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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Volta Finance Limited | VTA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 5.035 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 5.035 | 5.035 | 5.035 | 5.035 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 17/5/2023 10:05 by davebowler Liberum on FAIR-Default rates remain below expectations Analyst: Shonil Chande Mkt Cap £156m | Share price $0.48 | Prem/(disc) -17.9% | Div yield 16.7% Event Fair Oaks Income's NAV per share at 30 April 2023 was $0.5847, representing a total return of 1.1% in the month (+5.7% YTD). Default rates continue to be significantly lower than the forecasts for 2023 issued at the end of 2022. The default rate in the US remained stable at 1.3% while in Europe it rose from 0.4% to 0.6% in April. The distressed ratio in the US remained at 8.7% and in Europe it dropped from 6.4% to 6.1%. CLO valuations continue to lag other assets, potentially as a result of investors modelling unduly negative market scenarios. Liberum view The resilience in default rates is notable and challenges the assumptions made in company models to calculate the NAV. The company points out that in early 2020, the median price of the Master Fund's US CLO equity investments fell from 67 cents to 30 cents based on predictions of increasing loan defaults due to the pandemic. However, the median price recovered to 63 cents by spring 2021 when it became clear that default rates would not increase as expected. Today, the median price of the same investments is 32 cents, indicating once again a substantial recovery potential in the NAV if default rates continue to remain below projections. We continue to be Buyers of the fund with a target price of $0.60 (+25% upside from current share price) |
Posted at 17/4/2023 11:15 by cerrito Just read the Chairman 's and Investment Manager' s statements in the interims and I hope their optimism is justified. A good point about the double discount, but that said I will not be buying more.Part a reflection as they pointed out in their last two monthly newsletters they expect CLO prices to drift down in the immediate future. We are in stormy seas and I have no real feel as to the Managers and what makes them tick as their IR strategy is not orientated towards UK private investors like me. I was interested to read the following comment on simplification which is something I had forgotten about and I suspect they are right that shareholders have not grasped the new situation, which perhaps says something about their IR. Quote Considering all that, the Company continues to pivot towards pure CLO investments benefiting from the high cash flows associated with a larger CLO equity bucket. We view this strategy as offering transparency and simplicity to our shareholders relative to an allocation mixing different and sometimes less transparent asset classes. unquote |
Posted at 15/3/2023 13:51 by yieldsearch Volta Finance (listed in Amsterdam) not allowed anymore with interactive investors as it is classified as "a packaged retail and insurance-based investment product" and they are only allowing trade in the UK listed version (less liquid and bigger bid ask)told them to read the kid because it is not really insurance based product. any reco of sipp provider providing multi currency account? |
Posted at 13/2/2023 10:32 by cwa1 PERFORMANCE and PORTFOLIO ACTIVITYVolta Finance is pleased report a strong performance of +5.5%, for the first month of 2023. Although the CLO market is accustomed to a "January rally" the moves recorded in January 2023 were well above what might have been expected. Indeed, many investors were hesitant to invest in either CLO Debt or Equity tranches towards the end of 2022 but with the start of a new calendar year, the risk/reward perception shifted and translated into significant buying interest across the board. The demand for assets that were considered as cheap at the start of 2023 (CLO spread compression was lagging the spread compression observed on most of the broader credit markets in Q4 2022) was strong and led the way to a solid January performance, after a disappointing December... |
Posted at 15/6/2022 10:31 by cerrito at least for a sterling based investor like me I am benefiting from the weakness of sterling against both the dollar and the euro |
Posted at 04/6/2022 19:03 by cerrito Just found out that there will be a zoom investor call with the VTA manager organized by Hardman this Thursday at 3 which should be interesting.hxxps://www.research |
Posted at 14/4/2022 10:18 by davebowler Liberum on Fair Oaks Income1.7%% NAV TR YTD Mkt Cap £194m | Share price $0.63 | Prem/(disc) -4.6% | Div yield 16.0% Event Fair Oaks Income has released its annual results to 31 December 2021, with the previously reported NAV per share of $0.67 representing a NAV total return of +22.7% in 2021. FAIR has also published its monthly NAV to 31 March 2022, with the $0.65 per share value representing a +0.3% NAV total return in March (+1.7% YTD). Liberum view Despite ongoing potential for NAV volatility in the near-term, we regard the 16% dividend yield as attractive. We note that the credit performance of the portfolio has been strong and there is significant headroom on overcollateralisatio |
