Ecora Royalties демонстрирует рост доходов от металлов и сокращение долга

- Price: 175p, IC view: Buy - Cobalt assets perform strongly - Marked reduction in net debt If any more proof was needed that Ecora Royalties (ECOR) has successfully reduced its historical reliance on the Kestrel coal royalty in favour of ‘future’ metals, it was provided within the resource investor’s half-year figures, although we should see a sharp rise in metallurgical coal revenue from Kestrel over the second half. There was a near fourfold increase in the company’s stream revenues. These are essentially generated through agreements whereby Ecora provides upfront cash to mining companies in exchange for the right to buy future metal production at a preset price – akin to an offset agreement but with greater surety on pricing. They came in at $21.6mn (£15.9mn) compared to royalties of $9.9mn.