Volta Finance Share Discussion Threads

[joey52] 18/9/2024 16:10

There seem to be 2 EPIC's VTA and VTAS, quoted in euros and one in pounds.
Is it down to the stockbroker what they offer like they did with EBOX or is there a preference of which to buy ?

[skyship] 18/9/2024 10:20

E5.30 Bid on Euronext.....could we finally be about to breakout!?

E5.30 = 447p

[skyship] 20/8/2024 20:20

db - ok, thanks anyway...

[davebowler] 20/8/2024 19:35

Sorry, I can't find anything, Skyship.

[skyship] 20/8/2024 09:00

davebowler - do you by any chance have an update on Liberum's view of Volta?

[langland] 20/8/2024 06:21

'Waterloo - never rely on HL stats as so often wrong. Always check actualities from RNSs or B/b discussions.'

I agree 100% with this. My experience has taught me to never rely on platforms' data. That doesn't mean the data is always wrong but...

[skyship] 20/8/2024 06:16

bluemango - thnx for that. Yes indeed, the July divi RNS stated an increase in the qtly divi - so now annualised to 58c from 54c.

That takes the yield at the offer price of 525c (44.7p) up from 10.3% to 11.05%.

Waterloo - never rely on HL stats as so often wrong. Always check actualities from RNSs or B/b discussions.

[waterloo01] 19/8/2024 21:31

I've not assumed anything. Taken from live feed from hl.

[bluemango] 19/8/2024 20:02

I beg to differ - mainly because the annual dividend is now 4 x 14.5c = 58c, not 54c.

I tend to calculate yield based on valuation at closing bid price, so tonight for VTAS that's 58c/£4.10 which works out at around 12.06% at current exchange rate.

(As stated by grahamg8 in his post #689)

[skyship] 19/8/2024 19:31

Sorry; but all of the above is plain wrong#!

The reason waterloo has a 13% yield is that he has assumed a 54p divi; whereas in actual fact it is a 54c divi. Divide 54c by 117.5 and you arrive at a divi of 46p for a 10.3% yield as I previously stated. QED.

[waterloo01] 19/8/2024 17:30

Agree, and like the insurers (AV is my largest holding but also hold PHNX, LGEN, MG). RECI decent as well with 9.5% divi and 13% discount.

So many of the riets are closing, so do have some in those for the wind down, but would rather they kept doing their thing!

[bluemango] 19/8/2024 17:03

#689

Agreed.

Also with waterloo01 in enjoying a 'nice quiet stock', ie without endless bb posts.

This is one of my current four highest yielders, the other three being SBLK, FAIR and HFEL. Followed closely behind by PHNX at around 9.57%.

[grahamg8] 19/8/2024 16:40

My take on the VTAS yield is quite straightforward. (if you are thinking of buying)It's the yield you would get if you bought today ie the forward dividend 14.5c x Xrate 0.853 divided by the buy price 450p which is 11.0%pa. And divide by the sell price 410p for 12.07%pa if you are thinking of selling ie the yield you would need to find elsewhere in order to give up your holding. eg buy FAIR yield is 14.29%pa but no discount so no prospect of a rerating.

[waterloo01] 19/8/2024 16:19

for reference, this is HL on VTA

Open: €5.23Trade high: n/aYear high: €5.64Estimated NAV: 713.64Previous close: €5.23Trade low: n/aYear low: €3.50Premium/Discount: -27.83%
Previous: €0.00 (0.00%)
Volume: n/aDividend yield: 12.34%Currency: EUR

[waterloo01] 19/8/2024 16:06

HL. It could be wrong, unless it's the differential between EUR and GBP?

Open: 430.00pTrade high: 447.20pYear high: 460.00pEstimated NAV: 713.64Previous close: 430.00pTrade low: 447.20pYear low: 410.00pPremium/Discount: -27.83%
Previous: 0.00p (0.00%)
Volume: 2,500Dividend yield: 13.03%Currency: GBX

[skyship] 19/8/2024 16:03

waterloo - how do you get a 13% yield?

