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Toll road operator financial model, built free.

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

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  • 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

Owns long-term concessions over toll roads, bridges, tunnels or managed lanes (brownfield or greenfield) and earns traffic × tolls that escalate under the concession deed until the road is handed back.

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
Toll road operator sample model.xlsx
The Summary sheet of the sample toll road 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 toll road operator.

  1. How it earns revenue1 formula
    Toll revenue · All toll roads
    Toll revenueVehicle tripsfrom trafficAverage toll per trip (vehicle mix)
  2. What drives its costs1 formula
    Road operating costs · All toll roads
    Toll road operating costsFixed operating costsToll collection costs
  3. What it invests in1 formula
    Concession asset and amortisation · All toll roads
    Closing concession intangibleOpening concession intangibleMajor maintenance and lifecycle capexfrom major maintenance and lifecycle capexAmortisation
  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

21 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
  • 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
  • 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
  • Toll road KPIsTraffic and toll yield, financial year to dateNetwork traffic and toll yield measures reported across all roads.
  • Interest-rate forecastMarket forward curve
  • Concession registerRemaining term and carrying valueThe facts every other part of the model builds on: route length, lanes, remaining concession term, the share of each period inside the term, and the opening concession intangible.
  • TrafficTraffic growth with ramp-upAverage daily traffic and vehicle trips on each toll road, and the heavy-vehicle share.
  • Toll revenueTrips × average tollTolls charged under the concession's escalation rules and the toll revenue they earn.
  • Road operating costsFixed costs per km and per road plus collection costsOperations, routine maintenance, tolling and control-centre costs of each road.
  • Major maintenance and lifecycle capexScheduled resurfacing cycleResurfacing and replacement of road components over the concession, including works needed to hand the road back.
  • Concession asset and amortisationStraight-line over the remaining concession termRoll-forward of each road's concession intangible: additions from lifecycle capex and amortisation to nil at concession end.
Key numbers

The numbers it tracks.

  1. 01average daily traffic
  2. 02average toll
  3. 03toll revenue
  4. 04EBITDA margin
  5. 05distributions per security
  6. 06remaining concession life
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
  • Asset acquisition
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Looking for a toll road operator financial model template? Ours arrives built for your business, with your figures in it.

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.