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Models designed to analyse the valuation of the target company, transaction structure and financing alternatives. They incorporate scenarios from both the seller/management and the buyer, and adapt to changes in timetable, budget or structure, providing support throughout the negotiation process.
A Spanish group actively pursuing growth by acquisition wanted to present an offer for a 20MW PV portfolio located in Spain and Portugal.
Near identical models were built for each operating company, forecasting market and regulated revenue, opex and existing financing. Post deal refinancing options were also simulated, in order to optimize the structure.
Multiple scenarios were evaluated and an aggregated model with financial statements for all companies and for the group was then used to derive the bid value that would deliver the required shareholder return.
A Spanish infrastructure group was in the process of bringing in a financial partner and required reliable projections for the 20 concessions in its international portfolio.
We developed a consolidation model of the projected financial statements based on the existing models for each asset and the various sub-holdings. The model enabled the conversion of all figures into a common currency and took into account the different shareholding structures.
Management used the projections to prepare the sale of shares.
A private fund considering an equity stake in a prominent city centre luxury complex of 75k sqm GLA, including hotel, residences, retail, offices and parking. The equity investment was over 100 million euros.
A detailed model was built, forecasting acquisition and exit scenarios, complex debt structures and payments and existing equity distribution contracts, for negotiation process.
The model included detailed rent roll calculations for retail and offices. Projections for construction and sales of residential units and for hotel and parking operations. Projects financial statements per use type, as well as consolidated.
A Spanish fund needed to refinance the senior debt of a 10MW PV plant with a bank syndicate due to a regulatory change with strong negative impact on revenues.
A semi-annual model was built that forecast the regulated revenues under the novel and highly complex regime. Various refinancing scenarios were forecast including swap rate break clauses and repayment profiles optimized to match future cash flow generation.
The analysis for refinancing negotiations was made using a highly flexible debt dashboard to continuously refine the options available and choose the most suitable deal for the company.
A European industrial conglomerate wanted to build an arbitration case for losses incurred on a 750MW portfolio of wind, solar, biomass and hydro plants in Spain.
A highly complex model was developed to calculate multiple scenarios based on the impact of successive regulatory changes on each plant’s cash flows and valuation.
The company’s lawyers used the outputs of the model to back up the claim presented to the arbitration court.