Posted at 17/2/2022 14:55 by cwa1 Hardman research:-Valuation: Volta trades at a double discount: its share price is at a 14% discount to NAV, and we believe its mark-to-market NAV still includes a further sentiment-driven discount (5%-10%) to the present value of expected cashflows. Volta targets an 8% of NAV dividend (9.7% 2022E dividend yield on current share price). Risks: Credit risk is a key sensitivity. We examined the valuation of assets, highlighting the multiple controls to ensure its validity, in our initiation note, in September 2018. The NAV is exposed to sentiment towards its own and underlying markets. Volta’s long $ position is only partially hedged. Investment summary: Volta is an investment for sophisticated investors, as there could be sentiment-driven share price volatility. Long-term returns have been good: ca.9% p.a. (dividend reinvested basis) since initiation. With above-average returns on recent reinvestments, the portfolio’s past six-month cashflow (annualised) yield is 15.5%. We expect near 2x 2022 dividend cover. |
Posted at 30/11/2021 11:30 by cwa1 In this note, we explore three aspects of Volta’s portfolio, highlighting their simplification – simplified. Firstly, unless there is a compelling, opportunistic case, new investments will be in CLO structures only, and not in other structured finance instruments. The asset mix is being simplified. Second, there should be an increased weighting to AXA IM managed CLO vehicles, reflecting good performance and lower fees. The manager mix is being simplified. Third, we detail why CLOs are, at heart, simple cashflow structures, which should be viewed as such, free from the terminology that may confuse a clear story.Simpler portfolio: Over recent years, Volta has seen an increasing weight to CLO investments. It has been agreed with the board to put into policy that reinvestment, when non-CLO assets mature, will be into CLOs, making the mandate much clearer. The portfolio will be more focused, as assets roll over. Greater AXA IM managed CLO investments: AXA IM has been awarded “Best US CLO Manager of the Year” (in 2021, by Credit Flux), highlighting AXA IM’s performance. Volta is also not paying management fees on AXA IM CLO positions, and, over time, AXA IM CLOs are expected to be a higher share of the portfolio. Valuation: Volta trades at a double discount: its share price is at a 15% discount to NAV, and we believe its mark-to-market NAV includes a further sentiment-driven discount (5%-10%) to the present value of expected cashflows. Volta targets an 8% of NAV dividend (9.8% 2022E yield on current share price). Risks: Credit risk is a key sensitivity. We examined the valuation of assets, highlighting the multiple controls to ensure its validity, in our initiation note, in September 2018. The NAV is exposed to sentiment towards its own and underlying markets. Volta’s long $ position is only partially hedged. Investment summary: Volta is an investment for sophisticated investors, as there could be sentiment-driven share price volatility. Long-term returns have been good: c.9% p.a. (dividend reinvested basis) since initiation. With above-average returns on recent reinvestments, the portfolio’s past six-month cashflow (annualised) yield is c.20%. We expect near 2x 2022 dividend cover. |
Posted at 16/9/2021 13:24 by davebowler Liberum on FAIR;Fair Oaks Income High cash generation Mkt Cap £198m | Share price $0.67 | Prem/(disc) 0.3% | Div yield 14.8% Event Fair Oaks Income's NAV per share as at 31 August 2021 was $0.673, representing a 0.3% NAV total return in the month (+18.7% YTD). US and European loan markets rose by 0.5% and 0.4% respectively during the month. The trailing 12-month default rate in the US loan market has fallen to its lowest level since August 2011. European default rates also remain low at 1.1%. The CLO equity positions have continued to generate strong cash flows in recent quarters. The current valuation of the CLO equity positions implies relatively low cash flow multiples. The average cash flow multiple of the CLO equity tranches is 3.4x based on the latest distribution, compared to 4.8x in January 2020. Liberum view FAIR's portfolio has generated strong cash flows in H1 2021 and we see this as a compelling entry point for a fund offering a 15% dividend yield and double-digit prospective NAV returns. The benign default environment and tightening in CLO spreads has created a favourable environment for CLO equity performance. Based on current rolling default rates, the modelled return for FAIR's portfolio is 17%. The medium-term outlook for defaults is favourable with only 5% of the US loan market maturing between now and the end of 2023. Fair Oaks is particularly well-placed to capitalise on these conditions as a control CLO equity investor. |
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