IN HOUSE

Telecom Project
Finance and Valuations
In days one and two participants will learn about:

Structuring cross-border telecom projects and accessing the most competitive

funding

Financing wireless / mobile, wire-line projects and satellites

Key regulatory and legal issues

Accessing bank and bond markets for telecomtransactions

Working with export credit agencies and multilateral institutions

Vendor financing for projects

Cross-border telecom equipment leasing

Day three focuses on:

Investor considerations in valuing telecommunications licenses and companies

Estimating value of on-going operations in volatile markets

Strengths and limitations of different valuation techniques (DCF, trading and

change of control multiple analysis, real options, emerging market premia in
cost of capital etc.)

How merger and acquisition strategies affect valuations

Course Director:

Margaret E. Osius

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Telecom Project
Finance and Valuations

Agenda
COURSE FEATURES
This three-day workshop
will increase participants
understanding of the process
leading to the creation of a
suitable financial structure for
various types of cross-border
telecom projects and transactions,
from wireless/mobile to fixed wireline transactions and satellites.
Lessons and examples are drawn
from around the world. Emphasis
is placed upon understanding
the objectives of the various
participants in telecommunications
deals and how their goals may vary
over time. In difficult markets
credit enhancement techniques
and alternative funding sources
are also critically important.
Traditional Export Credit Agency,
Multi- and Bi- lateral Agency
support, as well as tailored private
sector political and commercial
shifting and funding mechanisms
and programmes are explained.
The hands-on workshop nature
of this programme will first
allow participants to develop a
framework for recognising, and
analysing risks in telecom projects.
Case studies also look at investor
considerations in valuing
telecommunications deals, to
estimate values of operations and
companies as they trade in volatile
markets.
WHO SHOULD ATTEND?
Telecom operators
Equipment vendors
Investment bankers
Corporate banking officers
Project finance managers
Financial analysts
Business development managers
Financial consultants
Investment managers
Legal advisors
Venture capitalists

Day 1
Registration commences at 8:30
Programme runs from 9:00 - 5:00 daily

Themes: Allocating risks in transactions; Searching

for efficient financing alternatives; Financing a mobile
start-up; Refinancing mature companies.

Participation, assignment, and novation

What security do banks need?
Offshore accounts and trustees
Mortgages on fixed assets / contract assignments
Bridge-financing projects

Workshop: cash flow modelling and credit

assessment

International project finance and the telecom sector

Telecommunications transactions: Industrialized and
countries in transition
Players: outlooks and objectives
Phases in of a project and capital formation
Examples of different types of projects
Wire-line, wireless / mobile, satellites
Lessons of 3G? Prospects for emerging 4G
technologies?

Building cash flow models: forecasting techniques

and limitations
Perspective of the investors vs. creditors
Sensitivity analysis vs. Monte Carlo simulations
Examples

Case study: Participants will break into small groups

to prepare a case study concerned with built-out and
operation of a mobile telecom and data system. A cash
flow simulation model will be used in assessing market
risk.

Telecoms projects: risk identification and allocation

License and / or concession acquisition:
Understanding the allocation process
Financing approaches and issues through start-up
Build out delays / cost overruns
Penetration levels / revenue per line
- Increased competition
Technology changes
Secondary sources of repayment
Foreign exchange exposure
Political risks

Day 2

Case discussion: mobitel S.A.

Key legal considerations in financing

telecommunications projects (legal guest
speaker)

Sources of finance: a financing checklist

Traditional and contemporary sources of finance:
domestic and international bank loans
Bank participation in the sector through syndicated
loans:
Primary and secondary distribution
Pricing, flexibility, timing

Themes: Legal issues in telecom finance; Capital

markets availability; Accessing the significance
of political and other risk support for telecoms
projects; Introduction to valuation issues.

Considering legal climate

Dispute resolution alternatives
Structuring considerations
Important inter-creditor issues
What can go wrong?

Copyright Euromoney Training 2012

Biography

Margaret E. Osius
Meg Osius delivers management-training seminars on international
project finance and capital markets to a wide variety of organisations
worldwide. She has also advised a variety of corporate, private and
development bank clients on structuring green-field projects as well
as facility upgrades in the telecom, oil and gas, power and transport
sectors. Prior to establishing her own firm she was a Vice President in
the Global Banking Division of JP Morgan Chase where she structured
export and international project transactions and advised clients on

Find out more today!

