Perspectives on transactions, investment and strategy

Infrastructure & PPP

What makes a PPP project bankable?

Bankability is the point where a project's risks, revenues and structure come together in a form that lenders and equity investors are willing to fund. It is rarely achieved by accident.

Clear and appropriate risk allocation

Each risk should sit with the party best able to manage it. When construction, demand or regulatory risks are pushed onto parties who cannot control them, financing costs rise and appetite falls.

Predictable revenue

Lenders need confidence in cash flows. Availability-based payments, well-drafted indexation and robust payment mechanisms all reduce uncertainty and improve terms.

A credible, transparent model

The financial model is the language of the deal. It must reflect the contract accurately, withstand sensitivity testing and be clear enough for every party to rely on.

Getting these fundamentals right early saves time, cost and value later in procurement.

Valuations

Valuation is more than a number

A valuation is an argument as much as a calculation. The headline figure matters, but its credibility comes from the reasoning behind it.

Assumptions carry the weight

Growth rates, margins, discount rates and terminal values drive the result. Each should be grounded in evidence and explained, not simply asserted.

Methods should corroborate

Income, market and asset-based approaches each offer a perspective. Where they converge, confidence grows; where they diverge, the differences reveal something important.

A well-reasoned valuation gives buyers, sellers, boards and auditors a shared basis for decisions.

Financial Modelling

Five habits of models decision-makers trust

Models inform some of the largest decisions an organisation makes. The best ones share a handful of habits.

• Separate inputs, calculations and outputs so users can see what drives what.
• Keep formulas simple and consistent across rows and periods.
• Build in checks that flag errors before anyone else does.
• Make scenarios easy so sensitivities can be tested in minutes, not days.
• Document the logic so the model outlives its builder.

Mergers & Acquisitions

Where deal value is won and lost

Headlines focus on the price, but much of a transaction's value is determined long before the final negotiation.

Strategic clarity first

Buyers who know exactly why they are acquiring, and what they will do afterwards, evaluate targets more sharply and avoid overpaying for the wrong fit.

Diligence that informs price

Due diligence should feed directly into valuation, structure and protections, rather than sit in a separate report.

Sellers who prepare, gain

For sellers, clean financials, a credible plan and anticipated buyer questions translate directly into stronger terms and smoother processes.