Hardman & Co Research:

Volta Finance Limited (VTA): Hardman presentation: carpe diem

In this note, we review the manager’s recent Hardman Talks Seizing opportunities in volatile times presentation and Q&A. The key messages were i) refi/reset helped build annualised cashflows to a high-teen percentage of NAV, more than double the dividend payout, which should allow the NAV to grow over the medium term, ii) most underlying loans are floating rate, and so income will rise with interest rates, and iii) the net US exposure is positive in risky times. The presentation showed how strong the corporate market is and that, while defaults will rise, they start from a low point. There will be mark-to market (MTM) volatility, but long-term cashflows are good.

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