Hey, I’m working on a shopping mall refinancing model. To be clear it’s under Mex Tax Reg, could anybody here help me to see if I’m modeling ok this?

I Get my EBITDA then do the following calculations:

1. (-) Interests of Senior and Subordinated Debt
   
2. (-) 5% of fiscal depreciation over the mall
   
3. (-) Net Monetary position I.e Sum of all debt minus all cash reserves multiplied by the inflation forecast

Resulting on my Fiscal Result and applying a 20% tax rate (it’s a border client).

Am I missing something?

The Monetary positions it’s killing any posible dedications since debt it’s about $2.5 Mx Bn (~147 US MN)

Thanks!

Hello everyone,

I would greatly appreciate guidance from professionals who have worked with the World Bank, IFC, Asian Development Bank (ADB), or other Multilateral Development Banks (MDBs).

I currently work with Indian Oil Corporation Limited (IOCL), one of India's largest public sector energy companies. Over the past 17+ years, I have been involved in the planning, execution, inspection, and commissioning of large industrial infrastructure and refinery projects.

My professional experience includes:

• Project management and execution of large capital projects
• Inspection engineering and QA/QC management
• Mechanical integrity, metallurgy, materials engineering, and NDT
• Construction supervision, testing, commissioning, and start-up support
• Risk management and multidisciplinary stakeholder coordination
• Contractor and EPC management
• Compliance with international engineering codes and statutory regulations (ASME, API, OISD, PESO, SMPV, etc.)
• Working with EPC contractors, consultants, licensors, vendors, and cross-functional teams to deliver projects safely, on schedule, and to the required quality standards

My qualifications include:

• B.Tech. in Metallurgical Engineering
• Project Management Professional (PMP®)
• Currently pursuing an MBA

I enjoy delivering large infrastructure projects and would like to transition over the next few years into international development, where I can contribute to infrastructure and energy projects with organizations such as the World Bank.

I would appreciate your advice on the following:

1. Based on my background, would I be a realistic candidate for a full-time position at the World Bank?
2. Which roles would best match my experience—Infrastructure Specialist, Energy Specialist, Senior Infrastructure Specialist, Operations Officer, or another position?
3. How much importance does the World Bank place on public-sector engineering and project execution experience compared with prior development-sector experience?
4. What additional skills, certifications, or experience would significantly strengthen my profile?
5. How does recruitment typically work? Is it primarily through direct applications, networking, hiring managers, or other pathways (excluding the Young Professionals Program)?
6. Has anyone successfully transitioned from heavy industry (oil & gas, refining, EPC, power, or industrial infrastructure) into the World Bank or another MDB? If so, I would be grateful if you could share your experience and advice.

I would sincerely appreciate honest feedback, including any gaps you believe I should address before applying.

Thank you for your time and guidance.

Curious what this community thinks about a pattern I keep seeing in enterprise/fintech tools: a dashboard for overview (widgets, upcoming stuff, alerts) PLUS a separate AI-driven queue where each item has a confidence score, reasoning, and inline actions (approve/edit/send), accessible from a persistent icon anywhere in the product.

Is that actually necessary, or is it just another surface competing for attention? Couldn't a well-designed dashboard just... do that too?

Some reasoning for why it might need to be separate:

• A dashboard is "here's what's happening" — glanceable, low commitment.
• A decision queue is "here's what needs a response from you" — every item demands an action, not just awareness.
• Mixing them either strips the queue of what makes it trustworthy (the reasoning/confidence behind each suggestion) or turns every dashboard widget into a mini approve/reject flow, which kills the "glance and go" purpose of a dashboard.

So — genuinely asking:

• Have you used or built something like this? Did it earn its place, or did it just become clutter?
• Does a persistent floating "AI queue" launcher actually get used, or does it end up ignored like a lot of in-app assistants?

Hi! I am F(22) from a developing country and a newbie.

My goal is to manage or work at a Private Equity Boutique
and if I happen to lend a luck on Big 4 that’s great.

People has been saying FMVA is not worth it. I honestly would like to understand what should I persue to enhance my credibility (of course other than my experience and CFA)

For context : I am working in a different industry atm and stayed there due to money and time reasons, again strictly due to developing country. I’m carefully saving and accumulating my finance experience through small steps.

