olivLaw · European equity research
Anglo Pacific Group Plc ECOR.L
United Kingdom · London Stock Exchange · ISIN GB0006449366 · Vertical: Listed companies from United Kingdom
Anglo Pacific Group Plc is a UK-listed royalty and streaming company holding interests in mining assets producing coking coal, cobalt, copper and other metals for the energy transition. In 2021 it posted record portfolio contribution, supported by commodity prices and the Voisey's Bay cobalt stream acquisition, while leverage fell quickly by year-end.
At the close of 05 Nov 2026, Anglo Pacific Group Plc (ECOR.L) stock was 1.39 GBP (−0.14% on the day), with beta 0.90, 52-week range 0.90–1.80 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.7
- weak (30–45)
- Bollinger (20, 2)
- 1.34 – 1.73
- in the lower half of the band · %B 0.13 · band width 25.5%
- SMA 50 / 200
- 1.63 / 1.46
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.8% | −0.6% | −14.1 pp | — |
| 3 months | −6.9% | −4.2% | −2.8 pp | — |
| 6 months | −7.2% | +4.3% | −11.5 pp | — |
| Year to date | +21.4% | +7.5% | +13.9 pp | — |
| 1 year | +47.0% | +9.9% | +37.1 pp | +5.8% |
| 3 years | +57.2% | +49.8% | +7.3 pp | +26.3% |
| 5 years | +9.8% | +42.8% | −33.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 43.7 m | 85.3 m |
| Revenue YoY | unavailable | +95.4% |
| Net income | -23.9 m | 37.5 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.13 | 0.18 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -54.7% | 43.9% |
| Free cash flow | 21.5 m | 55.7 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 22.0 m USD
- Financial debt
- 112.0 m USD
- Net debt
- 90.0 m USD
- Equity
- 357.1 m USD
- Total assets
- 520.5 m USD
- Debt / equity
- 0.31x
- Current ratio
- 4.85x
- ROE
- 11.5%
- ROA
- 8.2%
- FCF margin
- 65.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 43.7 m | 85.3 m | esef· 17 May 2022verified |
| Cost of revenue | 0 | 4.0 m | esef· 17 May 2022verified |
| Gross profit | 43.7 m ≈ | 81.2 m ≈ | esef· 17 May 2022derived |
| Operating income | 28.3 m | 55.7 m | esef· 17 May 2022verified |
| Interest expense | 3.0 m | 7.6 m | esef· 17 May 2022verified |
| Pre-tax income | -34.9 m | 54.6 m | esef· 17 May 2022verified |
| Net income | -23.9 m | 37.5 m | esef· 17 May 2022verified |
| Diluted EPS | -0.13 | 0.18 | esef· 17 May 2022verified |
| Dividend per share | 0.12 | 0.12 | esef· 17 May 2022derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 27.5 m | 22.0 m | esef· 17 May 2022verified |
| Receivables | 14.7 m | 34.9 m | esef· 17 May 2022verified |
| Current assets | 42.2 m | 56.9 m | esef· 17 May 2022verified |
| Property, plant & equipment, net | 1.0 m | 797.0 k | esef· 17 May 2022verified |
| Intangibles (excl. goodwill) | 130.5 m | 69.5 m | esef· 17 May 2022verified |
| Total assets | 390.7 m | 520.5 m | esef· 17 May 2022verified |
| Long-term debt | 60.8 m | 112.0 m | esef· 17 May 2022verified |
| Current liabilities | 6.8 m | 11.7 m | esef· 17 May 2022verified |
| Total liabilities | 97.2 m | 163.4 m | esef· 17 May 2022verified |
| Equity | 293.5 m | 357.1 m | esef· 17 May 2022verified |
| Shares outstanding at year end | 180.4 m | 207.9 m | esef· 17 May 2022derived |
Cash flow · USD
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 21.5 m | 55.8 m | esef· 17 May 2022verified |
| Capex | 11.0 k | 38.0 k | esef· 17 May 2022verified |
| Free cash flow | 21.5 m ≈ | 55.7 m ≈ | esef· 17 May 2022derived |
| Investing cash flow | 14.4 m | -136.6 m | esef· 17 May 2022verified |
| Financing cash flow | -18.3 m | 76.6 m | esef· 17 May 2022verified |
| Dividends paid | 21.4 m | 25.4 m | esef· 17 May 2022verified |
| Share repurchases | 6.6 m | 0 | esef· 17 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.60 – 3.13 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.03 – 3.13 (Mid 2.60)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)1.60 – 2.16 (Mid 1.84)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.1% | 46 (vs peers) | 28% |
| Net margin · Quality | 43.9% | 91 (vs peers) | 17% |
| FCF conversion · Quality | 148.7% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.3x | 89 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 45.5% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet94/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANGLO PACIFIC GROUP PLC (ECOR.L). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 85.3 m USD in 2021; YoY growth 95.4%; net margin 43.9%; ROE 11.5%.
The estimated value range is 1.82–2.65 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 43.9%
- FCF conversion: 148.7%
- Interest coverage: 7.3x
- Current ratio: 4.8x
- Payout ratio (FCF): 45.5%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for ECOR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Anglo Pacific Group Plc is a UK-listed royalty and streaming company holding interests in mining assets producing coking coal, cobalt, copper and other metals for the energy transition. In 2021 it posted record portfolio contribution, supported by commodity prices and the Voisey's Bay cobalt stream acquisition, while leverage fell quickly by year-end 1.
