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In our note of 16 September 2022, Cash is king and the king is rocking and rolling, we highlighted that Volta is no different from any other investment company in that it identifies when the market has mispriced long-term cashflows. We examined its successes in that current cashflows are at near-record levels and 2.7x the dividend payment. Looking forward, we reviewed why defaults might not rise to the level now built into loan prices – a view consistent with that of rating agencies and Volta – as well as the risks to that position. We noted that the current level of inflation is positive, as long as it is not sustained for too long. We also highlighted Volta’s diversification and geographical exposure. With all that in mind, the discount appears anomalous.
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