Volta Finance Share Discussion Threads

[davebowler] 12/6/2018 08:43

Liberum;
2.4% NAV increase in May

Event

Volta has released an early NAV estimate for May. NAV per share rose by 2.4% to €8.45 per share at 31 May 2018 (April 2018: €8.25). We estimate US Dollar appreciation added c.1% to NAV performance in the month.

The company's discount to NAV has steadily widened over the past year and now stands at -18.7%. The average discount for the CLO fund peer group is -1.0%.

[rcturner2] 12/6/2018 07:11

Thanks Skyship, pure luck really if does turn out to be a good entry.

[skyship] 12/6/2018 06:32

RCT - congratulations for what looks to have been an excellently timed re-entry...

[rcturner2] 12/6/2018 06:18

So pretty much a 20% discount on the new NAV.

[cwa1] 12/6/2018 06:06

12 June 2018

According to our early computations, the end of May Early Estimated
NAV(*) of Volta is at EUR8.45 per share. Volta's Early Estimated NAV(*)
performance is +2.4% for May 2018.

[rcturner2] 11/6/2018 13:27

I have bought back in today.

[holts] 08/6/2018 09:56

I thought perhaps with the current yield they would not be marked down so heavily xd , you know what thought did ?

[badtime] 07/6/2018 12:10

Whats that in old money

[skyship] 07/6/2018 12:08

XD 16c divi today

[skyship] 31/5/2018 14:06

Like the Specialist Debt sector table which surely reveals VTA as the best in class.

The one saving grace for NBLS has to be that buyback Discount Control Mechanism. Surely time long passed for VTA to implement a similar policy...perhaps set at 5% versus the current discount of 16%!

[davebowler] 22/5/2018 09:08

Liberum;
CLO Funds

Positive April NAV updates

Event

Three of the CLO funds have reported positive performance for April 2018, aided by supportive credit markets.

Volta's 0.9% NAV return in the month benefited from a 2.4% mark-to-market in the company's CLO equity investments. Portfolio cash flows have increased due to rising US Libor with 41% of the portfolio in US CLO debt tranches. Volta trades on a -16.5% discount to NAV.

One of Carador's CLO equity investments experienced a significant reduction in its cost of funding following a refinancing. Other recently reset deals generated high cash distributions as excess par was paid out to equity tranche holders. Carador trades on a -11.3% discount to NAV.

Blackstone's 0.4% return was driven by gains from both the CLO equity investments and the direct loan portfolio. Returns from the CLO portfolio were partly reduced by mark-to-model movements with spreads declining by 1-10 bps on 12 CLO positions. The stock trades on a 0.8% premium to NAV.

CLO funds - NAV TR (assumes dividend are not reinvested)



Apr-18

YTD

2017

2016

2015

Fair Oaks Income Fund

n/a

2.8%*

13.0%

24.9%

-1.2%

Carador Income Fund

0.8%

1.8%

8.9%

20.1%

-8.5%

Volta Finance

0.9%

1.0%

6.6%

15.2%

10.0%

Blackstone/GSO Loan Financing

0.4%

-0.5%

1.4%

12.7%

7.8%



Source: Liberum estimates *Fair Oaks data to 31 March 2018

[spittingbarrel] 16/5/2018 13:37

Thanks Tilts

[tiltonboy] 16/5/2018 11:45

None at all.

[spittingbarrel] 16/5/2018 11:03

It seems they are easier and cheaper to buy in Amsterdam, anyone know if there's any difference between the two?

[cwa1] 16/5/2018 08:41

LOL. Very good.

[skyship] 16/5/2018 08:15

BT - we're now in even better company! Welcome CWA1...

[cwa1] 16/5/2018 07:50

Well, it seems I am Spartacus too! Joined you chaps with a few, had my eye on it for quite a while but first time I've taken the plunge. FWIW, I had a bit of trouble getting any size online at all and was only ii/TDD(as was) that I could get more than a token amount with. Good fortune all.

[skyship] 14/5/2018 20:23

BT - I would say you're in quite good company:

Guernsey, 10 May 2018 - Volta Finance Limited ("Volta" or the "Company")
was notified on 10 May 2018 by Stephen Le Page, a Non-Executive Director,
that he purchased 5,000 of the Company's ordinary shares (ISIN number
G00B1GHHH78) in Amsterdam on 10 May 2018 at EUR6.90 per share.

This purchase represents 0.0136% of the Company's ordinary shares in
issue as at today's date. Following this transaction, Mr Le Page holds
25,326 ordinary shares, or 0.06326% of the Company's ordinary shares in
issue as at today's date.

[badtime] 14/5/2018 13:08

Took a nibble

[skyship] 21/4/2018 08:00

Cerrito - thnx for posting; however only visible to FT subscribers! Is there a Summary para you can post?

Is the concern merely the one of Mark-to-Market valuations? Otherwise would appear to be of very little concern to VTA.

[cerrito] 20/4/2018 21:43

Comments on very strong CLO issuance recently including first half of April and up 2/3rds from 2017 issuance figures. Concern about dilution of credit quality in light of abolition oif risk retention rules. Also demand for floating rate debt but strong supply have pushed prices lower. Ie all in yield of AAA top rated slice up from 2.81% in January to 3.34% now. S&Pflag waving on lower credit quality.
Be interesting to see how VTA navigating this as they are subject to the risk retention rules.

[cerrito] 07/4/2018 20:24

I agree with Skyship/ Rambutan2 that VTA' s Interims well worth a read especially for people like me who are considering increasing our holding but also for holders of other such shares given the good market commentary.

Indeed The Investment Manager has a table comparing VTA with CIFU, FAIR, BGLF and TFIF-I need to say the last two not on my radar.
The IM also has a good table showing how on the last six months the interest and coupons received of 5.8pc reduced to a net total return of 2.7pc as well as the estimated performance of the 7 different asset classes they hold.
Said defaults were below projected default rate but too bad did not specify
the exact figures.
They reiterate their plans to buy more CLO equity and remind us they borrow against their USD CLO debt position.
I read the KID at the Chairman's suggestion but did not tell me anything except they say they say we should have an investment horizon of at least 6 years.
I guess they could increase the dividend abit but not sure by enough to have a material impact on the discount.