Calculation of Volatility from a Random Walk Process
- Attempting to Measure the Presence of Mean Reversion in Historical Data
- Attempting to Measure the Presence of Mean Reversion by Evaluating Changes in Periodic Volatility
- Risk Analysis Summary
- ch. 23 Overview of Issues When Computing Normalized Cash Flow and Terminal Value
- ch. 24 Computing the Return on Invested Capital for Historical and Projected Periods in Corporate Models
- Working with a Free Cash Flow Perspective, an Equity Cash Flow Perspective, or Both in Computing Financial Ratios
- Presenting Return on Invested Capital in Financial Models
- ch. 25 Calculation of Invested Capital
- Dissecting the Financial Structure of a Corporation to Understand the Bridge from Enterprise Value to Equity Value
- Drawing an Imaginary Line underneath EBIT to Understand the Financial Structure of a Corporation
- Constructing a Long-Term Model to Create Proof of Corporate Finance Concepts
- ch. 26 Complex Items in Balance Sheet Analysis: Deferred Taxes, Operating Cash, and Derivative Assets
- Treatment of Accumulated Deferred Taxes Arising from Depreciation
- Classification of Operating Cash That Produces Interest Income below the EBITDA Line
- Treatment of Derivative Assets and Liabilities Depending on How Derivatives Affect EBITDA
- ch.
- 27 Four General Terminal Value Methods
- Method 1: Stable Growth Using the (1+ g)/(WACC
- g) Formula
- Method 2: Value Driver Method-Incorporating the Return Relative to Cost of Capital in Terminal Value
- Method 3: Use of Multiples from Comparative Analysis
- Method 4: Derived Multiple Formula
- ch. 28 Terminal Value and Philosophy: Company Growth Rates and Overall Economic Growth
- Computing Transition Periods Using Compound Growth Rates and Switch Variables
- Computing Explicit Period Cash Flow and Terminal Value with Different Starting and Ending Points
- Computing Value with Changing Weighted Average Cost of Capital and a Midyear Convention
- ch. 29 Normalizing Terminal Year Cash Flows for Stable Working Capital Investment
- Effect of Changes in Growth on Working Capital Investment, Capital Expenditures, Depreciation, and Deferred Taxes
- Developing a Simple Equation for Normalizing Working Capital
- Incorporating Terminal Period Normalized Cash Flow in a Corporate Model
- ch. 30 Relationship of Growth, Capital Expenditures, Depreciation, and Return on Investment
- The Long-Term Stable Ratio of Capital Expenditures to Depreciation and the Ratio of Depreciation Expense to Net Plant
- Computing the Ratio of Capital Expenditures to Depreciation When Historical Growth Differs from Prospective Growth
- Computing the Ratio of Capital Expenditures to Depreciation
- Implementing the Stable Ratio of Capital Expenditures to Depreciation in Valuation Analysis
- ch. 31 Computing Normalized Deferred Tax Changes.
- Note continued: Stable Ratio of Deferred Tax to Capital Expenditure without Change in Growth Rate
- Normalized Deferred Tax with Change in Growth Rate
- ch. 32 Terminal Value and the Ability of a Company to Earn Returns above the Cost of Capital
- The Myth of Convergence of Return on Capital to Cost of Capital
- ch. 33 Errors and Distortions in Applying the Value Driver Formula
- Deriving the Value Driver Formula for the Price/Earnings Ratio and Equity Value
- Deriving Implicit Assumptions about the Progression of the Incremental Return on Equity in the Equity-Based Value Driver Formula
- Deriving the Value Driver Formula Using the Return on Invested Capital and the Weighted Average Cost of Capital
- Biases in the Value Driver Formula in a Case with Only Working Capital
- Problems of the Value Driver Formula When Invested Capital Includes Net Plant
- ch. 34 Computing Implied Price/Earnings Ratios for Use in Terminal Value Calculations
- Model for Deriving the P/E Ratio from Value Drivers
- ch. 35 Computing an Implied EV/EBITDA Ratio in Terminal Value Calculations
- Simulation Model to Derive Implied EV/EBITDA Ratio from Invested Capital with Constant Growth
- Function to Derive Implied EV/EBITDA Ratio
