Debt Waterfall

Stage 7 (2021) “Debt Waterfall”


Niagara Investment Company (NIC) operates a hydropower plant in a fictional country called Niagaria. NIC is under a Public-Private Partnership structure and is expected to be handed back to the government after 20 years of operations. NIC hired you to help them forecast their debt and equity waterfall.

The objective of this case is to create a 20-year quarterly financial model that focuses on debt repayment and equity distributions for NIC. This case can be used to test and improve the debt modeling skills of those who are preparing for the CFM exam, but everybody can use it to brush up their skills on debt modeling.

This is an actual case from the Financial Modeling World Cup 2021, Stage 7 (July 23-26) competition. The downloadable file consists of the following:
Task: PDF file with Case Materials; PDF file with Questions; Excel file with case assumptions
Solution: Excel file with full Solution Model; PDF file with correct Answers in Bold

This model awarded 350 regular points + 50 Extra Points for a bonus question, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at