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% 5.15 1,020 07:36:50
Bid Price Offer Price High Price Low Price Open Price
4.90 5.40 5.15 5.15 5.15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 38.74 106.00 4.9 188
Last Trade Time Trade Type Trade Size Trade Price Currency
10:45:29 O 1,020 4.9633 EUR

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23/11/202009:54Volta Finance VTA.AS458
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Volta Finance (VTA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-11-26 10:45:304.961,0205,062.52O
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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 5.15 €.
Volta Finance Limited has a 4 week average price of 4.03 € and a 12 week average price of 4.03 €.
The 1 year high share price is 6.68 € 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 13,552 shares. The market capitalisation of Volta Finance Limited is £188,294,495.70.
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.
cwa1: Nice to see VTA taking a modest upwards move...
skyship: After reading that I certainly look forward to Liberum's next update on VTA! "We believe the current market offers compelling long-term value for CLO investors with the expertise and flexibility to invest across credit opportunities. We also note the recent strength of the loan market which bodes well for near term NAV growth. The price reaction of CLO tranches is closely correlated with the movement in loan market prices with typical betas of between 2 and 3."
davebowler: Liberum on FAIR_ Fair Oaks Income Fund Strong cash receipts from October quarterly payments Mkt Cap £188m | Prem/(disc) -7.7% | Div yield 16.6% Event Fair Oaks Income Fund's NAV per share at 31 October 2020 was $0.572, representing a 4.7% uplift in the month. The company's NAV total return since 31 March is now +61.6%. NAV performance in October was driven by strong cash distributions and revaluation uplifts on three positions (supported by BWIC auction prices). Loan markets were broadly positive in October, with returns of +0.2% +0.3% for the US and European loan indices. Pfizer's vaccine announcement earlier this week has resulted in further gains for loan markets in November, particularly for Covid-affected sectors. 12-month trailing loan market default rates have fallen marginally in the US to 4.1% (September: 4.2%). Distressed ratios (loans trading below 80% of par) have also shown incremental improvement in Europe and the US. All of Master Fund II's CLO equity investments made their scheduled distributions in October. On a like-for-like basis, CLO equity distributions were 9.1% ahead of the prior year ($12.9m vs $11.8m). The improvement in cash flows over the year is a result of an increase in the average spread on the underlying loan portfolio and the benefit of Libor floors (35-45% of US loan portfolios in Master Fund II have Libor floors of 0.25% or higher). The distributions were significantly higher than July 2020 (+83%). Distributions in July were reduced by the timing of the 3-month Libor resetting of CLO liabilities in April just prior to the significant drop in Libor, as well as a flattening in the Libor curve (many issuers had switched to 1m Libor to take advantage of the steep curve). Liberum view Cash flow receipts for the October quarterly payments should provide reassurance on the sustainability of the quarterly dividend (recently increased to 2.2 cents). We also note the improvement in the overcollateralisation test cushion across the US CLO equity investments from 2.8% to 3.0% in the month. Overcollateralisation tests compare the par value of the CLO portfolio (adjusted for defaults and imminent defaults) with the par value of the CLO liabilities. A breach of the test results in diversion of payments away from the CLO equity holders. The Master Funds have received distributions on all of the CLO equity and debt positions on the quarterly payment dates in 2020. The portfolio also has a meaningful level of exposure to CLO debt tranches (31% of portfolio), increasing the predictability of cash flows. The shares trade on a 7.7% discount to the October NAV. We believe the current market offers compelling long-term value for CLO investors with the expertise and flexibility to invest across credit opportunities. We also note the recent strength of the loan market which bodes well for near term NAV growth. The price reaction of CLO tranches is closely correlated with the movement in loan market prices with typical betas of between 2 and 3.
wolstencroft: You can buy VTA on IG share dealing or ii on the Netherlands Exchange - put your own bid in and it will often be filled in the middle of the bid/offer spread. Charges are about 0.5% for EUR GBP conversion on IG and much wider on ii. The UK quote is wide and illiquid and not tradeable at all IMHO.
skyship: Well worth ploughing through the VTA annual Report. I love this avowedly positive opening piece by the Investment Manager: KEY MESSAGES FROM THE INVESTMENT MANAGER: The NAV performance of Volta over the last financial year as a result has been far weaker than the current and expected performance of the underlying investments would justify. There is now a significant gap between the level of defaults being priced into the structured debt market and those being experienced and projected to occur. That suggests a structural inefficiency that can be exploited by experienced investors who are able to keep their heads when those less familiar with the asset class are acting irrationally. In our report we seek to explain why we believe the medium to long term outlook for Volta is positive and to identify where we believe those opportunities lie. At the time of writing, the COVID-19 crisis continues to have an impact on Volta’s current and projected cash flows. However we believe that the current NAV and the wide discount at which Volta shares are trading are both underestimating the long-term value of Volta’s positions as well as the attractive reinvestment opportunities. Given that the current very low, even negative yield environment may prevail for some years to come, our view is that the type of assets held by Volta might see increased demand, potentially leading to stronger prices in the medium term.
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.
yieldsearch: April 2020 report: VTA Nav end april 2020: Eur5.35 per shares Only one VTA position might suffer cash flow diversion due to CCC bucket Seems that VTA did much better than the market in USD Clo equity: 20% suffered diversion vs none of VTA positions USD CLO potential cure of tests through reinvestment at discount. would be beneficial for clo equity investors like VTA.
Volta Finance share price data is direct from the London Stock Exchange
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