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In our note, R&A shining light on 20%+ IRR base-case scenarios, published on 11 January 2023, 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 recent Report and Account (R&A) disclosure to better understand the true business drivers and that Volta’s mark-to-market accounting creates volatility around these positive fundamentals. The January 2023 factsheet reinforced these messages with annualised cashflow at 21.6% of NAV. 2022 actual defaults were one fifth the level predicted at the time of the Ukraine invasion.
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