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Financial Modelling Tutorials
Step-by-step walkthroughs of the calculations that come up most often in project finance modelling, written by our modelling and model audit teams. Several include a worked Excel file to download.
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Modelling technique, explained step by step
Popular tutorials come first, then the rest newest to oldest. Each one covers a single calculation or technique in enough detail to apply it the same day, and several include a worked Excel file.
| Tutorial |
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| PopularDebt service coverage ratio (DSCR) in project financeThe Debt Service Coverage Ratio (DSCR) is the most widely used debt ratio within project finance. It is used to size and sculpt debt payments, to... |
| PopularLoan life coverage ratio (LLCR)The Loan Life Cover Ratio (“LLCR”) is one of the most commonly used debt metrics in Project Finance. It provides an analyst with a measure of... |
| PopularFeatures of a cash flow waterfall in project financeThe cash flow waterfall ensures that each cash flow item occurs at the correct seniority to other items. This tutorial outlines key categories of cash flow... |
| PopularCash flow available for debt service (CFADS)A project’s cash flow available for debt service (CFADS) is analysed by project lenders (senior debt banks) to determine debt sizes and repayment criteria. |
| PopularDebt service reserve account (DSRA)Debt Service Reserve Account is a cash reserve which works as an additional security measure for the lender as it ensures that the borrower will always... |
| Excel shortcuts for financial modellingIn the world of financial modelling, you simply cannot survive without Excel keyboard shortcuts. To assist Excel users, Forvis Mazars has compiled a list of productivity... |
| Top 10 Excel lessons for any new graduate or studentAs a graduate you will go through plenty of training, e-learning and on-the-job instruction, but some of the most useful Excel habits are rarely taught. Auditors,... |
| Copy-paste macros in financial modelsThis tutorial will demonstrate the best practice approach to implementing such copy-paste macros and discuss potential optimisations which will help you in applying this code robustly... |
| Forvis Mazars Financial Modelling – welcome to our Digital Classroom Experience!We are opening our Digital Classrooms to individual registrations, making our world-leading financial modelling training courses available to all organisations and individuals in every part of... |
| Average DSCR in financial modellingThe debt service coverage ratio (DSCR) is one of the most used debt metrics in project finance. Alongside the DSCR for every period, a project finance... |
| Cash sweep analysis in project financeStand-alone cash sweep analysis is an alternative metric for refinance risk and repayment ability in cash flow models for project finance. This tutorial outlines the key... |
| Excel IRR function and other ways to calculate IRRThe internal rate of return (IRR) is a common source of error in a financial model. This tutorial covers how to calculate an IRR in Excel,... |
| Terminal value in financial modellingTerminal value is the value of a project’s expected cash flow beyond the explicit forecast horizon. An estimate of terminal value is critical in financial modelling... |
| Major maintenance reserve account (MMRA)When capital expenditure is lumpy and/or large it is common to need to consider and model a major maintenance reserve account (MMRA). This tutorial describes the... |
| Calculate NPV without Excel functionsNet present value (NPV) is a standard method of using the time value of money to appraise long-term projects and investments. This tutorial will discuss the... |
| Debt sculpting to target DSCR without VBADebt sculpting is a commonly used term in project finance. It means that the principal repayment obligations have been calculated to ensure that the principal and... |
| Goal Seek function in ExcelGoal Seek is a very powerful tool in Excel for finding break-even points or to perform tailored what-if analysis. You can use the Goal Seek feature... |
| Using a Goal Seek macro to find the maximum debt limitThis tutorial demonstrates how the maximum debt limit can be solved based on a target debt service cover ratio (DSCR) when modelling a project finance project.... |
| Use LOOKUP to replace VLOOKUP and HLOOKUP in ExcelOne of the most useful functions available in Excel is the LOOKUP function. This allows you to take any value entered, find it in a data... |
| Project life cover ratio (PLCR)The Project Life Coverage Ratio (“PLCR”) is a commonly used debt metric in Project Finance. It is the ratio of the Net Present Value (NPV) of... |
| OFFSET function in ExcelThe OFFSET( ) function returns a cell (or range of cells) that is a specified number of rows and/or columns from the reference cell. In this... |
| Financial modelling of stockpiles in a mining projectFor many mining projects, the open pit/cut mining process often begins months or even years before the milling plant starts operating. The build-up of stockpile requires... |
| Trade debtors and creditors in working capital modelsIt is important to recognise the trade debtors and trade creditors in a cash flow financial model because they capture the cash cycle of a company.... |
| Debt repayment modelling with multiple methodsFinanciers are often required to analyse multiple debt repayment methods in a project finance transaction. This process is particularly important in the structuring or credit approval... |
| Circular interest on average balancesYou may have encountered a circular reference when writing formulas in Excel. In this tutorial, we demonstrate how to solve a common problem related to interest... |
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