Web

www.euromoneytraining.com/asia

foreign exchange risk management. Earlier in her career at Chase she

also had extensive experience with workout and distressed credit. She
has published articles in the business press and co-authored several
self-study guides covering international project finance, trade and
export finance and foreign exchange. The World Bank has published
her articles and distributed a video series addressing sound banking
practices and approaches to financial analysis in emerging markets.
Ms Osius was previously chair of the Technical Advisory Panel of the

IN HOUSE

Financing in capital markets

Capital markets meltdown for telecom projects
Rating agency criteria
Emerging markets examples: telecom receivables
securitisation
Credit enhancement

Discounted cashflow valuation of a wireless

companies

Sources of risk support

Export credit techniques
Agency guarantees and insurance
Funding and interest equalisation
Bank incentives inherent in ECA programs
Costs and availability
Development banks and their programs to support
debt and equity investment funds
Private sector insurers and risk support

Case study: Financing fiber optic cable

Participants break into small groups to negotiate
terms of a project refinancing.

Day 3
Theme: Telecommunications valuations
approaches
Telecommunication projects from the investor
standpoint
Overview of alternative valuation approaches:
DCF - Discounted cash flows
EVA - Economic Value Added
APV - Adjusted Present Value
Considering multiples: P/E ratios, EBITDA, etc.
Common mistakes in applying different models
Special factors for telecommunications
Debt and leverage considerations
Survey of who uses what tools and why
What techniques will future business activity in
telecoms demand?

Forecasting cashflows based on key operating

parameters
ARPUs, churn, customer Adds,
Penetration rates
Estimating a suitable cost of capital
Country risk
WACC, levered and delevered beta
Cost of debt
CAPM
Transactional issues impacting valuation
Control premia
Marketability discounts
Sensitivity analysis
Real option theory to evaluate event upside
Assessing data-centric cash flows for future
broadband services

Comparable multiple analysis of a wireless

company
Traded multiples of comparable companies
Multiples of revenue, EBIT, EBITDA
Free cash flow,
Subscribers, POPs, etc.
Change of control multiples

Case study: Participants will look at a mobile operators

business model, and use an Excel-based model to
estimate value under different scenarios.

Summary and close

VENUE
All of our courses are held in
4 5 star hotels, chosen for their
location, facilities and level of
service. You can be assured of a
comfortable, convenient learning
environment throughout the
duration of the course.
Due to the variation in
delegate numbers, we will send
confirmation of the venue to you
approximately 2 weeks before the
start of the course.
ABOUT US
Euromoney Training courses
are designed for ambitious
professionals who wish to gain
practical skills based knowledge.
With offices located in Asia,
Europe and the USA and as
part of the global media group,
Euromoney Institutional
Investor PLC, we are in the
perfect position to provide you
with relevant, up-to-date and
international expertise.
With an extensive range of
financial, legal and audit training
courses we have met the training
needs of over 100,000 market
professionals globally.
Our courses are held on a
public or in-house basis, a
full list of which can be found
on our website. Visit www.
euromoneytraining.com/asia
CONTINUING
PROFESSIONAL
DEVELOPMENT
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cannot warrant that the
attendance of this programme
would automatically be recognised
by your countrys Securities
and Futures Commission, it is
highly likely that Euromoney
Training courses can fulfil CPT
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SAVE TIME AND MONEY WITH IN-HOUSE TRAINING

In-house training is an efficient and cost effective way to
ensure that your employees are equipped with the knowledge
and skills needed to make a real impact in your organisation.
Training can be arranged for anything from small groups to
entire divisions and will take place at a time chosen by and
convenient to you.
For more information on holding this, or any other
Euromoney Training course in-house, please contact:
Joanne Ma, Division Manager, Financial Training
Tel: +852 2111 6620
Email: inhouse@euromoneyasia.com

Public Private Infrastructure Advancement Fund. She holds an M.B.A.

from INSEAD and a B.A. degree from Princeton University.

Email

courses@euromoneyasia.com

Telephone

+852 2520 1481

Facsimile

+852 2866 7340

Telecom Project
Finance and Valuations

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INHOUSE
1. Web
www.euromoneytraining.com/
asia
2. Email
inhouse@euromoneyasia.com
3. Telephone
+852 2111 6634
4. Facsimile
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Copyright Euromoney Training 2012