Less debt. Bigger deals. Better growth.

Companies that put the everyday investor first

Every company in this email has chosen to talk directly to everyday investors, not just the big funds. Here is what they have been up to this week.

Deep dive 01: Ecora Royalties (LSE: ECOR)

Ecora’s flat quarter hides a much stronger year, and debt is falling fast

On Wednesday 28 October, Ecora Royalties gave its third-quarter trading update. Portfolio contribution for the quarter was US$24.8m, against US$25.0m a year earlier, so broadly flat. Over the first nine months it was US$56.2m, up 32% from US$42.6m. Strip out Kestrel, its steelmaking coal royalty, and the quarter was US$14.6m (up 17%) and the nine months US$44.7m (up 66%), pointing to the shifting focus on critical minerals. Kestrel itself contributed US$10.2m in the quarter from 0.9 million tonnes of saleable production, and Ecora says it has already reached 1.0 million tonnes this year against full-year guidance of 1.0 to 1.2 million tonnes.

For a shareholder, the interest is that although copper, cobalt and other resources tied to electrification and decarbonisation are still the long-term growth story, Kestrel is still contributing to the portfolio through steel-making coal, and this bumper quarter has further improved the balance sheet. Net debt was US$71.6m at 30 September (US$74.9m at 30 June) and is expected to be about US$57m by the end of October once Q3 royalty receipts arrive, roughly 35% lower since the start of the year, with more reduction expected if no new deals are done. The balance: Kestrel’s contribution is lower than a year ago over the nine months (US$11.5m against US$15.7m), and royalty income still depends on commodity prices and on what other companies decide to dig up.

US$56.2m nine-month contribution (+32%) · US$14.6m Q3 excluding Kestrel (+17%) · ~US$57m net debt expected by end-October

Explore Ecora Royalties

Deep dive 02: Kyivstar (NASDAQ: KYIV)

Kyivstar buys a Ukrainian cloud business for up to US$50m

On Tuesday 27 October, Kyivstar Group announced an agreement to acquire GigaCloud, a Ukrainian cloud infrastructure provider, for up to US$50m. That is made up of a US$41m acquisition price, up to US$4m of deferred debt, about US$3m of performance-related payments and up to US$2m of reimbursed capital spending, so about US$5m depends on future milestones. GigaCloud’s unaudited 2025 management accounts show revenue of about US$14m and EBITDA of US$4.7m (a margin of around 34%), with more than 1,800 business customers. Kyivstar expects the deal to add to its earnings and cash flow straight away.

For a shareholder, the appeal is a mobile operator adding a higher-margin, business-focused cloud service to its core network business, bought at a price that is modest next to the size of Kyivstar. The balance: the deal has not completed (it is subject to customary closing conditions), GigaCloud’s figures are preliminary and unaudited, and the company’s expectation that the deal will boost earnings is a forecast, not a result.

US$50m maximum total price · ~US$14m GigaCloud 2025 revenue · ~34% GigaCloud EBITDA margin

Explore Kyivstar

Also this week

Afentra: Angola approves the extra oil stakes

On 29 October Afentra said Angola’s oil ministry has now published the executive decrees for both Block 3/05 and Block 3/05A, clearing the way for it to buy extra stakes in the Etu acquisition. That would lift its interests to 33.33% and 24.99%. The net upfront price is US$15.20m, with up to US$6.74m of contingent payments on top, and completion is expected “in the coming weeks”. A US$2m payment linked to 2025 has lapsed because the oil price trigger was not met. More.

WSP: Picked as a power-grid delivery partner in the US

On 29 October WSP said its US business has been selected as a strategic transmission delivery partner for American Electric Power’s regulated transmission work across Texas, Oklahoma, Arkansas and Louisiana. No contract value was given. WSP reports its third-quarter results on Wednesday 4 November. More.

MeiraGTx: Four research posters at gene-therapy meetings

On 27 October MeiraGTx said it was presenting four posters at two scientific meetings (27 to 30 October), covering laboratory work on its gene-therapy technology and early models of conditions including dry age-related macular degeneration and ALS. This is preclinical and technical data, not results from patients. More.

Seraphim Space Investment Trust: Results date and Capital Markets Day set

On 27 October the trust said it will publish results for the three months to 30 September on Wednesday 25 November, with a retail presentation on Investor Meet Company at 10:00 that day. An institutional Capital Markets Day follows on 26 November. More.

Secure Trust Bank: New independent director from Monday

On 30 October Secure Trust Bank announced that Anne Marie Verstraeten joins the board as an independent non-executive director on Monday 2 November, sitting on the Audit and Risk Committees. She has more than 40 years of banking experience, including at BNP Paribas Group. More.

Explainer: What is a royalty company?

