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Share Name Share Symbol Market Type Share ISIN Share Description
Volta Finance Limited LSE:VTA London Ordinary Share GG00B1GHHH78 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.03 0.52% 5.78 5.66 5.90 5.78 5.75 5.75 1,871 14:17:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 38.7 106.0 5.5 211

Volta Finance Share Discussion Threads

Showing 476 to 499 of 500 messages
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older
DateSubjectAuthorDiscuss
22/1/2021
18:05
I see that Edison has come out with a report that is to me well balanced. I do not see myself as buying or selling in the immediate future. I see that on a NAV TR basis they outperformed the peer average over 1 and 5 years and underperformed over 3 years...and Edison repeats what they have said before about peer comparisons that there is quite a bit of apples and oranges.
cerrito
14/1/2021
12:08
Nice moves in CLO equity. From VTA press release: On a 6-month rolling basis, Volta received the equivalent of €18.1m as at the end of December, representing a 14.8% annualised cash flow yield, based on the end December NAV (even taking into account the strong increase in NAV). We expect this amount to increase in the coming months.
hpcg
14/1/2021
09:04
Liberum; Positive 2021 outlook Mkt Cap £183m | Prem/(disc) -15.7% | Div yield 9.5% Event Volta Finance's NAV total return in December was 4.3%. Mark-to-market performance across the company's asset classes was +9.7% for CLO equity, +5.9% for CLO debt, +0.5% for cash corporate credit (one-month lag in valuations) and -0.9% for ABS. Trailing 12-month default rates declined again in December in the US. Almost 19% of US loans repaid in 2020, enabling CLO managers to reinvest capital in loans at a discount. The manager expects prepayments of 25% in the US and 20% in Europe in 2021. Volta previously indicated that it did not expect any cash flow diversion in Q1 2021 and is optimistic on prospects beyond that. The manager also expects to take advantage of opportunities to call CLO equity investments this year and to refinance or reset some of the more recent CLO equity investments. The arbitrage spread for CLO equity positions is benefiting from an increasing spread on the loan pools and tightening spreads on CLO debt liabilities. Volta expects the company's NAV will reach €7.00 per share in 2021 (€6.67 at 31 December 2020) and €7.50 over the medium term. Liberum view Volta's NAV total return in 2020 was -5.7%, having been down -33.5% at the end of March. Volta's manager, AXA IM, is notably bullish on the prospects for cash flow generation and CLO equity returns in 2021. The indication of potential NAV growth is unusual but reflects confidence in mark-to-market gains for both CLO equity and debt positions as CLO fundamentals improve. The manager has typically been cautious on guidance over the life of the vehicle. A NAV of €7.00 per share would imply a NAV total return of 13% based on the current distribution of 8% of NAV.
davebowler
12/1/2021
09:17
Hmm - valid point. Likely to be an RNS with the December NAV tomorrow...
skyship
12/1/2021
09:03
When you have raised a $15bn new distressed debt fund you aren't an entirely neutral observer!
scburbs
11/1/2021
22:07
I have alot of time for Howard Marks and I agree with his recent comments on the difficulties that US companies will have servicing their debt so while not selling my VTA am not buying more.
cerrito
05/1/2021
23:03
Thanks hpcg
boystown
05/1/2021
22:35
Not at all. NAV is well north E6 so still at a discount. Not only that but the underlying is also at a discount. Sure there'll be a lot of resistance at E6 or E6.50 but the dividend will still be attractive then. I was buying below 4 and at various prices to 5.15. Investors go way overboard on what they think impairments will be compared with what actually happens.
hpcg
05/1/2021
21:17
Isn't this looking close to fully valued now?
boystown
04/1/2021
15:52
Good to see it perking up
cwa1
04/1/2021
15:09
VTA now E5.50 to E5.60 on Euronext.
skyship
11/12/2020
22:43
I have been coming a monthly tab on these since March 2016. I see that the percentage in CLO equity at 56% was the highest since March 2016 as was the percentage of assets in US$ at 47pc-apart from the 48pc at end of August 2020.
cerrito
10/12/2020
11:44
Indeed - a pretty dramatic performance - up 7.2% in November. It was pretty well flagged up; but I hadn't expected that degree of increase.
