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VTA Volta Finance Limited

4.90
-0.225 (-4.39%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -0.225 -4.39% 4.90 4.70 5.10 4.90 4.90 4.90 4,293 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 38.25M 26.97M 0.7374 6.64 179.24M
Volta Finance Limited is listed in the Finance Services sector of the London Stock Exchange with ticker VTA. The last closing price for Volta Finance was 5.13 €. Over the last year, Volta Finance shares have traded in a share price range of 4.76 € to 5.125 €.

Volta Finance currently has 36,580,581 shares in issue. The market capitalisation of Volta Finance is 179.24 € million. Volta Finance has a price to earnings ratio (PE ratio) of 6.64.

Volta Finance Share Discussion Threads

Showing 576 to 599 of 675 messages
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older
DateSubjectAuthorDiscuss
15/6/2022
06:32
And as mentioned, the spread here is horrendously wide.
bluemango
14/6/2022
22:45
#584 Same here; neither buying but nor selling either. I'm here for income and the crucial aspect is surely whether there's anything likely to materially impact the yield here. So I suspect like other holders, I'll be sticking with it for the foreseeable.

Worth reading and digesting the comment/analysis accompanying today's info.

bluemango
14/6/2022
21:23
I suspect the NAV will keep heading down. I want to be buying this up the other side. I would expect it to overshoot fair value.
hpcg
14/6/2022
19:56
NAV down to E6.37 the lowest since October 20209 but in contrast to 2020 the cash flow is such that we should be receiving our 15c dividend but no doubt the price will drift down.
I was bracing for a fall in NAV but perhaps not of this magnitude.
Do not see myself as buying or selling.

cerrito
09/6/2022
16:53
To those who could not make the call today which was recorded as and when the recording is up I suggest you listen to it.
A very competent exposition.
I am not buying as I foresee we are going to have a turbulent period when there will be bargains. If the trading spreads were narrower than they are, I would sell probably.

cerrito
05/6/2022
10:48
John Authers has reported some fraying at the edges of the high yield market in the US, though I have not read his article. VTA is primarily exposed to Europe, but markets are all linked. I still think the risk here is that capital loss exceeds income for a period of time. The share price has held up much better than I thought it would.
hpcg
04/6/2022
18:03
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-tree.com/events/hardman-co/hardman-talks-volta-finance-manager-s-presentation-and-q-a/964

cerrito
14/4/2022
09:18
Liberum on Fair Oaks Income

1.7%% 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 overcollateralisation tests. Distributions to the portfolio from debt investments remain healthy and CLO equity can potentially benefit from a widening in loan spreads as the CLOs financing cost is fixed and any increase in portfolio spread will benefit CLO equity investors.

davebowler
07/4/2022
14:52
I'm still digesting the Chairman and Investment Manager reports'. While inflation is addressed the risk of company failures is not, just in passing. I guess that is some way off though.
hpcg
07/4/2022
13:22
Half yearly financial report:-



VOLTA AT A GLANCE
Volta Finance Limited Half-Yearly Financial Report 2022 1
The investment objectives of the Company are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. Volta currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. Volta measures and reports its performance in Euro.
 NAV per share as at 31 January 2022: € 7.3918
 Dividend per share for the six months to 31 January 2022: €0.29
 Share price as at 31 January 2022: €6.20

cwa1
16/3/2022
11:20
Assuming this is the new quarterly dividend, yield on these is now 9.8%.
bluemango
16/3/2022
07:22
Guernsey, 16 March 2022

Volta Finance Limited ("the Company") hereby announces a first interim dividend for the financial year commencing 1 August 2021.

The Company announces that it has declared a quarterly interim dividend of EUR0.15 per share payable on 28 April 2022 amounting to approximately EUR5.49 million, equating approximately to an annualised 8% of net asset value. The ex-dividend date is 24 March 2022 with a record date of 25 March 2022.

cwa1
14/3/2022
16:43
Yes, agreed, sold the balance of mine at 5.88 this morning.
skyship
14/3/2022
16:38
Apparently European leveraged loan defaults are rising, though I can't find the Bloomberg story from today. Time to sell here I would think. Following is a report from the beginning of the month:
hpcg
04/3/2022
10:56
I sold out of here a while ago for better opportunities, but I would suggest now is the time to exit. Well, a few days ago was. The underlying is high risk debt and credit markets are bound to tighten. Better to be an early seller than a late one. I hope to buy from the last sellers!
hpcg
17/2/2022
14:55
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.

cwa1
17/2/2022
08:55
Liberum on FAIR-

Fair Oaks Income

Strong level of distributions in January

Mkt Cap £197m | Share price $0.66 | Prem/(disc) -4.3% | Div yield 15.2%

Event

Fair Oaks Income's NAV per share as at 31 January 2022 was $0.69, representing a 3.3% NAV return in the month (+17.5% LTM).

