Hardman & Co Research on Volta Finance Limited: R&A shining light on 20%+ IRR base-case scenarios

Hardman & Co Research on Volta Finance Limited:

R&A shining light on 20%+ IRR base-case scenarios

In our note, Cash is king and the king is rocking and rolling, published on 16 September 2022, we examined Voltas success in generating cashflows at near-record levels, and looked forward, considering why defaults would rise but not to the level then built into loan prices. We also highlighted Voltas diversification and geographical exposure. These positive underlying features continue, and we briefly update them in this note. We also consider how investors can use the recent Report and Account (R&A) disclosure to better understand the true business drivers and that Voltas mark-to-market accounting creates volatility around these positive fundamentals.

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