Hardman & Co Research on Volta Finance Limited 117 0 Kommentare Putting the discount into perspective

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Volta Finance Limited's share price discount to NAV is 26%, reflecting investor concerns.
Despite strong performance, discount may be driven by sentiment rather than reality.
Hardman & Co Research concludes discount may not be sustained long-term.

Hardman & Co Research
Hardman & Co Research on Volta Finance Limited: Putting the discount into perspective

17-May-2024 / 12:15 GMT/BST
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Hardman & Co Research | Closed End Investments

Volta Finance Limited (VTAS) | Putting the discount into perspective

Volta’s share price discount to NAV (26%) is now back to the levels seen in the early stages of the pandemic. This appears anomalous with 6.3% total shareholder return in 1Q’24, the annualised cashflows in excess of 20%, the consensus outlook, as well as the structured debt finance and all investment company averages (11% and 6%, respectively). In our view, any discount reflects investor concerns that either the current NAV is unrealistic or that it cannot be achieved in the future. In this note, we examine what may drive such concerns, concluding they are more sentiment- than reality-driven; as such, they may be less likely to be sustained.

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1906041 17-May-2024