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Ecora Royalties PLC
(LSE:ECOR)
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Rating:79Outperform
Price Target:
197.00 p
▲(13.74% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by strong financial strength (notably zero debt and an earnings rebound) and a constructive technical setup with clear trend support. A very positive earnings call (growth, deleveraging, and visible catalysts) further lifts the outlook, while valuation is only moderately supportive due to a low dividend yield and the business showing historical volatility in revenue and cash flow.
Positive Factors
Scalable royalty growth
The royalty model is showing strong operating leverage: portfolio contribution grew sharply while overheads remained broadly flat, and adjusted earnings increased fivefold. This supports durable earnings scalability as producing assets expand without Ecora bearing mine operating costs.
Negative Factors
Commodity and production exposure
The company’s cash flows remain tied to commodity prices and third-party mine performance, so weaker realized prices, lower production, or shortened mine lives can reduce royalty and stream receipts. This makes earnings inherently sensitive to operating and market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Scalable royalty growth
The royalty model is showing strong operating leverage: portfolio contribution grew sharply while overheads remained broadly flat, and adjusted earnings increased fivefold. This supports durable earnings scalability as producing assets expand without Ecora bearing mine operating costs.
Read all positive factors
Ecora Royalties PLC (ECOR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£429.94M
Dividend Yield0.87%
Average Volume (3M)538.27K
Price to Earnings (P/E)11.4
Beta (1Y)1.33
Revenue Growth167.53%
EPS GrowthN/A
CountryUK
Employees13
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.20
Shares Outstanding249,676,070
10 Day Avg. Volume501,027
30 Day Avg. Volume538,268
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.61
Price to Sales (P/S)5.01
P/FCF Ratio10.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£213.18Price Target Upside23.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.14
Revenue Forecast (FY)£75.79M
Ecora Royalties PLC Business Overview & Revenue Model
Company Description
Ecora Resources PLC operates as a natural resource royalty and streaming company across Australia, North and South America, Europe, and various international markets. It maintains a diversified portfolio of royalties and investments in mining and ...
How the Company Makes Money
Ecora Royalties makes money by holding royalty and/or streaming interests over third-party mining projects and collecting payments that are contractually tied to the production and sale of commodities from those assets. Key revenue streams typical...
Ecora Royalties PLC Earnings Call Summary
Earnings Call Date:Sep 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 31, 2027
Earnings Call Sentiment Positive
The call was strongly positive, driven by 75% portfolio contribution growth, a fivefold increase in adjusted earnings, substantial deleveraging, improved tax efficiency, strong base metals performance, and a broad pipeline of potential expansion and development catalysts. The main challenges were lower Mantos Blancos volumes, planned Voisey's Bay maintenance, the delayed Nifty royalty entitlement, and pending financing for the Piaui project, but these were outweighed by the reported operating and financial improvements.Positive Updates
Strong Portfolio Contribution Growth
Total portfolio contribution increased 75%, from $17.9 million to $31.3 million in the first half of 2026, benefiting from volume growth and a strong commodity price environment.
Negative Updates
Lower Mantos Blancos Volumes
Volumes at Mantos Blancos were lower in the period, although higher copper prices resulted in a 26% increase in royalty revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Portfolio Contribution Growth
Total portfolio contribution increased 75%, from $17.9 million to $31.3 million in the first half of 2026, benefiting from volume growth and a strong commodity price environment.
