Ecora Royalties PLC (GB:ECOR)
LSE:ECOR
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Ecora Royalties PLC
(LSE:ECOR)
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Rating:74Outperform
Price Target:
142.00 p
▲(1.72% Upside)
Action:UpgradedDate:03/27/26
The score is driven primarily by strong financial strength (zero debt, solid equity base) and improved profitability/cash generation, reinforced by a positive earnings call focused on growing critical-minerals exposure. Offsetting these positives are weaker technical momentum (below key moving averages, negative MACD) and variability in historical revenue/cash flow, with valuation supportive but not especially cheap and a modest dividend yield.
Positive Factors
Conservative balance sheet
Ecora's zero-debt, sizeable equity base provides durable financial flexibility: it can fund new royalties/streams, withstand commodity cycles, and avoid refinancing stress. This conservatism supports capital deployment, dividend policy and downside protection over the medium term.
Negative Factors
Revenue and cash-flow volatility
Ecora's earnings and cash flows have swung materially year-to-year, driven by commodity prices and project timing. That variability reduces predictability of dividends and capital allocation, complicates forecasting of distributable cash, and raises execution risk for multi-year planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Ecora's zero-debt, sizeable equity base provides durable financial flexibility: it can fund new royalties/streams, withstand commodity cycles, and avoid refinancing stress. This conservatism supports capital deployment, dividend policy and downside protection over the medium term.
Read all positive factors
Ecora Royalties PLC (ECOR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£348.44M
Dividend Yield1.69%
Average Volume (3M)447.87K
Price to Earnings (P/E)17.0
Beta (1Y)1.35
Revenue Growth-63.09%
EPS Growth-253.25%
CountryUK
Employees12
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.04
Shares Outstanding249,601,070
10 Day Avg. Volume583,715
30 Day Avg. Volume447,871
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.83
Price to Sales (P/S)6.74
P/FCF Ratio14.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£192.98Price Target Upside38.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.13
Revenue Forecast (FY)£72.25M
Ecora Royalties PLC Business Overview & Revenue Model
Company Description
Ecora Resources PLC operates as a natural resource royalty and streaming company in Australia, North and South America, Europe, and internationally. It has royalties and investments in mining and exploration interests in cobalt, steelmaking coal, ...
How the Company Makes Money
Ecora Royalties makes money by holding contractual interests in third-party mining projects that entitle it to payments tied to the production and/or sales of commodities from those projects. Its core revenue streams are:
1) Royalty income: Ecora...
Ecora Royalties PLC Earnings Call Summary
Earnings Call Date:Sep 03, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
Earnings Call Sentiment Positive
The earnings call reflected strong growth in the base metals segment, especially copper and cobalt, alongside successful strategic moves like the sale of Dugbe Gold Royalty. Despite some concerns around high tax rates and nickel market challenges, the overall sentiment is positive due to strong financial performance and strategic positioning in critical minerals.Positive Updates
Strong Growth in Base Metals Portfolio
The base metals portfolio saw an 81% increase in performance due to strong volume and pricing dynamics, with key contributions from Voisey's Bay and Mantos Blancos.
Negative Updates
High Effective Tax Rate on Kestrel
The Kestrel asset is associated with a very high effective tax rate, impacting free cash flow despite its contribution to deleveraging.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Growth in Base Metals Portfolio
The base metals portfolio saw an 81% increase in performance due to strong volume and pricing dynamics, with key contributions from Voisey's Bay and Mantos Blancos.
