Investment research on quoted companies and funds

Hardman & Co

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

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<li>Volta’s share price discount to NAV (26%) is now back to the levels seen in the early stages of the pandemic.</li>
<li>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).</li>
<li>In our view, any discount reflects investor concerns that either the current NAV is unrealistic or that it cannot be achieved in the future.</li>
</ul>


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.


Volta Finance Limited (VTAS): Putting the discount into perspective