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VTA Volta Finance Limited

0.00 (0.0%)
30 Nov 2023 - Closed
Delayed by 15 minutes
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% 5.05 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
4.90 5.20 5.05 5.05 5.05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 38.25M 26.97M 0.7374 5.97 160.95M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 5.05 EUR

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Date Time Title Posts
30/11/202315:30Volta Finance VTA.AS653
26/3/201013:41Valterra Resource Corp. & the L-Page Group1
01/2/200411:40 Vista will Change your Life-

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Posted at 30/11/2023 08:20 by Volta Finance Daily Update
Volta Finance Limited is listed in the Finance Services sector of the London Stock Exchange with ticker VTA. The last closing price for Volta Finance was 5.05 €.
Volta Finance currently has 36,580,581 shares in issue. The market capitalisation of Volta Finance is £160,954,556.
Volta Finance has a price to earnings ratio (PE ratio) of 5.97.
This morning VTA shares opened at 5.05 €
Posted at 28/9/2023 09:19 by davebowler
Liberum on FAIR -

Analyst: Joachim Klement

Mkt Cap £176m | Share price $0.53 | Prem/(disc) -9.2% | Div yield 15.2%

Event Half-year report confirms quality of investment portfolio

Fair Oaks Income released its interim report for the six months ended 30 June 2023. For the reporting period, the NAV total return was 9.0% compared to -5.3% in the same period 2022. The NAV total return for the realisation shares was 9.7% (vs. -5.0% in the same period 2022). The increase in Nav has continued in the months since June. The August NAV was $0.581 for the 2021 shares for an additional 3% appreciation in NAV in the last two months.

Over the period, the Master Fund received total distributions of $33.2m (H1 22: $45.0m). Distributions in January were negatively impacted by large movements in Libor and Euribor which affected the CLO assets and liabilities differently due to timing issues. Distributions recovered in April. The focus on originating and controlling CLO subordinated notes has resulted in fundamental performance above the market average. Origination and control allowed the Master Funds to veto specific loans when the transactions were launched and to monitor and influence the CLOs over time. Lower fees in primary investments also allowed CLO managers to construct more conservative portfolios with no need to reach for yield. As a result, the Master Funds have benefitted from underexposure to sectors such as retail or energy.

Liberum view

In our in-depth note in August (Fair Oaks Income (BUY, TP $0.7) - Attractive CLO equity return outlook (43 pgs)) we emphasised the opportunity in CLO markets at the moment. As FAIR is marking its CLOs to market rather than mark-to-model, the downside is already reflected in the price and the ongoing recovery in loan markets leads to a significant pull on NAV higher. Add tot hat the sector-leading dividend yield of 15.4% and we recommend BUYing the fund with a TP of $0.66.
Posted at 16/8/2023 08:57 by davebowler
Liberum commentary on FAIR -
Strong distribution momentum from second highest yielding AIC fund at NAV
Analyst: Shonil Chande

Mkt Cap £170m | Share price $0.53 | Prem/(disc) -11.4% | Div yield 15.0%


Fair Oaks Income’s NAV per share increased by 2.5%, to $0.598, in July 2023. This represented a 2.5% increase in the month (+11.8% YTD). Quarterly distributions received by the Master Fund in July totalled $21.1m, reflecting a 21.6% annualised yield on NAV and a 24.4% yield on yesterday’s closing price. Distributions have been increasing over recent months, with the portfolio benefitting from an increasing arbitrage spread of the underlying loan pool over the cost of CLO financing.

Based on July 2023 distributions, we calculate that the CLO equity portfolio was valued at a 4.0x multiple to cash flows, with the USD CLO equity portfolio valued at 2.9x and the EUR CLO equity valued at 4.9x.

Default rates in the US increased by 0.4ppts to 1.75% and by 0.53ppts to 1.51% in Europe. The European increase was due to Casino defaulting on a €1.4bn of senior debt.

The forward-looking distressed rate declined from 8.47% to 7.55% in the US and increased from 4.13% to 4.17% in Europe. This measures the proportion of loans trading below 80c, and a decline is a forward-looking indicator that suggests improving sentiment towards leveraged loans. FAIR’s July factsheet notes the potential impact on European and US leveraged loan indices from issues at Altice Group.

Significant overcollateralisation headroom

The overcollateralisation tests continue to leave significant headroom before a breach would kick in and divert cash flows away from CLO Equity tranches. As an approximation and assuming a 70% recovery rate in the event of default, we estimate that a c.13% cumulative default rate would be required before the 4.0% overcollateralisation threshold was breached. This is an indicative calculation based on the most recent weighted-average overcollateralisation cushion of 4% divided by the 30% loss from each default.

FAIR’s ‘GFC scenario’ models a gross return of 6% based on NAV and 11% based on the share price, as at 31 July 2023.

FAIR’s CLO equity assets have consistently demonstrated stronger credit performance than the broader CLO market, which in turn has significantly outperformed other corporate debt categories on returns and default rates. There is additional de-risking via a shareholder-friendly structure.

Liberum view

Distribution momentum is strong and leveraged loan indices have performed well over the past several weeks. Given that the US CLO equity portfolio’s mark-to-market valuation stands at a median 34%, de-risking is built into the valuation and there is potential for valuations to improve.

FAIR’s shares have been amongst the best performers over the past year with the 27% share price TR ranking third amongst alternative funds (ex-3i). We believe the shares continue to present attractive value given the underlying strong distributions, and the potential for higher US CLO equity valuations.

FAIR’s share repurchase programme, in place since last October, has driven a significant reduction in its bid-ask spread in absolute terms and relative to peers. We believe it is attractively positioned compared to most peers and that the relative discount is not justified, in most cases.
Posted at 17/5/2023 09:05 by davebowler
Liberum on FAIR-

Default rates remain below expectations
Analyst: Shonil Chande

Mkt Cap £156m | Share price $0.48 | Prem/(disc) -17.9% | Div yield 16.7%


Fair Oaks Income's NAV per share at 30 April 2023 was $0.5847, representing a total return of 1.1% in the month (+5.7% YTD). Default rates continue to be significantly lower than the forecasts for 2023 issued at the end of 2022. The default rate in the US remained stable at 1.3% while in Europe it rose from 0.4% to 0.6% in April. The distressed ratio in the US remained at 8.7% and in Europe it dropped from 6.4% to 6.1%. CLO valuations continue to lag other assets, potentially as a result of investors modelling unduly negative market scenarios.

Liberum view

The resilience in default rates is notable and challenges the assumptions made in company models to calculate the NAV. The company points out that in early 2020, the median price of the Master Fund's US CLO equity investments fell from 67 cents to 30 cents based on predictions of increasing loan defaults due to the pandemic. However, the median price recovered to 63 cents by spring 2021 when it became clear that default rates would not increase as expected. Today, the median price of the same investments is 32 cents, indicating once again a substantial recovery potential in the NAV if default rates continue to remain below projections.

We continue to be Buyers of the fund with a target price of $0.60 (+25% upside from current share price)
Posted at 17/3/2023 08:07 by cerrito
As a holder of both VTA and Fair, I read this morning's John Authers Points of Return with much interest. I suggest all VTA and Fair holders read it.
I am not quite sure what the implifications for both will be but I am having difficulty finding anything positive.
Logically I should sell but am put off by the wide bid/offer spread.
Be interesting to see what we are told in the April monthly report when things will be a bit clearer.
Posted at 15/3/2023 09:17 by bluemango
Annual yield now 9.45% at current offer price.
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.
Volta Finance share price data is direct from the London Stock Exchange

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