SWOT
Strengths
Weaknesses
- Revenue concentrated in a few assets, particularly Kestrel and Voisey's Bay, makes the company sensitive to their performance 1.
- Reliance on third-party operators for volumes and ESG standards, with no direct control over mining 1.
- Coking coal income remains tied to a cyclical product with an uncertain energy transition path 1.
Opportunities
- Further royalty and stream acquisitions on electrification-related metals, if favourable conditions arise 1.
- A possible premium for metals with demonstrably ethical origins, which could raise value for assets with strong ESG standards 1.
- Higher cobalt prices could support Voisey's Bay income and deferred consideration payments 1.
Risks
- Catastrophic events at operatorshigh
A major incident at a mine in the portfolio could lead to loss of licence or halted deliveries, affecting cash flow 1.
- Commodity priceshigh
Low or volatile prices could reduce income and limit the ability to fund new acquisitions or meet borrowing covenants 1.
- Dependence on a few assetshigh
Two assets generate most portfolio contribution, so problems at either could materially affect results 1.
- Lack of new acquisitionsmedium
Royalties are depleting assets, and failing to acquire new ones could gradually reduce income and valuation 1.
- Climate and geopolitical risklow
The climate impact on operators has not yet been fully assessed, and geopolitical tensions can affect prices and supply chains 1.
Investment thesis
What would need to be true (bull case)
- If cobalt and coking coal prices stay elevated, portfolio income could keep growing and debt could fall further 1.
- Positioning on electrification-related metals could attract sustained long-term demand, including for assets with high ESG standards 1.
- Available liquidity and a model without operating costs could allow new acquisitions on favourable terms 1.
What would break the thesis
- If commodity prices correct, the record 2021 income may not repeat, and dividends could be affected 1.
- As Kestrel moves out of its private royalty land, income from that asset could fall significantly after 2023 1.
- Competition in royalty markets and higher financing costs could make acquisitions more expensive or harder to complete 1.
What to watch
- Kestrel volumes and the transition out of private royalty land2023
- Cobalt and coking coal prices compared with 2021 levelsQ1 2027
- Debt levels and net debt trend following the Voisey's Bay acquisition2027
- New royalty and metal stream acquisitions funded from available liquiditynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Anglo Pacific Group Plc does not own or operate mines or mills; it earns revenue from royalties and metal streams on assets run by partners, plus interest and dividends from holdings such as LIORC 1. Its model is described as relatively insulated from inflation because revenue is tied to commodity prices rather than operating costs 1. The company runs with a very small workforce and has shifted its strategy toward future-facing metals such as cobalt and copper 1.
Main income sources in 2021 were Kestrel (coking coal), Voisey's Bay (cobalt), Mantos Blancos (copper) and Maracás Menchen (vanadium) 1. After the Voisey's Bay acquisition in March 2021 the company switched its presentation currency to US dollars, in line with commodity pricing 1. Key indicators it tracks include portfolio contribution, adjusted earnings and free cash flow per share 1.
The company also sold its Narrabri thermal coal royalty to Whitehaven Coal, completed on 31 December 2021, to exit its thermal coal exposure 1. Following these transactions the company says its portfolio is focused on materials needed for the energy transition and electric vehicles 1.
Segments
Kestrel (coking coal)
Kestrel generated the largest royalty income in 2021 on record coking coal prices, although volumes eased slightly 1. The operator is gradually moving outside its private royalty land, which is expected to reduce volumes after 2023 1.
Market context
The mining royalty and streaming market depends on operators seeking non-dilutive finance, and in periods of high commodity prices demand for such financing can fall 1. The company differentiates itself from established precious metals royalty firms by focusing on future-facing metals 1.
Coking coal and cobalt prices reached historic highs in 2021 and early 2022, and the sector has felt volatility linked to the conflict in Ukraine 1. These conditions support the company's revenue, but could shift quickly if prices correct 1.
Trends
- Energy transition and electric vehiclestailwind
Demand for cobalt, copper and vanadium linked to batteries and decarbonisation supports the company's strategy of investing in future-facing metals 1.
- Inflation and rising interest ratesmixed
Inflation tends to favour hard assets and the royalty model, but higher interest rates could raise the cost of borrowings that increased after the Voisey's Bay acquisition 1.
- Gradual decline of Kestrelheadwind
As mining moves out of private royalty land, Kestrel income could fall, making new asset acquisitions necessary 1.
- Geopolitical tensions and trade disputesmixed
The conflict in Ukraine and global trade disputes raise commodity price volatility, which can support income but also affect valuations 1.
Competitive position
The company competes in the royalty and streaming market with established precious metals firms, but positions itself distinctly by focusing on future-facing metals 1. Rising competition in the sector could make it harder to find attractive transactions 1.
As an alternative source of finance, the company competes with conventional funding for mine operators, which becomes more accessible in periods of high commodity prices 1.
- Established precious metals royalty and streaming companies
Firms with portfolios focused on gold and silver, described in the source as not directly competing with Anglo Pacific 1.
- Thermal and coking coal operators
Asset operators that may prefer conventional finance, which reduces demand for royalties 1.
- Whitehaven Coal
Operator of the Narrabri mine, which bought the company's royalty in 2021 1.
- Other base metals royalty and streaming funds
Investors active in base metals mining finance that compete for the same acquisition opportunities 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202117 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Anglo Pacific Group Plc · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.