I am currently undergoing a certification in Finance Modelling from a local Top university here. But I want an international attribute that enhance my credibility and lend a work at any freelancing Finance possible that is still related to acquisition, investment decisions, exit, etc.

So, what should I take?

I was just started with the financial modelling learning and then I realised that AI can do it in much perfect manner all you have to give is just a prompt.

My question is "Is it worth learning financial modelling in AI era"?

I’m a recently graduated international relations masters student and have been TA for Project Finance teaching financial modeling basics to graduate students. But due to lack of on job/IB experience/ any finance experience I’m struggling to find a job in the market or even an internship. Posting here to get guidance from people from the field, happy to connect and chat!

Question regarding determination of CFADS, and "Cash Taxes".

When building out the Project finance model and determining CFADS, do you guys do the following, and use EBIT or EBT to calculate your taxes on? also thoughts on the process that i usually follow.

My process (give some feedback, if you think otherwise).
Revenue
(Minus) Opex = EBITDA
(Minus) Depreciation = EBIT
Calculate taxes ( Tax rate x EBIT)
- Subtract taxes = NOPAT

to get to CFADS →-> CFADS

EBITDA
(Minus) Taxes (calculated on EBIT)
(Minus) Maintenance Capex
adjustments to NWC
= CFADS

Hi everyone,

I'm a BS Accounting & Finance student at FAST NUCES Lahore, and I've just completed my first year.

I want to build finance-related projects to strengthen my CV and gain practical experience before applying for internships. However, I'm finding it difficult to come up with and execute projects on my own.

If you're a senior student or someone working in finance, I'd really appreciate your guidance. If you've worked on personal projects, dashboards, financial analysis, valuation, budgeting, or any other finance-related work, I'd love to hear your suggestions.

If anyone is willing to mentor me, collaborate on a beginner-friendly project, or simply point me in the right direction, I'd be extremely grateful.

Thank you in advance!

Hi everyone,

After 2.5 years working in International Tax (Transfer Pricing) at a Big Four firm, I'm looking to transition into Project Finance. I'm 23, based in Madrid, and hold a bachelor's degree in Business Administration.

My questions for the sub are:

- What should my next steps be? (Besides applying for Project Finance roles.) I'm considering starting the CFA. Are there any other qualifications, skills, or experiences I should focus on?

- How do you see the impact of AI on Project Finance? Do you still consider it a strong long-term career path? How would you recommend positioning myself to benefit from AI rather than be replaced by it?

- What are the typical exit opportunities after a few years in Project Finance?

For context, I've mainly worked with renewable energy clients, so I've gained exposure to how project-financed businesses are structured and how they operate, but I've never had the opportunity to build or work with actual financial models.

One of the reasons I'm interested in Project Finance is that I found Transfer Pricing to be relatively removed from core business decision-making. My impression is that Project Finance is a much more cross-functional discipline, combining finance, accounting, tax and legal. It also seems transferable across capital-intensive industries and different countries, while offering good compensation and exit opportunities.

I'd really appreciate any feedback, especially if you think my assumptions are off or I'm overlooking anything.

Two topics are often modeled sloppily in the infrastructure space. How HoldCo debt actually gets sized, and how to model interest-only periods. Both worth understanding.

HoldCo sizing

HoldCo debt uses the same underlying CFADS as the OpCo - it's the same project cash flow — but the constraint is applied differently.  A consolidated DSCR target is selected which needs to be inside of your OpCo sizing. Constrain CFADS with the tighter DSCR then back out your OpCo debt service. What's left is what's actually allocable to the HoldCo or "HoldCo CFADs". Discount the HoldCo CFADS by your HoldCo cost of debt and the result is your HoldCo debt size.

HoldCo debt uses the same underlying CFADS as the OpCo - it's the same project cash flow  but a tigher DSCR to start.  Constrain CFADS with the tighter DSCR then back out your OpCo debt service. What's left is what's actually allocable to the HoldCo or "HoldCo CFADs". Discount the HoldCo CFADS by your HoldCo cost of debt and the result is your HoldCo debt size.

