THE INFRASTRUCTURE INVESTMENT ANALYST - COMPANION FILES
julianrsterling.com/infrastructure

Free. No sign-up, no email address. Nothing is locked, protected or watermarked.
Revised 22 September 2026.

Optional: to get an email if these files are ever corrected, join the reader list at
https://julianrsterling-readers.subscribepage.io/
(run by MailerLite, off the site; nothing in this archive needs it).

WHAT IS IN THE ARCHIVE

1. The book's workbooks
   Debt_Sculpting_and_DSCR.xlsx     Calder Toll Road: 63.8% leverage, binding year 1, IRR 11.6%
                                    (corrected 22 September 2026: see 00_START_HERE.md)
   Calder_Water_Valuation.xlsx      One asset valued twice: 242.18 by both routes, 31 checks
   Diligence_Risk_and_IC_Memo.xlsx  Appendices B and C
   00_START_HERE.md, 00_START_HERE_Valuation.md

2. Blank_Model_Set/  (new)
   Debt_Sculpting_Blank.xlsx, Calder_Water_Valuation_Blank.xlsx
   The same formulas with every input emptied. The checks sheet counts the inputs
   still empty and runs the consistency tests that hold on any asset. Put the
   book's inputs back and you get the book's figures again:

   Debt_Sculpting_Blank.xlsx, sheet 1:
   B2   Concession length        40
   B3   Years elapsed            14
   B5   Miles                    28
   B6   Traffic year 0           12
   B7   Toll per mile            0.085
   B8   Traffic growth           0.011
   B11  Inflation                0.021
   B12  Toll floor               0.015
   B13  Opex year 0              8.5
   B14  Efficiency               0.04
   B15  Maintenance year 0       2.5
   B16  Resurfacing              12
   B17  Reserve contribution     1.5
   B20  Min DSCR                 1.25
   B21  Cost of debt             0.058
   B22  Tenor                    18
   B23  Service escalation       0.021
   B24  Entry rate               0.08
   B25  Exit rate                0.072
   B26  Hold                     8
   B29  Reserve at acquisition   6
   B30  First resurfacing        4
   B31  Cycle                    8

   Calder_Water_Valuation_Blank.xlsx, sheet 1:
   B3   Concession years         25
   B4   Revenue                  100
   B5   Indexation               0.02
   B6   Opex                     38
   B7   Cost escalation          0.025
   B8   Capex                    6
   B9   Capex escalation         0.025
   B10  Tax                      0.25
   B11  Unlevered rate           0.07
   B12  Cost of debt             0.055
   B13  Gearing                  0.65
   B14  Amortisation years       20
   B15  RAB                      900
   B18  Handback                 0
   B19  Retention                0
   B20  Hold                     10

3. Working_Documents.pdf  (new)
   Four printable pages: the concession and handback read-through, the adviser
   report review, the investment committee memo frame with its headline metrics,
   and the quarterly asset review. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type. The score
   sheet counts wrong answers by chapter. Every answer and its reason is on the
   marking sheet.

5. Cases/  (new)
   Case_1_The_Reserve_That_Sets_The_Price.xlsx   four ways to pay the resurfacing
   Case_2_Traffic_Below_The_Consultant.xlsx      lock-up, default and the exit
   Case_3_Selling_With_Fifteen_Years_Left.xlsx   what the next buyer pays
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
