Publication
How to Build a 3-statement Model: Best Practices for Valuations and Projections
https://www.toptal.com/management-consultants/financial-modelers/three-statement-modeling
Abdullah is available for hire
Hire AbdullahAbdullah Karayumak, CFA
Verified Expert in Management Consulting
Management Consulting Expert
Istanbul, Turkey
Toptal member since January 26, 2022
Bio
Abdullah is a CFA charterholder and former KPMG corporate finance advisor with 13 years of experience. He builds integrated financial models, values businesses, and supports fundraising and infrastructure financing. His work spans a $1 billion fund sustainability model, an 18 MW data center portfolio, and healthcare PPP finance. Abdullah helps investors, lenders, and management evaluate returns, funding needs, and risks.
Career Highlights
Founder
KRY Advisory
Finance Manager
Ronesans - Meridiam Investment Partnership
Certification Highlights
Chartered Financial Analyst (CFA)
CFA institute
Expertise
- Corporate Finance
- Financial Modeling
- Financial Planning & Analysis (FP&A)
- Forecasting
- Fundraising
- Project Finance
- Three-statement Modeling
- Valuation
Work Experience
Founder
2023 - PRESENT
KRY Advisory
- Developed a financial sustainability model for an endowment fund with $1 billion AUM, integrating strategic asset allocation, spending capacity, and liquidity projections.
- Built an operating and financing model for two 9 MW data centers in Dammam, Saudi Arabia, linking capacity ramp-up, utilization, and pricing to investment analysis and lender discussions.
- Developed Tiber Health's (US-based medical education company) expansion model, forecasting enrollment, staffing, and investor returns, with automated monthly general ledger classification and consolidation of five entities.
- Supported a Saudi-based proptech startup in its $5 million Series A with a detailed financial model, five-year scenario forecasts, business valuation, and investor presentations and discussions.
- Built KVK's quarterly three-statement model for its device distribution agreement restructuring, incorporating tax, capex, debt repayments, scenarios, and a KPI dashboard.
- Developed an investment model for N1 Investments' potential investment, comparing activism scenarios and incorporating fund waterfalls and limited partner distributions.
- Developed long-term financial forecasts, operational and regulatory stress tests, and valuation analysis for TÜVTÜRK's preparation for a 20-year vehicle inspection concession tender.
- Prepared financial models, business valuations, and investor materials for Bulut Klinik (telemedicine) and Karavan (B2B export marketplace) to support fundraising discussions.
- Built a monthly integrated model for Deluxebase Ltd (UK-based toy company) supporting budgeting, cash flow forecasting, investment planning, and management scenario analysis.
Focus areas: Financial Modeling, Training, Valuation, Fundraising, Mergers & Acquisitions (M&A)
Associate Director
2021 - 2023
KPMG
- Led corporate finance engagements covering business valuation, financial modeling, independent model review, financial due diligence, and transaction advisory.
- Led financial model audits for Yıldırım Holding's Lisbon port operations and Ankara Esenboğa Airport, reviewing calculations, commercial assumptions, financing, and cash flow outputs.
- Led development of Sabiha Gökçen Airport's integrated financial model, linking passenger traffic, aviation, and commercial revenue, capex, financing, taxation, and working capital.
- Developed a greenfield investment model for Yükseller Aluminium's recycling facility, testing commodity prices, production ramp-up, funding needs, NPV, IRR, and debt service capacity.
- Led or managed valuations of Pratik İşlem, Colendi, Sipay, Birevim, and Intertech, assessing business models, financial forecasts, growth drivers, risks, and market benchmarks.
- Applied DCF, comparable company, and precedent transaction analyses, assessing discount rates, capital structures, enterprise value, and equity value.
- Managed financial due diligence covering earnings quality, working capital, indebtedness, and cash generation to support investment and M&A decisions.
- Managed engagement teams and client relationships, reviewed models and reports, and coordinated project scope, delivery, technical quality, and analyst development.
Focus areas: Financial Modeling, Corporate Finance, Market Research, Due Diligence, Valuation, Mergers & Acquisitions (M&A), Forecasting, Financial Planning & Analysis (FP&A), Revenue & Expense Projections, Three-statement Modeling, Excel Expert, Valuation Modeling, M&A Modeling, Microsoft Excel, Business Models, Pitch Decks, Fundraising, Accounting, Debt, Ratio Analysis, M&A (Buy-side), DCF Valuation, Discounted Cash Flow (DCF), Apps, Analysis, Private Equity, Cash Flow Modeling, Training, Business Analysis, Month-end Processes, Excel 365, Profit & Loss (P&L)
Finance Manager
2020 - 2021
Ronesans - Meridiam Investment Partnership
- Managed financial operations for Bursa, Elazığ, Adana, and Yozgat City Hospital PPPs, representing approximately EUR 1 billion in combined project financing.