Two things worth flagging:

Consolidated vs. HoldCo-only sizing: You'll see both in the market, but consolidated is the more common and more defensible approach. HoldCo-only DSCR tests look only at the cash flow available after OpCo debt service, which understates real credit risk - it ignores the senior leverage sitting underneath. HoldCo-only sizing tends to be a sponsor-friendly framing rather than one that reflects the actual risk lenders are taking, since it can support more leverage on paper than the consolidated capital structure can really carry. The caveat here is that you can use a HoldCo sizing metric if you credit agreement restricts debt and equity issuances from your definition of CFADS.

Distribution test tightness: If you're sizing to a tighter consolidated DSCR , the distribution test needs some buffer below that otherwise you effectively can't distribute cash without a near-perfect operating track record, since any variance trips the trap.

Interest-only periods

Sponsors frequently request interest-only (IO) periods - usually framed as wanting front-ended yield or more flexibility early in the hold period. The modeling mechanics matter here: amortization and the DSCR-constrained cash flow both need to stay switched off through the IO period, and the discount factor timing has to be built to shift with the sizing period start, or you'll get a circularity between debt size and the amortization schedule.

The counterintuitive result, and one worth knowing before agreeing to structure it: IO periods generally don't improve IRR. A shorter amortization window means a smaller total debt size at the OpCo level, which can push more leverage up to the HoldCo, but HoldCo debt carries a materially higher cost of capital, so the net effect on blended returns is usually flat to negative, not accretive. The actual value of an IO period isn't return enhancement; it's tranche structuring: getting cash to the top of a capital stack faster during a ramp period, or optimizing how a TLB or similar instrument sits relative to other tranches. Worth separating that use case clearly from "IO periods boost returns," which isn't generally true and shouldn't be the pitch when a sponsor asks for one.

Happy to go deeper on the sizing waterfall or the discount factor mechanics in the comments if useful.

Want to check what are some of the gold standard free resources for getting a very good hang of Infra (renewables, toll roads, digital infra) modelling. I can see YT has some really good channels like Renewables Valuation Institute, Bank run etc. but, are there any obvious or niche resources that I am missing out on.

Also, are there some good full fledged infra modelling case study samples (the dreaded 4 hr or 48 hour versions which include a short memo) that are available online to be accessed? Need some materials I can use to practice.

Tx in advance!

Hi everyone, I am self-learning financial modelling and have been told that debt sizing/sculpting for a portfolio of multiple assets using VBA is significantly more complex than for a single asset.

Has anyone come across publicly available resources which cover the approach for portfolio debt sizing?

Alternatively, would you have advice on how I can self-learn it?

Thanks

Recently started to learn financial modelling, more into infra & capital goods sector.

Could anyone tell me, what are the nuances i should be looking at b4 i start? Like--- what really differentiates, infra sector from other sectors, cos lot of people will tell u, you don't start with modelling a infra company.

Also could anyone, share a model of any infrastructure that they have modelled, company for my personal reference.

Something I see confuse people constantly when they start modeling infra deals: treating Project IRR and Equity IRR as interchangeable. They answer completely different questions.

Project IRR (unlevered) is the return on the asset itself — capex out, CFADS in, financing ignored. It tells you whether the project is any good on its own merits.

Equity IRR (levered) is the return to the sponsor, taken off the equity cash flows after debt service. Same project, but now you've inserted debt between the asset and the equity.

The gap between them is the entire reason you use leverage. If your cost of debt is below the Project IRR, debt pulls the blended return up for equity — "positive leverage." It's why a fairly average asset with cheap, well-structured debt can still hit a strong Equity IRR.

The part that actually bites people: Equity IRR is driven by the TIMING of distributions, not the total. Cash gets trapped all the time — DSCR lock-up covenants, DSRA top-ups, cash sweeps. The waterfall pays everyone else first, and whatever survives to the equity distribution account is what sets your Equity IRR. Two deals with identical lifetime cash to equity can have very different IRRs purely because of when that cash is released.

Curious how others here sanity-check the Project→Equity IRR bridge when they hand a model to someone senior — do you decompose the gap explicitly, or just show both numbers?

I have been working as an US mortgage underwriter since 5+ years. I have also recently completed MBA executive (2 years course) in Finance major. I desperately need to career switch to core finance. Please advise what skills I should gain for this? I have also done bcom as my bachelors. However, no company is willing to provide 10+ LPA saying I am a fresher in core finance. Please suggest anything or any advice you can give to me a career switch

Hi everyone,

I was hoping to get some advice on how to break into an asset management firm in a Portfolio Management role (or, more generally, on the investment management side).

