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Infrastructure template

Our toll road template includes operations over a 60 year timeframe. It enables analysis for as many as seven different tranches of debt, including a TIFIA loan, an MRA and DSRA, along with a DOT revenue sharing mechanism. This semi-annual model uses a unique linear algebraic macro to size a dividend recapitalization while maintaining a consistent debt service coverage ratio (DSRA). The model enables the synthesis of actuals into the operations timeline and provides a full three-statement analysis, including a cash waterfall, income statement, and a balance sheet. Our Dashboard will help you tell the story of your project to all interested stakeholders.

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Do the results make sense for the type of deal the model describes?

Is the model suitable for the purpose to which it has been deployed?

Does it produce financial statements and cash flows that are materially consistent with the assumptions?

Are there any circularities?

Are the formulae consistent across all time periods?

Does the model give good results?

Does the internal logic contained in the model enable inputs to flow through calculations to outputs in a sound and internally correct manner?

Can results be sensitized readily?

Do those sensitivities work properly?

Does the model conform with the commercial documentation?

Does the model materially reflect the assumptions contained the key project documentation, including relevant tax and accounting opinions?

Does the model reflect the definitions of key financial covenants and ratios?

Create tables for links to external files

Linking to an external file increases risk of errors substantially.
Creates #REF! and #VALUE errors which skew results.
Create well-formatted tables and update these frequently

Make extensive use of error checks

Almost 88% of models have errors; almost as many skip devising checks to avoid errors.
Link all checks to a central location and display their outputs on all calculation tabs.

Use one unified timing strip for all calculation tabs

Put all timing related calculations on one tab, Timing.
This aligns all cash flows in the same relative position throughout the model, i.e., formulas all start in column J.

Use calculation blocks to speed work and reduce errors

Create standardized blocks of similar calculations, i.e., summaries, interest calculations, debt calculations, etc.
Start with these standard blocks and adapt as required for the current condition.

Avoid high-risk formulas

Volatile and difficult to trace formulas like INDIRECT, VLOOKUP, ADDRESS, OFFSET should be used only sparingly when necessary. In other words, not at all.

One unique formula per row

Prevents errors that arise from copying over mid-row formula changes
Makes reviewing and testing easier and safer.

Format consistently

No one likes looking at poorly punctuated grammar; treat cells in your model the same way.
Create a legend or key and apply formatting rules consistently across all tabs.

Separate inputs, outputs, and calculations

Inputs (hardcodes) should all go on one tab, with clearly labeled units, descriptions
Calculations and outputs should be separate from inputs.

Think about the end users

Before you start coding, list out who uses the model and what they’ll use it for.
Craft the story of the model to accommodate your most important users.

Organize the model upfront, keep it simple and transparent

You’re telling a story using the model; organize it accordingly.
Break formulas down into simple relationships.
Keep things transparent by using grouping, eschew hiding rows, columns.

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