Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
50.5 ^CAD	-2.28%		-0.16%	+5.87%

May. 13	Enbridge Maintained at Market Perform by BMO Following Q1 Results; Price Target Raised to C$54.00	MT
May. 13	Scotiabank Adjusts Price Target on Enbridge to CA$54 From CA$50, Maintains Sector Perform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	104,495	82,447	100,109	107,153	101,390	107,368	-	-
Enterprise Value (EV) ¹	168,810	148,892	175,463	187,272	176,688	201,846	205,141	206,496
P/E ratio	19.6 x	27.5 x	17.2 x	41.3 x	16.8 x	16.8 x	16.5 x	15 x
Yield	5.72%	7.96%	6.76%	6.5%	7.44%	7.26%	7.48%	7.68%
Capitalization / Revenue	2.09 x	2.11 x	2.13 x	2.01 x	2.32 x	2.48 x	2.3 x	2.16 x
EV / Revenue	3.37 x	3.81 x	3.73 x	3.51 x	4.05 x	4.65 x	4.4 x	4.15 x
EV / EBITDA	12.7 x	11.2 x	12.5 x	12.1 x	10.7 x	11.2 x	10.8 x	10.3 x
EV / FCF	43.2 x	34 x	122 x	28.4 x	18.5 x	30.1 x	29.8 x	25.6 x
FCF Yield	2.31%	2.94%	0.82%	3.52%	5.4%	3.32%	3.36%	3.91%
Price to Book	1.58 x	1.34 x	1.64 x	1.79 x	1.65 x	1.85 x	1.9 x	2 x
Nbr of stocks (in thousands)	2,023,912	2,025,219	2,026,085	2,024,819	2,125,574	2,126,091	-	-
Reference price ²	51.63	40.71	49.41	52.92	47.70	50.50	50.50	50.50
Announcement Date	2/14/20	2/12/21	2/11/22	2/10/23	2/9/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,069	39,087	47,071	53,309	43,649	43,363	46,671	49,718
EBITDA ¹	13,271	13,273	14,001	15,531	16,454	17,978	19,080	19,956
EBIT ¹	9,880	9,561	10,149	11,104	11,692	13,056	13,641	14,241
Operating Margin	19.73%	24.46%	21.56%	20.83%	26.79%	30.11%	29.23%	28.64%
Earnings before Tax (EBT) ¹	7,535	4,190	7,729	4,542	7,879	8,136	8,470	9,793
Net income ¹	5,322	2,983	5,816	2,589	5,839	6,016	6,713	7,597
Net margin	10.63%	7.63%	12.36%	4.86%	13.38%	13.87%	14.38%	15.28%
EPS ²	2.640	1.480	2.870	1.280	2.840	3.005	3.058	3.372
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,699	6,892	8,065
FCF margin	7.8%	11.2%	3.05%	12.35%	21.87%	15.45%	14.77%	16.22%
FCF Conversion (EBITDA)	29.43%	32.97%	10.27%	42.39%	58.02%	37.26%	36.12%	40.41%
FCF Conversion (Net income)	73.39%	146.7%	24.72%	254.27%	163.5%	111.35%	102.66%	106.15%
Dividend per Share ²	2.952	3.240	3.340	3.440	3.550	3.667	3.775	3.879
Announcement Date	2/14/20	2/12/21	2/11/22	2/10/23	2/9/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	12,520	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	11,038	9,813	9,138	10,877	9,258	7,095
EBITDA ¹	3,687	4,147	3,715	3,758	3,911	4,468	4,008	3,871	4,107	4,954	4,244	4,194	4,756	5,103	4,596
EBIT ¹	2,640	3,082	2,612	2,654	2,756	3,286	2,350	2,707	2,899	3,761	2,960	2,908	3,448	3,667	3,212
Operating Margin	21.09%	20.41%	19.77%	22.93%	20.53%	27.21%	22.53%	27.5%	25.66%	34.07%	30.16%	31.82%	31.7%	39.61%	45.27%
Earnings before Tax (EBT) ¹	2,428	2,057	740	1,701	-549	2,376	2,520	751	2,232	1,951	1,970	1,890	2,251	2,388	1,886
Net income ¹	1,840	1,927	450	1,279	-1,067	1,733	1,848	532	1,726	1,419	1,435	1,336	1,672	1,729	1,346
Net margin	14.7%	12.76%	3.41%	11.05%	-7.95%	14.35%	17.71%	5.4%	15.28%	12.86%	14.62%	14.63%	15.37%	18.67%	18.97%
EPS ²	0.9100	0.9500	0.2200	0.6300	-0.5300	0.8600	0.9100	0.2600	0.8100	0.6700	0.6399	0.6377	0.7780	0.8689	0.6696
Dividend per Share ²	0.8350	0.8600	0.8600	0.8600	0.8600	0.8880	0.8900	0.8900	0.8875	-	0.9179	0.9175	0.9329	0.9483	0.9483
Announcement Date	2/11/22	5/6/22	7/29/22	11/4/22	2/10/23	5/5/23	8/4/23	11/3/23	2/9/24	5/10/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,315	66,445	75,354	80,119	75,298	94,479	97,774	99,128
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.846 x	5.006 x	5.382 x	5.159 x	4.576 x	5.255 x	5.124 x	4.967 x
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,699	6,892	8,065
ROE (net income / shareholders' equity)	7.88%	7.68%	9.52%	9.43%	9.47%	10.2%	11.8%	12.8%
ROA (Net income/ Total Assets)	3.24%	1.84%	3.53%	3.27%	3.19%	3.13%	3.4%	4.15%
Assets ¹	164,500	161,715	164,570	79,252	182,972	192,512	197,445	183,069
Book Value Per Share ²	32.60	30.30	30.10	29.50	28.90	27.30	26.60	25.20
Cash Flow per Share ²	4.790	4.800	5.370	5.530	5.780	6.050	6.310	6.490
Capex ¹	5,492	5,405	7,818	4,647	4,654	6,325	7,485	6,694
Capex / Sales	10.97%	13.83%	16.61%	8.72%	10.66%	14.59%	16.04%	13.46%
Announcement Date	2/14/20	2/12/21	2/11/22	2/10/23	2/9/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Enbridge Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

50.5 CAD

Average target price

53.19 CAD

Spread / Average Target

+5.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Transportation Services

	1st Jan change	Capi.
ENBRIDGE INC.	+5.87%	78.66B
ENTERPRISE PRODUCTS PARTNERS L.P.	+9.87%	62.87B
WILLIAMS COMPANIES	+15.88%	49.19B
ONEOK, INC..	+16.32%	47.67B
KINDER MORGAN, INC.	+10.03%	43.08B
MPLX LP	+10.16%	41.35B
TC ENERGY CORPORATION	+2.07%	40.16B
TARGA RESOURCES CORP.	+31.73%	25.37B
CHENIERE ENERGY PARTNERS, L.P.	-2.51%	23.5B
PEMBINA PIPELINE CORPORATION	+10.92%	21.48B

Other Oil & Gas Transportation Services