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Opinions Rick Rule
Ecora ResourcesECOR.TOBUYMar 14, 2025
Rick RuleStock price when the opinion was issued
As of Jun 11, 2026. Market Open.
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Misunderstood. Collection of royalties built around coal, but that's become a much less important part of the suite. Likes that it acquired a lot of royalties before doing that became popular. Cashflow is very well established, now and in future. Under-owned and unknown. He's long this name.
(Disclaimer: Not only is he a shareholder, but this company is also sponsoring his conference next week.)
Rick RuleCheapest of the intermediate royalty companies, but best cashflow pipeline. Based in London UK and there aren't a lot of royalty companies there. Principal source of free cashflow is coal, decidedly out of favour. Royalties from coal will go down over next 3-5 years.
The market's missing its wonderful portfolio of other assets. One of 2 things will happen. Either share price goes up, or it gets consolidated by another mid-tier, or larger, royalty company. Would make a wonderful tuck-in acquisition. Yield is 4%.
Rick Rule
Diversified its royalty base. Coal royalties are effectively valued at 0, due to political incorrectness of coal; but they generate substantial free cashflow. Free cashflows in the royalty business are very strong, as you don't have operating or capital costs. Looks to be in for a period of revenue growth, suggesting pretty dramatic FCF growth.
Either the share price goes up, or it gets taken over by another royalty company.