- Comprehensive Analysis to Derive Implied EV/EBITDA Ratio with Changing Growth, Deferred Taxes, and Working Capital
- ch. 36 Developing Value Drivers for P/E and EV/EBITDA Ratios with Benchmarking and Regression
- Benchmarking Multiples to Derive Cost of Capital
- Downloading Data for a Sample of Companies from the Internet into a Spreadsheet
- Running Regression Analysis on Financial Data
- Advanced Corporate Modeling Summary
- ch. 37 Resolving Circular References in Acquisition Models: Computing Interest Expense on the Average Balance of Debt
- Circular References and Use of Opening Balances in Annual Models
- Alternative Techniques for Solving Circular Reference Logic Problems in Financial Models
- Resolution of Circular References from a Cash Flow Sweep Using the Iteration Button
- Solving Circular References from Cash Sweeps with Goal Seek and Solver
- Solving Basic Circular References from Cash Sweeps with a Horrible Copy and Paste Macro
- Solving Circular References Related to a Cash Sweep Using Algebra
- Solving Circular References with Functions That Iterate around Equations That Cause the Problem
- ch. 38 Creating a Structured Cash Flow Process in a Corporate Model to Resolve Circular References
- Structuring a Corporate Model with a Cash Flow Waterfall
- Resolving Circular References in a Corporate Model Using an Iterative User-Defined Function
- ch. 39 Overview of Complex Project Finance Modeling Structuring Issues
- Difficult Project Finance Problems: Structuring versus Risk Analysis Elements of a Model
- Items in Project Finance Models That Cause Circularity
- ch. 40 Funding Techniques in Project Finance and the Associated Circular Reference Problems
- Case 1: No Circular Reference-Pro-Rata Funding, Interest Paid during Construction, and Debt Size from Cash Flow
- Case 2: Circular Reference from Pro-Rata Funding with Capitalized Interest or Debt Ratio Input
- Case 3: Pro-Rata Funding with Capitalized Fees
- Case 4: Cascade with Equity Funded before Debt That Can Be Solved with Backward Induction
- Case 5: Bond Financing in a Single Period
- ch. 41 Debt Sculpting in a Project Finance Model
- Sculpting Method 1: Use of Solver
- Sculpting Method 2: Goal Seek and Algebra
- Sculpting Method 3: Net Present Value of Target Debt Service
- Sculpting Method 4: Backward Induction
- Sculpting Approaches in Complex Cases with Taxes, Debt Service Reserve Accounts, and Interest Income
- Solving Difficult Sculpting Problems with User-Defined Functions
- ch. 42 Automating the Goal Seek Process for Annuity and Equal Installment Repayments
- Debt Sizing with Level Repayments or Annuity Repayments Using a Goal Seek Macro
- Computing Debt Size for Equal Installment Structuring with a User-Defined Function
- Computing Debt Size for Annuity Structure with User-Defined Function
- ch. 43 Modeling Debt Service Reserve Accounts
- Structuring the Debt Service Reserve Account in a Project Finance Model
- Avoiding Circular References in Funding Debt Service Reserve Accounts through Separating Construction Debt from Permanent Debt
- Avoiding Circular References Due to Cash Flow Sweeps and the Debt Service Reserve Account
- ch. 44 Modeling Maintenance Reserve Accounts
- MRA Case 1: Constant Maintenance Time Period Increments and Level Expenditures
- MRA Case 2: Constant Time Period Increments and Changing Expenditures
- MRA Case 3: Varying Time Period Increments and Changing Expenditures Using the MATCH Function
- ch. 45 Refinancing and Valuing a Project Given Risk Changes over the Life of a Project
- Computed Internal Rate of Return with Changes in Discount Rate over Project Life
- Effects of Refinancing on the Value of a Project
- Mechanics of Implementing Refinancing into a Project Finance Model
- ch. 46 Covenants and Cash Flow Sweeps in Project Finance Models
- Mechanics of Modeling Covenants and Cash Flow Sweeps
- ch. 47 Asset Portfolios, Progress Payments, and Lease Rolls in Real Estate Models
- Modeling a Single Real Estate Project
- Modeling Multiple Projects That Are Part of a Combined Portfolio with Percent of Time Function
- Modeling a Portfolio with the Index Function and Data Table Tools.