When a mining company digs something up and sells it, a royalty company gets a slice of that income, without owning the mine or paying to run it. It usually paid upfront for the right to that slice, and from then on it simply collects a share of what is produced or sold. Because it does not carry the day-to-day cost of mining, its costs are low, but it also has no say in how fast the mine runs.

See Ecora Royalties on CurationAI.

Happening this week (Mon 2 – Fri 6 November)

Monday 2 Nov: UK manufacturing PMI, 09:30. US ISM manufacturing PMI, 15:00 UK time. Secure Trust Bank’s new director Anne Marie Verstraeten joins the board. Apple reports fourth-quarter results after the US close (around 22:00 UK time).

Tuesday 3 Nov: US JOLTS job openings (September), 15:00 UK time. Remedy Entertainment Q3 business review, 09:00 Finnish time (07:00 UK). Super Group reports Q3 after the US close. AMD reports Q3 after the US close, with its call at 17:00 ET (22:00 UK time).

Wednesday 4 Nov: UK services PMI, 09:30. US ISM services PMI, 15:00 UK time. Nomad Foods reports Q3 before the US open. WSP reports Q3 after the US close.

Thursday 5 Nov: Bank of England interest rate decision, with the Monetary Policy Report (Bank Rate currently 3.75%). Marex reports Q3 before the US open (call 14:00 UK time). UK construction PMI, 09:30. US productivity and costs (Q3 preliminary), 13:30 UK time.

Friday 6 Nov: Kyivstar reports Q3 and nine-month results (released at midnight US Eastern time; presentation 13:30 UK time). US jobs report for October, 13:30 UK time.

From the Collective

Strong results are not enough: investors are judging the quality of growth

This week’s Collective note looked at what the market is actually rewarding as companies report. Its reading is that the old story of money rotating out of AI and into defensive businesses has become more nuanced: investors are now picking and choosing even within AI, and asking much the same questions everywhere else. Is growth coming through across the whole business? Is the outlook improving? Does cash generation support the story? Strong results were not always rewarded, a small upgrade to a full-year forecast could still disappoint, and a company with negative cash flow could still be rewarded once it explained how its spending would be funded and when it would pay back. The conclusion was that the market is testing the quality, direction and price of growth, rather than giving a single verdict on a whole sector.

Marex, a Curation Connect client, is a good company to watch with that lens: it reports third-quarter results on Thursday 5 November before the US market opens, with a call at 09:00 US Eastern time. Marex is a financial services group, and results are a chance to see what is behind its headline growth, not just the headline itself. The balance: one set of results tells you about one quarter, and, as the note itself cautioned, how the share price reacts does not prove what caused it.

Marex on CurationAI.

Best Content Shared This Week

📚 Is the AI Bubble Hiding in Credit Markets?

Why Read? Fidelity’s Jurrien Timmer explores whether the biggest risk to the AI boom sits not in equity valuations, but in the debt financing the infrastructure build-out. Drawing parallels with the telecom bubble of the late 1990s, he examines widening spreads in data-centre credit, rising oil prices and tightening financial conditions, even as corporate earnings remain strong. The key question is whether the recent AI sell-off represents a healthy reset or an early warning that the investment cycle is becoming increasingly vulnerable. Read here.

🎧 Why Investors Could Be Misreading India’s Boom

Why Listen? India remains one of the world’s most compelling long-term growth stories, but does that automatically make it a good investment? This episode challenges the gap between economic growth and shareholder returns, exploring why strong demographics, rising consumption and structural reform do not necessarily translate into attractive valuations. A useful reminder that a great growth story and a great investment are not always the same thing. Listen here.

New Showcases

Murray International Trust (LSE: MYI)

• Murray International Trust is a UK-listed investment trust managed by Aberdeen, investing in a diversified portfolio of global equities and fixed-income securities with a focus on delivering long-term capital growth and a growing income stream. Its internationally diversified approach provides exposure to established businesses across developed and emerging markets, offering investors a combination of dividend income, geographic diversification and long-term growth opportunities. Read more.

Aberdeen Asia Focus (LSE: AAS)

• Aberdeen Asia Focus is a UK-listed investment trust focused on smaller companies across Asia, excluding Japan, targeting businesses with strong management teams, competitive advantages and long-term growth potential. Managed by Aberdeen’s specialist Asian equities team, the trust provides exposure to under-researched companies benefiting from structural themes including rising domestic consumption, digitalisation and industrial development, offering investors access to opportunities often overlooked by larger institutional funds. Read more.

Nomad Foods (NYSE: NOMD)

• Nomad Foods is one of Europe’s leading frozen food companies, owning household brands including Birds Eye, Findus and iglo across major European markets. Its portfolio of established brands, extensive distribution network and strong cash generation provide exposure to the resilient frozen food category, while operational efficiencies, pricing discipline and shareholder returns underpin the investment case. With frozen food offering consumers an affordable, convenient alternative to fresh products, Nomad is positioned to benefit from long-term demand for value and convenience across European grocery markets. Read more.