Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Delayed Toronto S.E. Other stock markets 09:51:56 2024-06-06 am EDT			5-day change	1st Jan Change
49.75 ^CAD	+0.14%		+1.72%	+4.32%

Jun. 04	Enbridge Maintained at Hold at TPH as it Closes the Acquisition of Questar Gas; Price Target at C$51.00	MT
Jun. 03	Sector Update: Energy Stocks Retreat in Late Monday Afternoon Trading	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	105,625	-	-
Enterprise Value (EV) ¹	168,810	148,892	175,463	187,272	176,688	204,154	206,410	207,975
P/E ratio	19.6 x	27.5 x	17.2 x	41.3 x	16.8 x	18.6 x	16.3 x	15 x
Yield	5.72%	7.96%	6.76%	6.5%	7.44%	7.38%	7.6%	7.82%
Capitalization / Revenue	2.09 x	2.11 x	2.13 x	2.01 x	2.32 x	2.59 x	2.47 x	2.16 x
EV / Revenue	3.37 x	3.81 x	3.73 x	3.51 x	4.05 x	5 x	4.83 x	4.26 x
EV / EBITDA	12.7 x	11.2 x	12.5 x	12.1 x	10.7 x	11.3 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 x
FCF Yield	2.31%	2.94%	0.82%	3.52%	5.4%	3.33%	3.36%	4%
Price to Book	1.58 x	1.34 x	1.64 x	1.79 x	1.65 x	1.81 x	1.88 x	1.92 x
Nbr of stocks (in thousands)	2,023,912	2,025,219	2,026,085	2,024,819	2,125,574	2,126,100	-	-
Reference price ²	51.63	40.71	49.41	52.92	47.70	49.68	49.68	49.68
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	40,845	42,715	48,819
EBITDA ¹	13,271	13,273	14,001	15,531	16,454	18,089	19,151	20,095
EBIT ¹	9,880	9,561	10,149	11,104	11,692	12,891	13,615	14,403
Operating Margin	19.73%	24.46%	21.56%	20.83%	26.79%	31.56%	31.88%	29.5%
Earnings before Tax (EBT) ¹	7,535	4,190	7,729	4,542	7,879	7,929	8,564	9,933
Net income ¹	5,322	2,983	5,816	2,589	5,839	5,634	6,429	7,180
Net margin	10.63%	7.63%	12.36%	4.86%	13.38%	13.79%	15.05%	14.71%
EPS ²	2.640	1.480	2.870	1.280	2.840	2.664	3.054	3.323
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,790	6,937	8,324
FCF margin	7.8%	11.2%	3.05%	12.35%	21.87%	16.62%	16.24%	17.05%
FCF Conversion (EBITDA)	29.43%	32.97%	10.27%	42.39%	58.02%	37.54%	36.22%	41.42%
FCF Conversion (Net income)	73.39%	146.7%	24.72%	254.27%	163.5%	120.51%	107.9%	115.92%
Dividend per Share ²	2.952	3.240	3.340	3.440	3.550	3.666	3.774	3.883
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	7,866	6,846	8,778	7,788	5,903
EBITDA ¹	3,687	4,147	3,715	3,758	3,911	4,468	4,008	3,871	4,107	4,954	4,230	4,203	4,784	5,222	4,598
EBIT ¹	2,640	3,082	2,612	2,654	2,756	3,286	2,350	2,707	2,899	3,761	2,991	2,922	3,366	4,140	3,034
Operating Margin	21.09%	20.41%	19.77%	22.93%	20.53%	27.21%	22.53%	27.5%	25.66%	34.07%	38.03%	42.68%	38.35%	53.16%	51.4%
Earnings before Tax (EBT) ¹	2,428	2,057	740	1,701	-549	2,376	2,520	751	2,232	1,951	1,983	1,826	2,037	2,599	1,840
Net income ¹	1,840	1,927	450	1,279	-1,067	1,733	1,848	532	1,726	1,419	1,375	1,229	1,476	1,887	1,312
Net margin	14.7%	12.76%	3.41%	11.05%	-7.95%	14.35%	17.71%	5.4%	15.28%	12.86%	17.49%	17.95%	16.81%	24.23%	22.22%
EPS ²	0.9100	0.9500	0.2200	0.6300	-0.5300	0.8600	0.9100	0.2600	0.8100	0.6700	0.6295	0.6169	0.7406	0.9111	0.6529
Dividend per Share ²	0.8350	0.8600	0.8600	0.8600	0.8600	0.8880	0.8900	0.8900	0.8875	0.9150	0.9175	0.9171	0.9304	0.9412	0.9412
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	98,530	100,786	102,350
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.846 x	5.006 x	5.382 x	5.159 x	4.576 x	5.447 x	5.263 x	5.093 x
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,790	6,937	8,324
ROE (net income / shareholders' equity)	7.88%	7.68%	9.52%	9.43%	9.47%	10.9%	11.8%	13.1%
ROA (Net income/ Total Assets)	3.24%	1.84%	3.53%	3.27%	3.19%	3.37%	3.53%	4.3%
Assets ¹	164,500	161,715	164,570	79,252	182,972	167,350	181,966	166,984
Book Value Per Share ²	32.60	30.30	30.10	29.50	28.90	27.40	26.50	25.90
Cash Flow per Share ²	4.790	4.800	5.370	5.530	5.780	6.130	6.330	6.520
Capex ¹	5,492	5,405	7,818	4,647	4,654	6,465	7,601	6,560
Capex / Sales	10.97%	13.83%	16.61%	8.72%	10.66%	15.83%	17.79%	13.44%
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

49.68 CAD

Average target price

53.39 CAD

Spread / Average Target

+7.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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