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Ecora Royalties PLC
(LSE:ECOR)
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Rating:79Outperform
Price Target:
176.00 p
▲(1.62% 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
Debt-free balance sheet
Zero reported debt and a sizable equity base give Ecora substantial financial flexibility. This supports investment in additional royalty interests, improves resilience when commodity or project conditions weaken, and reduces the burden of interest costs on future cash generation.
Negative Factors
Volatile earnings base
The sharp swing from a 2024 loss to strong 2025 profitability shows that Ecora’s earnings power is not consistently stable. Revenue depends on changing mine output and commodity conditions, so cash generation and returns may continue to vary materially between reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero reported debt and a sizable equity base give Ecora substantial financial flexibility. This supports investment in additional royalty interests, improves resilience when commodity or project conditions weaken, and reduces the burden of interest costs on future cash generation.
Read all positive factors
Ecora Royalties PLC (ECOR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£387.00M
Dividend Yield0.96%
Average Volume (3M)539.85K
Price to Earnings (P/E)10.1
Beta (1Y)1.29
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. Volume564,300
30 Day Avg. Volume539,847
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
£216.82Price Target Upside25.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.16
Revenue Forecast (FY)£75.73M
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 makes money primarily by receiving recurring payments from royalty and royalty-like interests on mines operated by third parties. Under a typical royalty arrangement, Ecora finances or otherwise acquires an interest that entitles it to a per...
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 | 127.11M | 69.72M |
| 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
Neutral
173.20
Price Trends
165.88
Negative
152.43
Positive
145.18
Positive
Market Momentum
-3.47
Positive
42.58
Neutral
32.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ECOR, the sentiment is Neutral. The current price of 173.2 is above the 20-day moving average (MA) of 159.82, above the 50-day MA of 165.88, and above the 200-day MA of 145.18, indicating a neutral trend. The MACD of -3.47 indicates Positive momentum. The RSI at 42.58 is Neutral, neither overbought nor oversold. The STOCH value of 32.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | £387.00M | 10.12 | 10.46% | 1.60% | 167.53% | ― | |
66 Neutral | £544.12M | 21.59 | 11.90% | ― | 28.80% | 286.76% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | £200.74M | -1.01 | -33.21% | 11.04% | -28.42% | -411.33% | |
48 Neutral | £140.48M | -23.55 | -53.83% | ― | ― | -123.68% | |
47 Neutral | £178.57M | -459.12 | -0.62% | ― | ― | ― | |
38 Underperform | £182.41M | -0.06 | -13.98% | ― | ― | ― |
* Basic Materials Sector Average
GB:ECOR
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Ecora Royalties PLC Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Ecora Director James Rutherford Joins Board of Ionic Rare Earths
Positive
Sep 14, 2026
Ecora Royalties PLC has announced that independent Non‑Executive Director James Rutherford has been appointed as an independent Non‑Executive Director of Ionic Rare Earths Limited, which is listed on the Australian Stock Exchange.The c...
Business Operations and Strategy
Ecora Royalties shifts registered office to Regent Street London
Positive
Sep 7, 2026
Ecora Royalties PLC has changed its registered office address to Carrington House, 1st Floor West, 126–130 Regent Street, London W1B 5SE, with immediate effect. All other contact details, including telephone numbers and its website, remain t...
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 ...
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.