skyship
10/12/2020
11:43
Liberum; Large NAV uplift and positive outlook on cash flows Mkt Cap £162m | Prem/(disc) -24.9% | Div yield 9.8% Event Volta Finance's NAV per share rose by 7.2% in November to €6.51. Mark-to-market performance across the company's asset classes was +11.0% for CLO equity, +10.2% for CLO debt, -2.8% for cash corporate credit (one-month lag in valuations) and +0.2% for ABS. Following the improved macroeconomic outlook, Volta expects a lower level of loan defaults and consequently believes there is a lower likelihood that CLO equity positions will suffer cash diversions. The manager does not expect any cash flow diversion in Q1 2021 and is optimistic on prospects beyond that. The ratio of loan downgrade to upgrades continues to improve. The manager also expects to take advantage of opportunities to call CLO equity investments next year and to refinance or reset some of the more recent CLO equity investments. The manager expects spread tightening for CLO debt tranches, providing enhanced arbitrage spread returns for CLO equity tranches. Liberum view Volta's YTD NAV total return is now -10.2%, having been down -33.5% at the end of March. The large NAV uplift has been driven by the strong recovery in loan markets. The price reaction of CLO tranches is closely correlated with the movement in loan market prices with typical betas of between 2 and 3. Volta's manager, AXA IM, is notably bullish on the prospects for cash flow generation and CLO equity returns in 2021. The manager has typically been cautious on guidance and has tended to under-promise and over-deliver. The improved outlook was also reflected in the 9% increase in the quarterly dividend earlier this week to €0.12 per share (dividend policy is to distribute 8% of NAV).
davebowler
10/12/2020
10:03
NAV 6.51 so dividend should be bumped up to 52c
horndean eagle
08/12/2020
16:19
8% of NAV would be 48c - so today's 12c suggests an annual 48c is the figure to use for yield calcs; ie 9.6% at E5.00...
skyship
23/11/2020
09:54
Hi Davebowler, Thank you v much for diligently posting research articles across a number of board, it is very much appreciated (by me but i guess plenty others!) i can see that you created this volta finance board, if you dont mind, could you add to the header the euronext link, it does have some good info such as rns, chart, bid/ask and depth of the market, see link below https://live.euronext.com/en/product/equities/GG00B1GHHH78-XAMS
yieldsearch
20/11/2020
10:12
db - thnx for that
skyship
20/11/2020
09:43
Liberum (for Sky!)- CLO funds Ongoing NAV recovery Event All of the listed CLO funds have reported NAV figures for October, with the majority reporting mark-to-market revaluation gains. The funds have benefited from the loan market rally and an improving credit outlook. In the seven month period since the end of March, the US and European loan markets have returned 14.5% and 16.7%. Over the same period, the listed CLO funds with mark-to-market valuation policies have generated an average NAV total return of 49%. The rise in defaults has been much lower than initial projections and many rating agencies and banks have revised downward their 2020 and 2021 default expectations to 4-5% (originally 10%). The outlook for loan defaults has benefited from the ability of companies to refinance debt and extend maturity dates. Less than 5% of outstanding loans now mature before 2023. Across the listed CLO funds, cash distributions from the October quarterly payments were strong as none of the CLO equity or debt positions suffered from a diversion of payments to senior debt holders. Returns in October ranged from 1.6% for Volta Finance to +4.7% for Fair Oaks Income. Further loan market gains in November (US +1.7%, Europe +2.1%) indicates continued strong NAV performance ahead for the funds with mark to market valuation policies.
davebowler
19/11/2020
20:55
VTA had investor call today. They were unsurprisingly bullish. Still a huge disconnect between NAV and equity markets. My guess is that VTA will see a period of pretty strong NAV growth.
horndean eagle
19/11/2020
19:16
Seems to be catching up on the recent rally experienced by FAIR. Toro still lagging BBB/BB bond yield tightening causing increase in clo price. Should expect decent increase in NAV
yieldsearch
19/11/2020
17:05
Onwards and upwards it is then! Glad I bit the bullet the other day now after thinking I had probably paid too much...
cwa1
17/11/2020
14:15
Actually, scrub that, I've googled about and found it, Thanks again!
cwa1
17/11/2020
14:12
Much obliged, would it be rude to ask if you could post a link to that page?
cwa1
Chat Pages: 20  19  18  17  16  15  14  13  12  11  10  9  Older
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