[waterloo01] 19/8/2024 15:29

Nice quiet stock. I hold GBP version (VTAS) and shows a 13% yield and 27.8% discount? Mid price around £4.30

[skyship] 19/8/2024 15:27

Made a small top-up at 525c (447p). Discount 27.2%; Yield 10.3%.

[skyship] 08/7/2024 07:57

Also with the 26.6% discount to the May'24 NAV of 719c, a recovery back to the E6 level has to be on the cards before too long. Enjoy the great yield whilst we wait!


free stock charts from uk.advfn.com

[bluemango] 08/7/2024 07:55

Thanks Skyship.

Btw I've flagged with advfn that the RNS doesn't show on Monitor or News section on thread header, and they're investigating.

[skyship] 08/7/2024 07:38

Indeed. At 528c (446p) the yield now at just under 11%. Trading 535c-540c over on Euronext.

[bluemango] 08/7/2024 07:22

VTA have declared an increased quarterly dividend, 0.145 euros, up from 0.14. An annualised increase of 3.57% and a new annual yield of around 11%.

Excellent

[skyship] 19/6/2024 07:39

VTA certainly looks to be very good value. At 520c the discount is 27.7% and the yield 10.4%. This in spite of their good performance, as stated in the May NAV statement.

[cerrito] 18/6/2024 12:40

I see the market yawned today with the good report for May that Volta issued yesterday and interesting to be reminded that while FAIR trades at a premium VTA trades at a discount in the mid 20's.

[davebowler] 17/6/2024 08:12

Liberum on FAIR-
Fair Oaks Income’s NAV per share of $0.5585, as at 31 May 2024, reflected a 2.3% NAV total return in May. We summarise some of the main monthly market indicators and market commentary below:

US loan default rate: Decreased from 1.31% to 1.08% m-o-m, reflecting a 15-month low.
European loan default rate: Unchanged at 1.48%.
Distress ratio (loans trading below 80c, a potential indicator of the direction of future defaults): Increased in the US from 5.01% to 5.44% and in Europe from 2.48% to 3.05%.


Market review –refinancings and resets back on the table

Greater investor appetite for risk and new sources of capital, such as US CLO equity ETFs, has resulted in inflows of $5.6bn YTD for the sector. The net supply has been negative, however, with more than 30% of CLO deals outside of their re-investment periods. With respect to FAIR, out of the 17 CLO equity deals it has exposure to, 10 are within their re-investment periods.

Within the US CLO equity portfolio, MARNR 2015-1A was sold in May and ELM 2014-1A was sold post-period. A fifth EUR CLO equity investment was added with the addition of FOAKS 5X. Moreover, greater opportunities to re-finance deals was evidenced by the partial refinancing of HLM 13A-1, resulting in a 26.3 bps reduction in the cost of financing for the debt tranches above the equity stack. This resulted in a 26.3 bps reduction in the weighted average cost of financing of the deal, to c.1.7% (using the disclosed average cost of financing as at 30 April 2024).

Master Fund commitment period extended by one year

Reflecting opportunities such as the HLM 13A-1 re-financing and the attractive risk-adjusted returns available., it was announced earlier in June that the General Partner of FOMC III LP (the "Master Fund" of FAIR’s 2021 share class) exercised its option to extend the commitment period of the Master Fund for one year to 12 June 2025

Liberum view

FAIR’s shares are now valued at a healthy premium to NAV and we think the return potential is still good. This is a performing CLO equity portfolio that is attractively valued, with the potential for higher valuations, as reflected by the sensitivity table below. With respect to the HLM 13A-1 refinancing, we note the manager’s comment in the factsheet that “we expect to see similar changes in the portfolio in the short to medium term, with CLO debt being repaid or sold at or close to par, control CLO equity investments actively exploring refinancing or potentially reset opportunities and new investments in CLO mezzanine and control equity opportunities.”;

The underlying loans that fund the CLO equity and CLO liabilities are senior secured bank loans that sit above high yield debt and preferred stock, and underlying loan spreads are typically in the 2.5%-4% range. The underlying valuation of the CLO equity portfolio provides plenty of slack, as the table below illustrates. We are BUYers with a target price of $0.66.