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In our note, R&A shining light on 20%+ IRR base-case scenarios, we reviewed how Volta generated cashflows at near-record levels, and looked forward, considering why defaults would rise – but not to the level built into loan prices. We highlighted Volta’s diversification and geographical exposure. We also reviewed how investors can use the Report and Account (R&A) disclosure to better understand the true business drivers. The February 2023 factsheet reinforced these messages, with annualised cashflow at 19.4% of NAV (despite every February being a cyclically low cashflow month). 2022 actual defaults were one fifth the level predicted at the time of the Ukraine invasion. Volta has no exposure to Silicon Valley Bank or bank AT1 instruments.
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