Opinions
Rick Rule
Ecora Resources
ECOR-T
BUY
Mar 14, 2025
$1.140
Stock price when the opinion was issued
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Cheapest 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%.
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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.