US and European loan markets generated small gains in January, both returning 0.3% in the month. US 12-month trailing default rates remain very low at 0.3% and default rates in Europe were also stable at 0.6%. Following a record year for CLO issuance in 2021, new issue volumes slowed in January to $4.9bn in the US (down 47% year-on-year) and no issuance in Europe (€1bn in Jan-21).

Credit performance in the loan portfolios of FAIR's CLO equity investments has been robust with an annualised default rate of 0.3%. The portfolios also have low exposure to CCC loans at just 3.7% of underlying portfolios. The 15.4% dividend yield is supported by a robust level of distributions from new investments. The Master Fund received $20.6m of quarterly distributions in January, compared to $18.9m in October 2021.

Liberum view

The quarter to January was a strong period of distributions, which supports management's recent expectations. The manager made several new CLO equity investments during 2021 and two of these were expected to start making distributions in the quarter to January, which explains the 9% increase compared to the previous quarter. Another of the investments is expected to begin distributions in the quarter to July. The rising interest rate environment has increased demand for floating rate assets, resulting in the highest month of inflows into US loan funds since 2015. This demand is likely to be further supported by lower new CLO issues in 2022.

We view the 4.3% discount to NAV as highly attractive, given the 15% dividend yield and favourable outlook for default rates and distributions. The arbitrage spread of the loan portfolios over the cost of financing remains near all time highs at 1.95% and there is significant headroom on overcollateralisation tests.

davebowler
11/2/2022
21:16
Nearly 15% discount.
bluemango
11/2/2022
21:06
As at the end of January 2021, Volta's NAV was EUR270.4m or EUR7.39 per share.
skyship
11/2/2022
18:04
PERFORMANCE and PORTFOLIO ACTIVITY

A good start for 2022 with a gain of 1.7% in January despite a challenging environment. Many markets, especially fixed income credit markets and equities are adapting themselves to a new environment regarding central banks' actions. The Fed is now expected to increase its rate by more than 100bps in 2022 while a first hike from the ECB is now priced for 2022 (AXA IM Research, January 2022).

As noted previously, Volta's performance is mostly dependent on loans' default rates and spreads and bear little correlation to wider markets. Loan cash flows remained resilient again this month and no meaningful news arose to alter the expectation that defaults will remain low and cash flows strong for 2022/2023.

cwa1
24/1/2022
09:20
db - thnx for that. Suggests that VTA should at the very least hold steady as the yield at the offer price of E6.30 = 9.52%. (Disc. = 13.34%)
skyship
24/1/2022
09:16
Liberum;
High income generation leads strong 2021

Event

All of the listed CLO funds have reported NAV figures for December 2021, with incremental NAV growth underpinned by positive credit markets. US and European loan markets both delivered positive returns of 5.2% in 2021. Loan market performance has remained positive in January (+0.7% YTD), reflecting the appeal of floating-rate assets. Loan default rates also continue to trend downwards. The trailing 12-month default rate in the US loan market has fallen to 0.3%, the lowest level since mid-2011. Other indicators such as the distressed ratio (loans trading below 80c) also point to a benign environment. During 2021, CLO issuance reached record levels in both the US ($187bn) and Europe (€39bn).


Across the listed CLO funds, NAV total returns ranged from 17.0% for Chenavari Toro Income Fund to 22.7% for Fair Oaks Income in 2021. Blackstone GSO Loan Financing recorded the highest return in December (+2.3%), partially due to mark-to-model increases (+1.0%) as a result of reduced CCC and default expectations and marginal spread increases. We believe the CLO funds will continue to perform well in 2022 with potential for rising income distributions and a benign credit environment.

davebowler
12/1/2022
21:44
Appreciate the welcome.

Thanks also to Skyship who alerted me to this a while ago.

Slightly off the mainstream compared to my other holdings like PHNX, CSN, BA., various ITs and private equity trusts, pref shares etc, but that regular strong dividend is certainly attractive.

bluemango
12/1/2022
17:37
Welcome aboard bluemango, good fortune to you...

December NAV has just been issued...



PERFORMANCE and PORTFOLIO ACTIVITY

Volta's performance was positive once again in December, rising by 0.3%, including the dividend of EUR0.15 per share accounted for in the period. This brings the total return for the full calendar year to 17.9%. Once again this month, the performance of Volta's portfolio bore little correlation to wider markets: loan cash flows remained resilient and no meaningful news arose to alter the expectation that defaults will remain low and cash flows strong.

...

As at the end of December 2021, Volta's NAV was EUR265.8m or EUR7.27 per share.

cwa1
Chat Pages: 27  26  25  24  23  22  21  20  19  18  17  16  Older

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