Ecora Royalties PLC (GB:ECOR)
LSE:ECOR
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Ecora Royalties PLC
(LSE:ECOR)
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Rating:77Outperform
Price Target:
162.00 p
▲(13.76% Upside)
Action:Reiterated
Date:04/14/26
The score is driven primarily by strong financial fundamentals (high 2025 profitability, robust cash generation, and a very conservative balance sheet), supported by constructive technical trends (price above key moving averages with positive MACD). Valuation is fair but the low dividend yield reduces support, while the earnings call was net positive on critical-minerals growth and deleveraging, tempered by near-term earnings/headwind items and commodity-related risks.
Positive Factors
Conservative balance sheet
Zero reported debt and a sizable equity base give Ecora durable financial flexibility: ability to fund acquisitions, absorb commodity shocks, and prioritize deleveraging or dividends without refinancing risk. This conservatism supports long-term resilience across cycles.
Negative Factors
Volatile revenue and earnings history
Ecora's earnings power has swung materially year-to-year, reducing predictability of cash flows and dividend traction. Such volatility complicates capital allocation and forecasting, and means longer-term returns depend heavily on smoothing of production and commodity cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Zero reported debt and a sizable equity base give Ecora durable financial flexibility: ability to fund acquisitions, absorb commodity shocks, and prioritize deleveraging or dividends without refinancing risk. This conservatism supports long-term resilience across cycles.
Read all positive factors
Ecora Royalties PLC (ECOR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£358.43M
Dividend Yield1.69%
Average Volume (3M)447.87K
Price to Earnings (P/E)3.1
Beta (1Y)1.38
Revenue Growth-10.30%
EPS GrowthN/A
CountryUK
Employees12
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.09
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
£193.20Price Target Upside35.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.13
Revenue Forecast (FY)£72.72M
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:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
Earnings Call Sentiment Positive
The call conveyed a positive strategic inflection: Ecora has materially shifted its revenue mix toward critical minerals (base metals up 150% YoY), acquired producing copper exposure (Mimbula), demonstrated strong operational performance at key royalties (Voisey's Bay, Mantos Blancos), and achieved rapid deleveraging despite a major acquisition. Short‑term challenges include a ~10% dip in reported portfolio contribution, lower adjusted earnings from higher finance costs and FX impacts, Kestrel’s declining contribution (coking coal prices down ~35%), and accounting/timing effects that understate some asset performance in FY2025. Management provided a clear deleveraging roadmap and reaffirmed dividend policy tied to free cash flow, while flagging commodity volatility and geopolitical supply risks as watch items. Overall, the positives around portfolio quality, multi‑decade asset lives, and financial flexibility outweigh the near‑term reporting and commodity headwinds.Positive Updates
Critical Minerals Become Majority of Portfolio
For the first time critical minerals generated more than 50% of overall portfolio contribution, driven primarily by base metals which grew 150% year‑on‑year.
Negative Updates
Reported Adjusted Earnings Decline
Adjusted earnings were lower in the period due to increased finance costs from higher average borrowings post‑Mimbula and an FX effect (USD/GBP movement) that increased reported overheads, despite reductions in underlying cost base.
Read all updates
Q4-2025 Updates
Positive
Negative
Critical Minerals Become Majority of Portfolio
For the first time critical minerals generated more than 50% of overall portfolio contribution, driven primarily by base metals which grew 150% year‑on‑year.
Read all positive updates
Company Guidance
The management guided to further volume growth across the critical‑minerals portfolio in 2026 — notably Voisey’s Bay volume growth of roughly 12%–25% year‑on‑year and continued ramp at Mimbula (a $50m stream acquired last year, which only contributed ~$4m in 2025 because of timing) — while Mantos Blancos is expected to be slightly lower in 2026 because of a lower ore grade (normalizing in 2027); Kestrel is nearing the end of its life with midpoint tonnage guidance of ~1.1 million tonnes next year (about half of prior‑year volumes and then a tail of a few hundred thousand to ~500k tonnes through the late‑2020s). Management highlighted portfolio cash flow of ~$55m that accelerated deleveraging (net debt peaked at ~$124.6m in Q2 2025 and was ~$85.5m at year‑end; management also noted net‑debt was just under ~$130m immediately post‑Mimbula), and provided a consensus‑based path to reduce net debt to ~$53m by end‑2026 and ~$27m by end‑2027 (with a $180m facility and $40m accordion available). They reiterated that base metals were up ~150% in 2025, specialty metals/uranium/base metals contribution has grown ~6–7x since 2020, Mantos generated $9.5m in 2025 (~20% running cash yield on the acquisition), Four Mile and EVBC recorded ~$2.2m and ~$3.2m respectively (both not full‑year run‑rates), cobalt prices moved from ~$13/lb to ~$30/lb, free‑cash‑flow conversion should improve as Kestrel falls below 50% of income, and the board proposed a final dividend of $0.014 (company stated a total 2025 dividend of $0.02 per share while noting ~$7m of dividends were paid in 2025, ~$0.0281 per share on a cash basis).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
142.40
Price Trends
137.10
Positive
128.39
Positive
103.65
Positive
Market Momentum
2.44
Negative
58.34
Neutral
56.28
Neutral
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 142.4 is above the 20-day moving average (MA) of 136.63, above the 50-day MA of 137.10, and above the 200-day MA of 103.65, indicating a bullish trend. The MACD of 2.44 indicates Negative momentum. The RSI at 58.34 is Neutral, neither overbought nor oversold. The STOCH value of 56.28 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £540.37M | 29.31 | 4.19% | ― | -1.71% | 94.27% | |
77 Outperform | £358.43M | 3.07 | 4.99% | 1.69% | -10.30% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | £181.92M | -6.48 | -78.51% | ― | ― | -37.29% | |
52 Neutral | £202.07M | -0.32 | -34.92% | 7.30% | -22.99% | -583.84% | |
48 Neutral | £353.52M | ― | -20.38% | ― | ― | -88.27% | |
43 Neutral | £170.81M | -191.73 | -0.27% | ― | ― | ― |
* Basic Materials Sector Average
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Ecora Royalties PLC Corporate Events
Business Operations and StrategyFinancial Disclosures
Ecora to Host Investor Presentation on 2025 Results via Engage Platform
Positive
Apr 7, 2026
Ecora Royalties PLC will hold a live interactive presentation on 14 April 2026 to discuss its recently released 2025 full-year results via the Engage Investor platform, inviting existing shareholders and potential investors to attend and submit qu...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Ecora updates director option exercises and voting rights after LTIP awards
Neutral
Mar 30, 2026
Ecora Royalties has transferred 147,586 ordinary shares from treasury to satisfy nil‑cost option exercises by chief executive Marc Bishop Lafleche and chief financial officer Kevin Flynn under its Long Term Incentive Plan. Both executives su...
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...
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.