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Papers by Roberto Moro Visconti

Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows

Abstract: Project finance (PF) investments have consistently grown in the last years, especially ... more Abstract: Project finance (PF) investments have consistently grown in the last years, especially if they concern infrastructural Public -Private Partnerships. PF is a long termed and capital intensive investment, guaranteed by expected cash flows, rather than the assets of the project sponsor. Private entities, normally created as ad hoc Special Purpose Vehicles, are typically highly leveraged with non-recourse loans. Since the shareholders may be likely to sell off their stake well before the expiring date of the concession, a professional evaluation of the SPV at different stages of the project's life seems increasingly important. Innovative considerations about the impact of cash generating EBITDA are linked to operating leverage changes, following continuous remixing of fixed and variable costs, Debt service and shadow dividends payout are also critically investigated, analyzing their impact on leverage, risk and valuation. Fair appraisals fuel and keep alive a still infant...

Public–Private Partnerships for Sustainable Healthcare in Emerging Economies

The Emerald Handbook of Public–Private Partnerships in Developing and Emerging Economies

From Business Models to Business Planning

Startup Valuation

Portfolio of Intangibles, Smart Infrastructural Investments, and Royalty Companies

The Valuation of Digital Intangibles

The Microfinance Background

Palgrave Studies in Financial Services Technology

Microfintech Applications

Palgrave Studies in Financial Services Technology

Fintechs

Palgrave Studies in Financial Services Technology

Microfinance Issues

Palgrave Studies in Financial Services Technology

The Impact of Technology on Microfinance

Palgrave Studies in Financial Services Technology

Blockchain Valuation: Internet of Value and Smart Transactions

The Valuation of Digital Intangibles

Big Data Valuation

SSRN Electronic Journal

The Valuation of Know-How

SSRN Electronic Journal

Digital Scalability and Growth Options of Intangible Assets

SSRN Electronic Journal

Goodwill Valuation

SSRN Electronic Journal

The Valuation of Artificial Intelligence

SSRN Electronic Journal

The Valuation of Technological Startups

SSRN Electronic Journal

The Valuation of Trademarks and Digital Branding

SSRN Electronic Journal

The Valuation of Internet Companies and Social Networks

The Valuation of Digital Intangibles

The Valuation of Intangible Assets: An Introduction

SSRN Electronic Journal

Evaluating a Project Finance SPV: Combining Operating Leverage with Debt Service, Shadow Dividends and Discounted Cash Flows

Abstract: Project finance (PF) investments have consistently grown in the last years, especially ... more Abstract: Project finance (PF) investments have consistently grown in the last years, especially if they concern infrastructural Public -Private Partnerships. PF is a long termed and capital intensive investment, guaranteed by expected cash flows, rather than the assets of the project sponsor. Private entities, normally created as ad hoc Special Purpose Vehicles, are typically highly leveraged with non-recourse loans. Since the shareholders may be likely to sell off their stake well before the expiring date of the concession, a professional evaluation of the SPV at different stages of the project's life seems increasingly important. Innovative considerations about the impact of cash generating EBITDA are linked to operating leverage changes, following continuous remixing of fixed and variable costs, Debt service and shadow dividends payout are also critically investigated, analyzing their impact on leverage, risk and valuation. Fair appraisals fuel and keep alive a still infant...

Public–Private Partnerships for Sustainable Healthcare in Emerging Economies

The Emerald Handbook of Public–Private Partnerships in Developing and Emerging Economies

From Business Models to Business Planning

Startup Valuation

Portfolio of Intangibles, Smart Infrastructural Investments, and Royalty Companies

The Valuation of Digital Intangibles

The Microfinance Background

Palgrave Studies in Financial Services Technology

Microfintech Applications

Palgrave Studies in Financial Services Technology

Fintechs

Palgrave Studies in Financial Services Technology

Microfinance Issues

Palgrave Studies in Financial Services Technology

The Impact of Technology on Microfinance

Palgrave Studies in Financial Services Technology

Blockchain Valuation: Internet of Value and Smart Transactions

The Valuation of Digital Intangibles

Big Data Valuation

SSRN Electronic Journal

The Valuation of Know-How

SSRN Electronic Journal

Digital Scalability and Growth Options of Intangible Assets

SSRN Electronic Journal

Goodwill Valuation

SSRN Electronic Journal

The Valuation of Artificial Intelligence

SSRN Electronic Journal

The Valuation of Technological Startups

SSRN Electronic Journal

The Valuation of Trademarks and Digital Branding

SSRN Electronic Journal

The Valuation of Internet Companies and Social Networks

The Valuation of Digital Intangibles

The Valuation of Intangible Assets: An Introduction

SSRN Electronic Journal