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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% 4.975 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
4.80 5.15 4.975 4.975 4.975
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 38.74 106.00 4.7 182
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 4.975 EUR

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Posted at 01/12/2022 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 4.98 €.
Volta Finance Limited has a 4 week average price of 4.72 € 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 3,221 shares. The market capitalisation of Volta Finance Limited is £181,896,139.05.
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%

Event

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%

Event

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 18/8/2022 07:48 by davebowler
Liberum on FAIR-
FAIR’s CLO portfolios have demonstrated considerably stronger credit performance since inception than loan markets. Q2’s loan market sell-off prices in a high default rate scenario. FAIR’s NAV has predictably weakened in this environment but offers near-term upside from recent loan price strength. Despite market volatility, we expect strong cash generation to drive an 8% NAV TR in 2022. We estimate a pro-forma discount of c.20% (vs a long-term average of 0.7%).

Download Fair Oaks Income* (BUY, TP $0.60 from $0.73) – Downside risk priced in (9 pgs)

Posted at 21/7/2022 08:08 by davebowler
Liberum on FAIR-
Fair Oaks Income

Resilient credit performance despite wider volatility

Mkt Cap £167m | Share price $0.495 | Prem/(disc) -15.8% | Div yield 20.2%

Event

Fair Oaks Income's NAV total return in June 2022 was -4.8%, largely due mark-to-market movements as a result of volatile credit markets. US and European loan markets delivered returns of -2.2% and -4.5% respectively in June.

The manager reports that the performance of the Master Fund remains robust with an annualised default rate of 0.34% since its first investment in 2017, compared to 1.63% for the loan market over the same period. The underlying loan portfolios also have low exposure to CCC assets at 2.6% (vs a 4.1% average for US CLOs and 3.2% for European CLOs).

All of the positions in the portfolio are in compliance with their overcollateralisation tests (the average test value is 4.5% above the threshold). The test compares the par value of the CLO portfolio (adjusted for defaults) with the par value of the CLO notes. This ratio must be above a predetermined threshold for the CLO to pass. The company expects the next dividend to be unchanged at 2.5c per share and it is expected to be well covered. Assuming 70% loan recovery rate, the loan portfolios would require 15% cumulative defaults in order to generate the loss required to breach the limit.


Liberum view

FAIR's CLO portfolios continue to perform resiliently, maintaining the track record since IPO. Annualised default rates and the proportion of CCC-rated assets is considerably lower than market averages. The headroom on the overcollateralisation test provides comfort on the ability to maintain high cash distributions. The reduction in loan prices will also provide opportunities for the underlying CLO managers to build par by acquiring strong credits at discounts. Stress testing scenarios are useful in assessing downside risks for CLO portfolios. The manager has stressed return expectation for a significant increase in default rates. Under stress scenarios based on 2000 and 2008, the estimated gross returns would still be positive at 4.4% and 9.3%. The shares currently trade on a 15.8% discount to NAV (20.2% prospective dividend yield), compared to a long-run average discount of 0.5%.



Specialist Finan

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
hxxps://fred.stlouisfed.org/series/BAMLH0A3HYC


Euro high yield
hxxps://fred.stlouisfed.org/series/BAMLHE00EHYIOAS

Posted at 05/6/2022 10:48 by hpcg
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.
Posted at 17/2/2022 14:55 by cwa1
Hardman research:-

https://www.hardmanandco.com/research/corporate-research/what-volta-brings-to-investors/

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.

Posted at 30/11/2021 11:30 by cwa1
https://www.hardmanandco.com/research/corporate-research/simple-simon-says/

In this note, we explore three aspects of Volta’s portfolio, highlighting their simplification – simplified. Firstly, unless there is a compelling, opportunistic case, new investments will be in CLO structures only, and not in other structured finance instruments. The asset mix is being simplified. Second, there should be an increased weighting to AXA IM managed CLO vehicles, reflecting good performance and lower fees. The manager mix is being simplified. Third, we detail why CLOs are, at heart, simple cashflow structures, which should be viewed as such, free from the terminology that may confuse a clear story.

Simpler portfolio: Over recent years, Volta has seen an increasing weight to CLO investments. It has been agreed with the board to put into policy that reinvestment, when non-CLO assets mature, will be into CLOs, making the mandate much clearer. The portfolio will be more focused, as assets roll over.
Greater AXA IM managed CLO investments: AXA IM has been awarded “Best US CLO Manager of the Year” (in 2021, by Credit Flux), highlighting AXA IM’s performance. Volta is also not paying management fees on AXA IM CLO positions, and, over time, AXA IM CLOs are expected to be a higher share of the portfolio.
Valuation: Volta trades at a double discount: its share price is at a 15% discount to NAV, and we believe its mark-to-market NAV includes a further sentiment-driven discount (5%-10%) to the present value of expected cashflows. Volta targets an 8% of NAV dividend (9.8% 2022E 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: c.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 c.20%. We expect near 2x 2022 dividend cover.

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