Read all positive updates
Company Guidance
During the Ecora Resources Half Year 2025 Results Presentation, Ecora reported robust performance in their critical minerals portfolio, specifically highlighting a significant 81% increase in base metals portfolio revenue compared to the previous year. The first half of 2025 marked a milestone with more than 50% of their revenue linked to critical minerals, projecting an increase to 85% by 2030. Record contributions were noted from the Voisey's Bay mine and Mantos Blancos copper royalty, with the latter experiencing a 35% increase primarily due to volume growth. The company also announced a $0.06 per share dividend, aligning with their policy to distribute approximately 25% of free cash flow. Ecora's deleveraging efforts were supported by the sale of the Dugbe Gold Royalty, enhancing the company's flexibility for future capital reallocation. Furthermore, the company anticipates substantial cash flow growth from ongoing projects and potential expansions, maintaining a strategic focus on base metals, particularly copper, while considering other critical minerals as market opportunities arise.Ecora Royalties PLC Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 57.07M | 59.61M | 61.90M | 141.87M | 85.30M |
| Gross Profit | 37.88M | 50.49M | 53.09M | 99.25M | 43.83M |
| EBITDA | 25.84M | 22.61M | 18.52M | 126.80M | 66.66M |
| Net Income | 22.65M | -9.83M | 847.00K | 94.64M | 27.25M |
Balance Sheet | |||||
| Total Assets | 583.75M | 553.97M | 636.28M | 564.42M | 384.26M |
| Cash, Cash Equivalents and Short-Term Investments | 7.79M | 7.88M | 7.85M | 4.86M | 21.99M |
| Total Debt | 96.53M | 93.29M | 85.76M | 45.60M | 112.77M |
| Total Liabilities | 117.88M | 119.33M | 154.26M | 145.76M | 120.61M |
| Stockholders Equity | 465.87M | 434.64M | 378.11M | 503.60M | 263.65M |
Cash Flow | |||||
| Free Cash Flow | 26.02M | 18.92M | -23.57M | 55.52M | 32.62M |
| Operating Cash Flow | 26.02M | 29.59M | 33.54M | 104.15M | 32.65M |
| Investing Cash Flow | -21.43M | -6.26M | -43.17M | -54.01M | -136.61M |
| Financing Cash Flow | -5.42M | -22.70M | 11.72M | -92.74M | 76.63M |
Ecora Royalties PLC Technical Analysis
Positive
139.60
Price Trends
137.58
Positive
123.85
Positive
100.10
Positive
Market Momentum
0.46
Negative
57.52
Neutral
82.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ECOR, the sentiment is Positive. The current price of 139.6 is above the 20-day moving average (MA) of 131.80, above the 50-day MA of 137.58, and above the 200-day MA of 100.10, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 57.52 is Neutral, neither overbought nor oversold. The STOCH value of 82.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ECOR.
Ecora Royalties PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £348.44M | 16.98 | -4.56% | 1.69% | -63.09% | -253.25% | |
65 Neutral | £480.33M | 11.82 | 3.23% | ― | -32.18% | -58.29% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | £146.57M | ― | -6.49% | ― | ― | 28.30% | |
50 Neutral | £176.87M | -0.89 | -4.54% | 7.30% | 6.65% | -159.09% | |
48 Neutral | £308.97M | ― | -28.19% | ― | ― | ― | |
43 Neutral | £165.63M | -191.73 | >-0.01% | ― | ― | ― |
* Basic Materials Sector Average
GB:ECOR
Ecora Royalties PLC
139.60
87.94
170.24%
GB:GFM
Griffin Mining
272.00
102.00
60.00%
GB:KMR
Kenmare Resources
200.00
-151.49
-43.10%
GB:RBW
Rainbow Rare Earths
22.75
13.25
139.47%
GB:KP2
Kore Potash PLC
3.20
1.35
72.97%
GB:PRE
Pensana Rare Earths PLC
91.00
65.80
261.11%
Ecora Royalties PLC Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Ecora pivots toward critical minerals as profit rebounds and coal income wanes
Positive
Mar 26, 2026
Ecora Royalties reported full-year 2025 portfolio contribution of $57m, down from $63.2m, as surging base metals income partially offset a sharp fall in coal-linked earnings, while profit after tax swung to $22.2m from a loss a year earlier and fr...
Business Operations and StrategyRegulatory Filings and Compliance
Ecora Royalties Updates Voting Rights After Treasury Share Transfer
Neutral
Feb 24, 2026
Ecora Royalties has transferred 418,815 ordinary shares out of treasury to satisfy employee option exercises under its Long Term Incentive Plan, modestly increasing the number of shares in public circulation. Following this move, the company’...
Business Operations and Strategy
Ecora Signals Rare Earths Progress as Phalaborwa Pilot Plant Delivers High-Grade Output
Positive
Feb 9, 2026
Ecora Royalties PLC has highlighted progress at the Phalaborwa rare earths project in South Africa, where operator Rainbow Rare Earths has successfully produced around 2 kg of a high-grade mixed rare earth hydroxide from its newly commissioned lar...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Ecora’s Critical Minerals Overtake Coal as Base Metals Earnings Jump 150%
Positive
Jan 28, 2026
Ecora Royalties reported a 150% surge in 2025 base metals portfolio contribution to $28.5m, driven by higher cobalt volumes and prices from Voisey’s Bay, the first contribution from the Mimbula copper stream and record output from the Mantos...
Dividends
Ecora Resources Sets Currency Equivalents for 2025 Interim Dividend
Positive
Jan 13, 2026
Ecora Resources PLC confirmed the currency equivalents for its previously announced 2025 interim dividend of 0.60 US cents per ordinary share, setting the payout at 0.4471 pence in Sterling and 0.8330 Canadian cents per share based on exchange rat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.