Read all positive updates
Company Guidance
Guidance remains unchanged for Voisey’s Bay full year deliveries of 500 to 560 tonnes of delivered cobalt, with annual maintenance planned during the second half of the year; Kestrel’s overall guidance remains unchanged, with most of the 2026 volume expected in the third quarter. Based on consensus pricing, closing net debt is expected to continue reducing in the second half towards $50 million by the end of the year, while the producing portfolio is forecast this year to generate approximately $70 million based on consensus forecast. Vale is exploring increasing Voisey’s Bay mill capacity by around 35% in and around 2030, from 2.8 million to 3.8 million tonnes a year, and is currently targeting a final investment decision for the Voisey’s expansion in 2028. Capstone is targeting the Mantos Blancos Phase 2 study for release later this year, with expanded capacity expected to occur between 2030 and 2031, and is targeting expanded Mantos Blancos production within 5 years; Santo Domingo’s final investment decision is targeted for Q4 this year, Nifty’s first cathode is expected in the second half of this year, and Ecora’s royalty payments at Nifty are estimated to begin at least 5 years following the restart of Phase 1.Ecora Royalties PLC Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 71.63M | 57.07M | 59.61M | 61.90M | 141.87M | 85.30M |
| Gross Profit | 46.02M | 37.88M | 50.49M | 53.09M | 128.25M | 59.12M |
| EBITDA | 52.12M | 36.30M | 22.61M | 18.52M | 126.80M | 66.66M |
| Net Income | 49.79M | 22.65M | -9.83M | 847.00K | 94.64M | 37.48M |
Balance Sheet | ||||||
| Total Assets | 594.12M | 583.75M | 553.97M | 636.28M | 693.71M | 520.46M |
| Cash, Cash Equivalents and Short-Term Investments | 8.42M | 7.79M | 7.88M | 7.85M | 4.86M | 21.99M |
| Total Debt | 86.94M | 96.53M | 93.29M | 85.76M | 45.60M | 112.77M |
| Total Liabilities | 108.31M | 117.88M | 119.33M | 154.26M | 145.76M | 163.36M |
| Stockholders Equity | 485.82M | 465.87M | 434.64M | 482.02M | 418.66M | 357.10M |
Cash Flow | ||||||
| Free Cash Flow | 89.40M | 26.02M | 18.92M | -23.57M | 55.52M | 32.62M |
| Operating Cash Flow | 36.39M | 26.02M | 29.59M | 33.54M | 104.15M | 32.65M |
| Investing Cash Flow | 19.12M | -21.43M | -6.26M | -43.17M | -54.01M | -136.61M |
| Financing Cash Flow | -55.30M | -5.42M | -22.70M | 11.72M | -92.74M | 76.63M |
Ecora Royalties PLC Technical Analysis
Positive
173.20
Price Trends
146.93
Positive
143.10
Positive
134.51
Positive
Market Momentum
7.61
Positive
63.77
Neutral
57.33
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 173.2 is above the 20-day moving average (MA) of 167.43, above the 50-day MA of 146.93, and above the 200-day MA of 134.51, indicating a bullish trend. The MACD of 7.61 indicates Positive momentum. The RSI at 63.77 is Neutral, neither overbought nor oversold. The STOCH value of 57.33 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | £429.94M | 11.42 | 10.46% | 0.87% | 167.53% | ― | |
66 Neutral | £489.54M | 29.55 | 8.42% | ― | -1.71% | 94.27% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | £167.14M | -0.85 | -33.21% | 8.88% | -28.42% | -411.33% | |
52 Neutral | £168.57M | -29.76 | -67.90% | ― | ― | -37.29% | |
47 Neutral | £175.98M | -229.78 | -0.27% | ― | ― | ― | |
38 Underperform | £246.40M | -0.09 | -18.08% | ― | ― | ― |
* Basic Materials Sector Average
GB:ECOR
Ecora Royalties PLC
172.20
97.07
129.19%
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Ecora Royalties PLC Corporate Events
Business Operations and StrategyFinancial Disclosures
Ecora Royalties Plans Live Investor Briefing on Half-Year Results
Positive
Sep 3, 2026
Ecora Royalties PLC will host a live interactive investor presentation on the Engage Investor platform on 10 September 2026 to discuss its 2026 half-year results, inviting existing shareholders and prospective investors to register at no cost and ...
Business Operations and StrategyDividendsFinancial Disclosures
Ecora Royalties boosts earnings and cuts debt on critical minerals growth
Positive
Sep 2, 2026
Ecora Royalties reported a strong first-half performance for 2026, with portfolio contribution rising 75% to $31.3m and royalty and streaming revenue more than doubling, driven primarily by its base metals exposure. Adjusted earnings surged over f...
Business Operations and StrategyFinancial Disclosures
Ecora Royalties boosts Q2 cash flow as critical minerals portfolio surges
Positive
Jul 29, 2026
Ecora Royalties PLC reported a notably strong second quarter of 2026, underlining the cash generation potential of its producing critical minerals portfolio and reinforcing its focus on copper and related electrification-linked commodities. Total ...
Business Operations and StrategyDividends
Ecora Royalties Sets Final 2025 Dividend and FX-Converted Payouts
Positive
Jul 6, 2026
Ecora Royalties PLC has confirmed the final dividend for the 2025 financial year at 1.40 U.S. cents per ordinary share, translating to 1.0479 pence in Sterling and 1.9862 Canadian cents. The company set these figures using foreign exchange rates p...
Business Operations and Strategy
Ecora strengthens critical minerals portfolio as Phalaborwa rare earths study advances
Positive
Jul 1, 2026
Ecora Royalties PLC reported progress at Rainbow Rare Earths’ Phalaborwa rare earths project, where test work, pilot plant operations and process optimisation have advanced the Definitive Feasibility Study and moved most of the flowsheet int...
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.