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Hardman & Co Research
Hardman & Co Research on Volta Finance Limited: Putting the discount into perspective
17-May-2024 / 12:15 GMT/BST
The issuer is solely responsible for the content of this announcement.
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

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END) Dow Jones Newswires

May 17, 2024 07:15 ET (11:15 GMT)