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 Shares Traded Last Trade
  0.00 0.0% 6.05 4,843 08:00:00
Bid Price Offer Price High Price Low Price Open Price
5.90 6.20 6.05 6.05 6.05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 38.74 106.00 5.7 221
Last Trade Time Trade Type Trade Size Trade Price Currency
13:48:20 O 3,000 5.906 EUR

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18/2/202110:24Volta Finance VTA.AS483
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Volta Finance (VTA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 13:48:205.913,00017,718.00O
2021-03-03 08:00:196.171,84311,371.31O
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Volta Finance (VTA) Top Chat Posts

Volta Finance Daily Update: Volta Finance Limited is listed in the General Financial sector of the London Stock Exchange with ticker VTA. The last closing price for Volta Finance was 6.05 €.
Volta Finance Limited has a 4 week average price of 5.80 € and a 12 week average price of 4.90 €.
The 1 year high share price is 6.26 € while the 1 year low share price is currently 3.33 €.
There are currently 36,562,038 shares in issue and the average daily traded volume is 6,548 shares. The market capitalisation of Volta Finance Limited is £221,200,329.90.
davebowler: Liberum on FAIR; Event Fair Oaks Income Fund's NAV per share at 31 January 2021 was $0.664, representing a 5.3% NAV total return in the month. January's NAV performance benefited from upward revaluations in certain investments with short reinvestment periods. Rising loan prices have increased the liquidation NAV for the equity tranche holders. There is further potential upside for these positions from refi/reset activity. Loan markets were broadly positive in January, with returns of 1.2% in the US and 1.0% in Europe. Loan prices have benefited from rising demand from retail inflows into US loans funds as investors seek floating rate exposure due to a steepening yield curve. 12-month trailing default rates have continued to decline and are now 3.4% in the US (previously 3.8%) and 2.1% in Europe (previously 2.6%). CLO spreads on new issues have compressed further in January. AAA US and EU new issue spreads fell to 1.15% and 0.87% at the end of January compared to 1.32% and 1.06% in the prior month. The positive environment should create opportunities for CLO equity holders to refinance or reset the CLO liabilities at more attractive levels. Master Fund II is nearing the end of its investment period. As previously indicated, FAIR will offer shareholders the opportunity to participate in a new share class that will invest in a new Master Fund, similar to the approach taken by the fund in 2017. The new Master Fund will reinvest principal receipts received from the current Master Fund in a new pool of assets, with a fixed investment period and maturity. Liberum view The tightening of CLO liability spreads is set to continue as investment demand strengthens. In combination with improving fundamentals (lower default rates, rising OC test cushions), the environment for CLO equity and mezzanine returns remains very favourable. Significant refinancing activity is expected in 2021. Equity tranches should benefit from a lower cost of capital, resulting in higher expected IRRs. Debt tranches also offer upside through repayment at par and we note several of FAIR's CLO debt tranches experienced large price increases during January. FAIR's flexible mandate leaves it well-placed to capitalise on relative value opportunities across CLO structures.
davebowler: Liberum; Improving CLO outlook driving returns Mkt Cap £190m | Prem/(disc) -14.6% | Div yield 9.4% Event Volta Finance's NAV total return in January was 3.9%. Mark-to-market performance across the company's asset classes was +5.9% for CLO equity, +4.1% for CLO debt, +0.7% for cash corporate credit (one-month lag in valuations) and +0.8% for ABS. Trailing 12-month default rates declined for the third consecutive month in the US. Healthier fundamentals have also led to upgrades for CLO debt tranches. In December, Moody’s upgraded 38 US CLO debt tranches and put on watch for potential upgrade 188 more. The manager had previously outlined the potential for opportunities to call CLO equity investments this year and to refinance or reset some of the more recent CLO equity investments. This has begun as refi/reset activity was high in January in the US and Europe and this is likely to continue for some time. The arbitrage spread for CLO equity positions is benefiting from an increasing spread on the loan pools and tightening spreads on CLO debt liabilities. The manager has again reiterated its expectation that the NAV will reach €7.00 per share in 2021 (€6.93 at 31 January 2021) and €7.50 over the medium term. Liberum view Volta's manager, AXA IM, remains notably bullish on the prospects for cash flow generation and CLO equity returns in 2021. 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% in 2021 based on the current distribution of 8% of NAV. The projections reflect confidence in mark-to-market gains for both CLO equity and debt positions as CLO fundamentals improve. Investor demand for CLOs has led to considerable spread tightening. AAA CLO tranches now trade close to pre-Covid levels, providing opportunities for CLO managers to lock in cheaper financing.