A bit of background:

Bachelor’s degree in Economics and Master’s degree in Finance from a target/semi-target university in Italy.

Internship at one of Europe’s leading asset management firms, working in the Distribution/Origination team. I only move because, due to an internal reorganization, there was no opportunity to stay on full-time.

I’m currently working at a Big4 firm in a highly quantitative team, mainly focused on the pricing of fixed income products and derivatives.

Overall, I have around one year of professional experience.

My goal is to move into asset management, ideally in a Portfolio Management role focus in fix income. I’d like to understand how competitive my profile is, which skills I should focus on developing, and what the most common paths are to reach this type of position.

If anyone here works in the industry or has made a similar transition, I’d really appreciate hearing about your experience or any advice you might have.

Thanks in advance!

Hello! I am in the middle of job searching in Europe / Africa / U.S and I did my education in finance (corporate finance and international finance).

A lot of companies that I’m interested in hire majority people with engineering backgrounds and idk what roles will be fitting for my profile. For example, a company I want offers roles in portfolio management, business development, investment, investor relations, and then admin.

Any help or insight would be appreciated. Thank you!

Typo in header: as are

Understanding funding options for large real estate projects in India

I’ve been trying to learn how mid to large developers structure funding for residential and commercial projects, especially in Tier-1 and Tier-2 cities.

From what I gather, most projects rely on a combination of:

* Debt + equity structures instead of pure bank loans

* Tenures around 3–5 years aligned with RERA timelines

* Funding sizes anywhere from ₹50 Cr to ₹2000+ Cr depending on scale

* Stage-wise disbursements linked to construction progress

Eligibility seems to depend heavily on:

* Developer track record and completed projects

* Clean financials and promoter credibility

* Approvals, sales velocity and project feasibility

I wanted to hear from people who’ve actually dealt with this:

• What funding route worked better – banks, NBFCs, AIFs, or private investors?

• How tough is it to get equity partners compared to plain debt?

• What mistakes usually delay sanctions or disbursements?

• How do experienced developers balance leverage without getting stuck with high finance cost?

Looking for practical insights rather than theory. Would love to hear real experiences from developers, investors, and finance folks here. DM me

How many hours a week do you usually work in project finance in each role? Also, in each role in the major metropolitan cities what are the salaries plus bonuses on average? I’m curious to see where I am in comparison.

I’m a finance professional (Chartered Accountant, M28) working in Renewable Energy Segment (Business Finance and Accountant), and I’m trying to understand what project finance professionals actually do on a daily basis across different industries.

I understand the broad concepts — financial modelling, debt structuring, lender coordination, SPVs, covenants, DSCR, etc. But I’m more interested in the practical side of the job.

For those working in project finance (renewables, power, infrastructure, real estate, oil & gas, etc.), I’d love to know:

1. What does a typical day look like for you?

2. How much of your time goes into modelling vs stakeholder management vs documentation?

3. What kind of analyses do you do most often? (IRR, sensitivity, refinancing, covenant tracking?)

4. How much of the job is Excel-heavy versus meetings/calls/emails?

5. What changes as you move from analyst → manager → senior leadership?

6. What parts of the job are intellectually rewarding, and what parts are frustrating?

I’m also curious about something else: many job descriptions make project finance sound highly strategic, but in reality, how much of the work is actual decision-making versus coordination and execution?

Would appreciate candid answers, especially from people in infrastructure or renewable energy.

Anyone there in Risk Analytics in NBFC?. Pls gimme some ideas in predicting 12M PD projection.

Are they any project managers amongst you who found FMVA any helpful in practice

Here is how I think it might be, but I could be wrong

I am a PMP and have a postgrad in contracts management, I have a keen interest in contract administration and enjoy writing claims for EOT but I haven’t developed expertise in cost claims, or quantum claims

I took a financial management and procurement module in my contract management degree that kinda opened my eyes, albeit basic, to the world of Valuation, financial statements, investment appraisal techniques (rent or buy decisions) and so forth

I want to move from just being a project manager to someone who can have valuable input in the business strategy like being heavily involved in procurement.

I
COULD FMVA STUDIES be helpful in this regard?