Volta Fin Regulatory News (VTA)

Hardman & Co Research: Follow the money

In this note, we remind investors of Volta's attractions and risks, focus on how it generates the cash to pay the dividend, and look at some of the issues from the latest Report and Accounts. The core to paying the dividend, and its long-term sustainability, is generating cash from the underlying 700 borrowers, a broad diversification by counter-party, geography and economic sector. Currently, a near record level of income yield is being generated. While recent months have seen both forex and sentiment volatility with a range of positive and negative capital movements, the long-term performance will be driven by cash generation. The discount appears anomalous given Volta's track record.

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