Hardman & Co Research
Hardman & Co Research: Volta Finance Ltd (VTA): Follow the money
03-Feb-2020 / 11:19 GMT/BST
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.
Please click on the link below for the full report:
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966319 03-Feb-2020
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(END) Dow Jones Newswires
February 03, 2020 06:19 ET (11:19 GMT)
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