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% 5.225 1,009 08:00:00
Bid Price Offer Price High Price Low Price Open Price
5.00 5.45 5.225 5.225 5.225
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 38.74 106.00 4.9 191
Last Trade Time Trade Type Trade Size Trade Price Currency
13:54:37 O 212 5.15 EUR

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14/1/202304:21Volta Finance VTA.AS625
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Posted at 27/1/2023 08:20 by 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 5.23 €.
Volta Finance Limited has a 4 week average price of 4.95 € and a 12 week average price of 4.72 €.
The 1 year high share price is 6.30 € while the 1 year low share price is currently 4.72 €.
There are currently 36,562,038 shares in issue and the average daily traded volume is 1,717 shares. The market capitalisation of Volta Finance Limited is £191,036,648.55.
Posted at 14/1/2023 04:21 by rambutan2
Cerrito, I'm not sure what you're saying. The para you quote is, like my two, bullish rather than bearish for the sector. While not currently a holder of VTA, having sold out higher up, I am a holder of FAIR and pondering on adding. I also hold TORO, which plays in the same postcode, if not the same street.

The default figs do matter, because as we have seen in previous times, if they get bad enough for long enough, there is no escape and a nasty geared plunge ensues for all vehicles.

Posted at 13/1/2023 18:29 by cerrito
OK rambutan2 but remember they go on to say the following#
Since the vast majority of loans are covenant lite, the deterioration of interest coverage ratios - while being a source of stress - do not mechanically lead to a default. It is the level of EBITDA and where rates will be when companies need to refinance their debt that will really matter. We do not see many companies that have to refinance in 2023.
For me this shows that there is something mickey mouse about the whole discussion of defaults and explains why I am OK with my current holdings in both FAIR and VTA I am not looking to buy more.

Posted at 12/1/2023 21:15 by rambutan2
Dec nav, down 1% at 5.84:

"In terms of default rates, we now have the full list of defaults for 2022. Default rates were still very low, at 0.4% for European Loans and 0.7% for US loans. After the invasion of Ukraine, rating agencies were forecasting 2022 default rates to reach between 2% and 2.5% for the US and European loan markets... We closed the year far from those levels.

As we regularly highlight in this report, the main reason for such low default rates is the benefit of inflation, despite the economic slowdown. When companies' revenues are growing fast, even if said companies suffer from margins pressure, profits and EBITDA still manage to grow (at a lower pace than revenues but they still do grow on average)."

Posted at 20/12/2022 10:28 by davebowler
Liberum on FAIR -
Fair Oaks Income

Strong NAV performance in November

Mkt Cap £164m | Share price $0.49 | Prem/(disc) -13.3% | Div yield 16.3%


Fair Oaks Income's NAV per share at 30 November 2022 was $0.565, representing a total return of 3.1% in the month (-2.0% YTD). NAV performance in November was driven by significant tightening in credit markets in the US and Europe. US and European high yield indices generated returns of +1.6% and +3.9% in the month. Loan markets were also positive in November (+1.2% in the US and +2.2% in Europe).

Trailing 12-month loan default rates remain low at 0.43% in Europe and 0.73% in the US. Market forecasts suggest default rates could reach 3%+ in 2023, although the manager is confident the portfolio can continue to generate attractive returns under these conditions. The portfolio is well-diversified and offers attractive downside protection given current valuations. Exposure is predominantly to senior secured loans and there is plenty of headroom on overcollateralisation tests.

Liberum view

Fair Oak's portfolio continues to perform resiliently, despite more challenging market conditions. Annualised default rates and the proportion of CCC-rated assets is considerably lower than market averages, leaving it well placed to weather market volatility. The headroom on the overcollateralisation test provides comfort on the ability to maintain high cash distributions. Stress testing suggests that the portfolio can continue to perform well, even if default rates exceed the most recent forecasts of 3%+. The company has an attractive discount control policy in place and has consistently bought back shares over recent months. We view the current 13% discount to NAV as overly punitive, given the downside protection and highly attractive 16% dividend yield

Posted at 15/11/2022 20:50 by rambutan2
Yes, always an upbeat message as the share price and nav say otherwise. Although the same goes right across the sector.
Posted at 12/10/2022 09:39 by davebowler
Liberum on FAIR-
Fair Oaks Income

UK mini-budget hits September NAV

Mkt Cap £181m | Share price $0.49 | Prem/(disc) -13.9% | Div yield 16.3%


Fair Oaks Income reported NAV for 30 September 2022 for the 2021 shares (FAIR LN) of $0.5693, down 4.74% for the month and for the realisation shares (FA17 LN) of $0.5684, down 4.79% for the month. Share price performance for the 2021 shares in September was +5.05% as the discount to NAV narrowed from 17.1% at the end of August to 8.7% on 30 September.