- Oversaw forecasts, liquidity, debt service, covenant testing, reserve accounts, lender reporting, and shareholder distribution capacity across four project companies.
- Managed relationships with international lenders and Turkish government counterparties, coordinating financial reviews, consent and waiver processes, and contractual finance matters.
Focus areas: Project Finance, Financial Modeling, Portfolio Management, Valuation, Forecasting, Revenue & Expense Projections, Three-statement Modeling, Finance, Cash Flow Management, Business Models, Real Estate, Real Estate Development, Budget Modeling, Fundraising, Accounting, Models
Investment Officer
2017 - 2020
IsDB
- Appraised cross-border financing for Arkari Gol Hydropower in Pakistan, Shobak Wind Power in Jordan, and Meghna Sugar in Bangladesh, assessing financial viability, sponsor capacity, and repayment risks.
- Reviewed project and corporate financial models, financing structures, country risks, and downside scenarios; coordinated with co-financiers and advisors on appraisal, due diligence, and approval materials.
- Assessed banks' credit risk using a framework developed with Moody's; analyzed capital, asset quality, liquidity, and governance, prepared internal ratings, and recommended exposure limits and covenants.
Focus areas: Risk, Revenue & Expense Projections, Three-statement Modeling, Islamic Banking, Real Estate, RiskMetrics, Real Estate Development, Fundamental Analysis, Equity Research, Credit Risk, Lending, Brokerage, Commercial Real Estate Finance (CREF), Debt, Energy
Investment Banking Associate
2013 - 2017
Kuveyt Türk Participation Bank
- Led execution of $500 million senior and $300 million Tier 2 international Sukuk issuances, coordinating structuring, due diligence, offering documents, ratings, investor roadshows, and closing.
- Led financing assessments for the 100 MW Kargı hydropower project with an approximate EUR 100 million investment value and an approximate $100 million electricity distribution privatization transaction.
- Led Kuveyt Türk's credit evaluation in the approximately EUR 800 million Bilkent Laboratory PPP financing, reviewing models and risks, obtaining approvals, and coordinating lenders and financing documentation.
Focus areas: Corporate Finance, Due Diligence, Financial Analysis, Investment & Trading Advisory, Investment Funds, Islamic Banking, Fundamental Analysis, Equity Research, Credit Risk, Debt Capital Markets, Lending, Brokerage, Commercial Real Estate, Financing, Models
Other Experience
Education
2015 - 2016
Master's Degree in Finance
Bosphorus University - Istanbul, Turkey
2009 - 2013
Bachelor's Degree in Industrial Engineering
Bilkent University - Ankara, Turkey
Certifications
FEBRUARY 2022 - PRESENT
Chartered Financial Analyst (CFA)
CFA institute
Skills
Finance
Corporate Finance, Financial Modeling, Project Finance, Cash Flow, Mergers & Acquisitions (M&A), Valuation, Forecasting, Financial Planning & Analysis (FP&A), Revenue & Expense Projections, Three-statement Modeling, Fundraising, Valuation Modeling, M&A Modeling, Islamic Banking, Accounting, Fundamental Analysis, Equity Research, DCF Valuation, Discounted Cash Flow (DCF), CFO, Private Equity, Cash Flow Modeling, Internal Financial Reporting, Budgeting, Profit & Loss (P&L), Market Research, Due Diligence, Risk, Debt, Ratio Analysis, M&A (Buy-side), RiskMetrics, Credit Risk, Lending, Series A
Output Software
Microsoft Excel
Industry Expertise
Real Estate Development, Commercial Real Estate, Energy, Real Estate, Debt Capital Markets
Geographic Expertise
Middle East
Other
Investment & Trading Advisory, Investment Funds, Excel Expert, Finance, Cash Flow Management, Pitch Decks, Commercial Real Estate Finance (CREF), Financing, Employee Stock Options, Analysis, P&L Management, Training, Business Analysis, Month-end Processes, Excel 365, Portfolio Management, Business Models, Software as a Service (SaaS), B2C, SaaS, Apps, Financial Analysis, Investments, Equity, Market Assessment, Renewables, Reporting, Budget Modeling, DCF Modeling, Models, Manufacturing, Brokerage, B2B, Platforms, Pitch Deck Consultant
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