davebowler: Liberum on FAIR; Fair Oaks Income Fund's NAV per share at 31 December 2020 was $0.631, representing a 7.3% NAV total return in the month. The company's NAV total return since 31 March is now +85%. All of Master Fund II's CLO equity investments made their scheduled distributions in January. Total distributions received by Master Fund II from the January quarterly payments was $15.1m. This included $12.8m of distributions from CLO equity investments (vs. $10.7m in January 2020). Strong cash flow generation has enabled a further 14% increase in the quarterly dividend to 2.5 cents for Q4 2020 (Q3: 2.2 cents). Master Fund II is nearing the end of its investment period and the manager has indicated it expects to offer shareholders the opportunity to participate in a new share class that will invest in a new Master Fund, similar to the approach taken by the fund in 2017. Loan markets generated returns of 1.3% in the US and 0.5% in Europe in December. 12-month trailing default rates fell marginally in the US to 3.8% and increased from 2.4% to 2.6% in Europe. The annualised average default rate across loan portfolios in FAIR's CLO equity investments was 0.3% at the end of 2020. Liberum view Cash flow receipts for the January quarterly payments illustrate the strong credit performance of FAIR's CLO portfolios and the improved outlook for the sector. We also note the steady increase in the overcollateralisation test cushion across FAIR's CLO equity investments from 3.1% to 3.5% over Q4 2020, providing reassurance on the sustainability of the quarterly dividend. The underlying loan portfolios in FAIR's CLO investments have experienced low default rates, in part due to the low exposure to Covid risk sectors. FAIR's NAV performance has also benefited from its flexible mandate, which enabled a material investment in CLO mezzanine tranches at depressed pricing in H1 2020. The outlook for NAV returns remains positive as two of the key variables in CLO equity performance are demonstrating incremental improvements (defaults and interest spread). The interest spread (loan portfolio yield less cost of the CLO liabilities) has risen by 23 bps across FAIR's portfolio since June and should continue to increase in 2021. CLO AAA tranche spreads have tightened considerably are now narrower than at the end of 2019. CLO equity returns should benefit this year from the opportunity to refinance and reset CLO liabilities. These factors should lead to favourable environment for CLO equity and mezzanine returns over the medium term. We forecast 26% NAV total return in 2021 due to a combination of income returns and an increase in portfolio valuations. CLO equity prices have lagged the recovery in other credit markets and are still trading well below pre-Covid levels (the average price across FAIR's CLO equity investments is 57.4% compared to 67.7% at 31 December 2019).
hpcg: 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.
cerrito: 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.
skyship: VTA now E5.50 to E5.60 on Euronext.
horndean eagle: 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.
hpcg: N.B. my thesis here is that the share price should easily get back to 6 and the dividends should increase. This will yield a more than satisfactory income while providing a margin of safety to sell when a macro risk factor appears on the horizon. That will still be difficult, the chart indicates that this really is an early mover.
cerrito: Thanks hpcg for that good link you gave us in your 414. Just caught up with the September report and I was struck by the upbeat tone in the Manager's commentary and that full cash payments to the CLO equity positions is expected to remain the norm. This has yet to be reflected in the share price. Will read the October report with interest to see if October cash collection has in fact been as good as expected.
hpcg: Yieldsearch - well yes, you named some. Non-retail property debt, funds of CLOs, home mortgages, funds of consumer debt even. The fiscal response is materially beneficial to any lender, and low interest rates also as they increase the pool of new money to support prices and businesses. I am also in RECI and haven't owned UEX as I did not get timing right. Mallinkrodt bankruptcy over the weekend pushed leverage loan default rate up to just over 4% from just below, and expectations now are for that to top out at 6.6%. httPs:// VTA is 47% CLO equity, which gets impaired much before CLO debt. If we model that half the CLO equity ended up being worth nothing, and 10% of the debt*, then that would make a 35% loss of capital. Income would fall by lets say 50% as the equity will be the lions share. That would mean for a VTA holder a dividend of half as much (5% at purchase), still twice covered. The share price would of course drop in those circumstances, indeed the discount would likely widen, but that is immaterial to the long term return of the circumstances I outlined. As it is the NAV of our underlying already to an extent discounts anticipated losses. My understanding is that there is effectively no bid for impaired instruments that fall below 80% until investors in distress get interested at 60% so there are potentially step function changes, but otherwise the NAV of the collateralised unit incorporates loss expectations. Actually what the month to month NAV changes show is that overall loss expectations are actually retreating. *From what I can see in the asset list our CLO debt is quite a long way down the stack too, so perhaps 10% is optimistic if equity took such a big haircut. It is step functions all the way down.
Volta Finance share price data is direct from the London Stock Exchange
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