Liberum view

Overall, the NAV performance was severely impacted by the stress in the UK LDI market that forced pension funds to sell safe assets in order to raise cash for margin calls. This impacted not only the Gilt market but also the CLO market and led to dislocations in CLOs that originated in Europe and now spreads to the US as the Wall Street Journal reports. This means that both the USD and the EUR CLOs in the portfolio suffered. The US and European leveraged loan indices declined 2.3% and 3.6% in September, respectively. The JP Morgan High Yield Indices declined 3.9% and 4.1%, respectively.

As long as the Gilt market is in its current precarious condition, we and the investment manager of FAIR expect current high yields on CLOs to persist. Given these market turbulences, we think the performance of FAIR, which has been pretty much in line with the B/BB-rated CLO index globally, is solid and speaks for the quality of the manager.

The upside of the September turbulences is of course that going forward, capital can be invested at significantly higher yields, surpassing 8% for B/BB-rated CLOs or more than double the yield that was available at the beginning of the year. The investment manager of FAIR reports that even though markets are under technical pressure, the underlying fundamentals remain solid with the default rate in the European CLO space dropping from 0.72% to 0.43% in September on a trailing 12-month basis. In the US, the trailing 12-month default rate increased slightly from 0.70% to 0.85% but remains low overall. And while technical selling pressure increased the share of CLOs trading below 80c on the dollar to 6.4% in the dollar space and 6.2% in Europe, the share of loans rated CCC+ or below remains low at 4.6% in the US and 3.5% in Europe.

Posted at 13/9/2022 16:53 by cerrito
Encouraging August report and useful increase in NAV.
Interesting comment that even with default rates on US$ loans going from 0.6% at end August to 2% in 2023 that the projected CLO yield based on the current share price is 30%+.
Good to read that they continue not to expect cash diversions for the rest of this year and next year.
Based on today's midprice of the share at E5.07 this is a discount to end of month NAV high by VTA standards. I have no desire to sell but do not see myself buying even at this current price and discount.

Posted at 25/8/2022 09:26 by davebowler
Liberum on FAIR-note the last sentence.

Fair Oaks Income Realisation Shares

First capital distribution for realisation share class

Mkt Cap £30m | Share price | Prem/(disc) -1.3% | Div yield 17.7%


Fair Oaks Income will return $4m to shareholders in its realisation share class. The distribution will represent 6.4 cents per share and will be effected by way of a compulsory redemption (11.2% of the shares will be redeemed).

Liberum view

This is the first capital distribution for the realisation share class. Dividends will continue to be paid alongside regular capital distributions. The full redemption of the previous realisation share class (2014 shares) took approximately two years. The 2014 shares fully redeemed in March 2019, resulting in a 9.8% IRR from inception. Alongside strong credit performance, we believe the option of a realisation share class is one of the reasons why Fair Oaks has commanded a much stronger share rating than peers in the CLO sector.

Posted at 15/7/2022 10:04 by yieldsearch
re 597: yes agree it seems that the asset manager is confident that cash collection will be maintained. given the structure of the CLOs, you need first a number of default or number of rating downgrade, then a test, then this will trigger bifurcation of cash away from volta. there is always a lag hence why the asset manager can have some confidence that the cash collection is maintained in near term. noone (myself first) can forecast cash amount in medium term, way too many optionalities in the product and macro volality.

the asset manager cannot control market prices: if clo bonds prices and in general high yield market are weakening further, it should have an impact on NAV and volta price, so probably too early to get back in, i dont think the quarterly dvd is covering the potential further decline in share price.

Some links to monitor markets:

US CCC high yield

Euro high yield

Posted at 17/2/2022 14:55 by cwa1
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.

Volta Finance share price data is direct from the London Stock Exchange
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