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Roads, airports and ports

Port and terminal operator financial model, built free.

A three-statement Excel model for a port and terminal operator, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Operates container, bulk, break-bulk, vehicle or cruise terminals under concessions or leases, earning handling charges per TEU, tonne or passenger, take-or-pay capacity charges, storage and ancillary fees.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Port and terminal operator sample model.xlsx
The Summary sheet of the sample port and terminal operator model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a port and terminal operator.

  1. How it earns revenue1 formula
    Revenue (top-down) · The business
    RevenueUnits soldAverage price
  2. What drives its costs3 formulas
    Direct costs (top-down) · The business
    Cost of salesRevenuefrom statementsGross margin
    Lifecycle, major maintenance and handback · The business
    Major maintenance expense (works plus provision movement)Major maintenance works paidProvision requiredProvision at period start
    Lifecycle, major maintenance and handback · The business
    Provision at period endProvision at period startMajor maintenance expense (works plus provision movement)Major maintenance works paid
  3. What it invests in3 formulas
    Infrastructure assets and capex programme · The business
    Borrowing costs capitalisedProject 1 borrowing costs capitalisedProject 2 borrowing costs capitalisedProject 3 borrowing costs capitalisedProject 4 borrowing costs capitalised
    Infrastructure assets and capex programme · The business
    Infrastructure capexMinor and sustaining capexProject capex
    Infrastructure assets and capex programme · The business
    Opening infrastructure assets (in service plus work in progress)Opening net book value of assets in serviceProject 1 — Spent to date (opening work in progress)from opening work in progressProject 2 — Spent to date (opening work in progress)from opening work in progressProject 3 — Spent to date (opening work in progress)from opening work in progressProject 4 — Spent to date (opening work in progress)from opening work in progress
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

20 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Revenue (top-down)Price × volume
  • Direct costs (top-down)Gross margin %
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Interest-rate hedgingHedged share at a fixed rate
  • Infrastructure assets and capex programmeProject-by-project capex programmeOwned or long-lease infrastructure — runways, terminals, berths, track, rolling stock, stadiums — with its capex programme, depreciation by asset class and optional revaluation.
  • LeasesLease register
  • Lifecycle, major maintenance and handbackComponent replacement schedulePeriodic renewal of concession and PPP assets (resurfacing, mechanical and electrical replacement), reserves and provisions for it, and works needed to hand the asset back.
  • Concession asset and grantor paymentsIntangible amortised to concession endHow the right to operate a concession (toll road, airport, port, PPP) sits on the balance sheet and is used up over the concession life, including fees paid to the grantor.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Interest-rate forecastMarket forward curve
Key numbers

The numbers it tracks.

  1. 01throughput (TEU or t)
  2. 02revenue per unit
  3. 03berth utilisation
  4. 04EBITDA margin
  5. 05concession life
Used for

What it is used for.

Also used for
  • Asset acquisition
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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.