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Enbridge

TSX:ENB
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ENB
TSX
CA$93B
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Enbridge Inc. operates as an energy infrastructure company in Canada and the United States. The last earnings update was 47 days ago. More info.


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ENB Share Price and Events
7 Day Returns
-0.9%
TSX:ENB
-0.8%
CA Oil and Gas
-0.7%
CA Market
1 Year Returns
8.7%
TSX:ENB
-16.1%
CA Oil and Gas
-2.2%
CA Market
ENB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Enbridge (ENB) -0.9% -9.3% -6.6% 8.7% -15.8% -9.6%
CA Oil and Gas -0.8% -3.6% -4.7% -16.1% -13.5% -40.1%
CA Market -0.7% 0.2% 0.3% -2.2% 11.9% 0.9%
1 Year Return vs Industry and Market
  • ENB outperformed the Oil and Gas industry which returned -16.1% over the past year.
  • ENB outperformed the Market in Canada which returned -2.2% over the past year.
Price Volatility
ENB
Industry
5yr Volatility vs Market

Value

 Is Enbridge undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Enbridge to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Enbridge.

TSX:ENB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:ENB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.917 (1 + (1- 26.5%) (72.19%))
1.27
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.27
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.27 * 5.96%)
9.52%

Discounted Cash Flow Calculation for TSX:ENB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Enbridge is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:ENB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 9.52%)
2019 7,356.25 Analyst x4 6,717.09
2020 9,142.72 Analyst x5 7,622.98
2021 11,042.20 Analyst x4 8,406.78
2022 13,041.50 Analyst x2 9,066.22
2023 13,330.50 Analyst x2 8,461.93
2024 13,613.02 Est @ 2.12% 7,890.46
2025 13,894.48 Est @ 2.07% 7,353.85
2026 14,176.74 Est @ 2.03% 6,851.31
2027 14,461.14 Est @ 2.01% 6,381.52
2028 14,748.68 Est @ 1.99% 5,942.91
Present value of next 10 years cash flows CA$74,695.03
TSX:ENB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$14,748.68 × (1 + 1.95%) ÷ (9.52% – 1.95%)
CA$198,664.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$198,664.77 ÷ (1 + 9.52%)10
CA$80,051.05
TSX:ENB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$74,695.03 + CA$80,051.05
CA$154,746.09
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$154,746.09 / 2,023.81
CA$76.46
TSX:ENB Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$76.46
Current discount Discount to share price of CA$46.01
= -1 x (CA$46.01 - CA$76.46) / CA$76.46
39.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Enbridge is available for.
Intrinsic value
40%
Share price is CA$46.01 vs Future cash flow value of CA$76.46
Current Discount Checks
For Enbridge to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Enbridge's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Enbridge's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Enbridge's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Enbridge's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:ENB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.19
TSX:ENB Share Price ** TSX (2019-06-26) in CAD CA$46.01
Canada Oil and Gas Industry PE Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 12.81x
Canada Market PE Ratio Median Figure of 543 Publicly-Listed Companies 15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Enbridge.

TSX:ENB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:ENB Share Price ÷ EPS (both in CAD)

= 46.01 ÷ 2.19

20.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Enbridge is overvalued based on earnings compared to the CA Oil and Gas industry average.
  • Enbridge is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Enbridge's expected growth come at a high price?
Raw Data
TSX:ENB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.99x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
9.5%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 36 Publicly-Listed Oil and Gas Companies 0.85x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

TSX:ENB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.99x ÷ 9.5%

2.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Enbridge is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Enbridge's assets?
Raw Data
TSX:ENB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$30.91
TSX:ENB Share Price * TSX (2019-06-26) in CAD CA$46.01
Canada Oil and Gas Industry PB Ratio Median Figure of 224 Publicly-Listed Oil and Gas Companies 0.8x
Canada Market PB Ratio Median Figure of 2,426 Publicly-Listed Companies 1.44x
TSX:ENB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:ENB Share Price ÷ Book Value per Share (both in CAD)

= 46.01 ÷ 30.91

1.49x

* Primary Listing of Enbridge.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Enbridge is overvalued based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Enbridge's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Enbridge has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Enbridge expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Enbridge expected to grow at an attractive rate?
  • Enbridge's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Enbridge's earnings growth is positive but not above the Canada market average.
  • Enbridge's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:ENB Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:ENB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 9.5%
TSX:ENB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 5.5%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:ENB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:ENB Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 57,634 1
2022-12-31 55,652 1
2021-12-31 55,037 12,188 6,115 3
2020-12-31 49,508 11,665 5,434 8
2019-12-31 47,275 9,690 5,358 8
TSX:ENB Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 46,508 9,484 3,961
2018-12-31 46,378 10,502 2,515
2018-09-30 47,705 9,268 1,633
2018-06-30 45,587 9,375 2,488
2018-03-31 45,958 8,076 2,336
2017-12-31 44,378 6,658 2,529
2017-09-30 40,827 6,373 2,687
2017-06-30 40,088 5,727 1,819
2017-03-31 36,911 5,126 1,201
2016-12-31 34,560 5,205 1,776
2016-09-30 34,136 4,925 1,789
2016-06-30 33,968 4,920 1,283

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Enbridge's earnings are expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
  • Enbridge's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:ENB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Enbridge Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:ENB Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.55 2.55 2.55 1.00
2022-12-31 2.45 2.45 2.45 1.00
2021-12-31 2.72 3.09 2.14 3.00
2020-12-31 2.63 2.97 2.00 7.00
2019-12-31 2.56 2.75 2.30 5.00
TSX:ENB Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.19
2018-12-31 1.46
2018-09-30 0.97
2018-06-30 1.49
2018-03-31 1.41
2017-12-31 1.66
2017-09-30 2.00
2017-06-30 1.56
2017-03-31 1.22
2016-12-31 1.95
2016-09-30 2.01
2016-06-30 1.47

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Enbridge is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Enbridge's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Enbridge has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Enbridge performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Enbridge's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Enbridge has delivered over 20% year on year earnings growth in the past 5 years.
  • Enbridge's 1-year earnings growth exceeds its 5-year average (69.6% vs 35%)
  • Enbridge's earnings growth has exceeded the CA Oil and Gas industry average in the past year (69.6% vs 11.1%).
Earnings and Revenue History
Enbridge's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Enbridge Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:ENB Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 46,508.00 3,961.00 6,737.00
2018-12-31 46,378.00 2,515.00 6,662.00
2018-09-30 47,705.00 1,633.00 6,422.00
2018-06-30 45,587.00 2,488.00 6,342.00
2018-03-31 45,958.00 2,336.00 6,240.00
2017-12-31 44,378.00 2,529.00 6,194.00
2017-09-30 40,827.00 2,687.00 5,910.00
2017-06-30 40,088.00 1,819.00 5,403.00
2017-03-31 36,911.00 1,201.00 4,783.00
2016-12-31 34,560.00 1,776.00 4,282.00
2016-09-30 34,136.00 1,789.00 4,295.00
2016-06-30 33,968.00 1,283.00 4,291.00
2016-03-31 34,660.00 1,559.00 4,199.00
2015-12-31 33,794.00 -37.00 4,131.00
2015-09-30 33,677.00 -327.00 3,933.00
2015-06-30 33,654.00 202.00 3,641.00
2015-03-31 35,049.00 381.00 3,527.00
2014-12-31 37,641.00 1,108.00 3,281.00
2014-09-30 37,137.00 749.00 3,152.00
2014-06-30 37,838.00 1,250.00 3,113.00
2014-03-31 35,542.00 536.00 3,095.00
2013-12-31 32,918.00 442.00 3,014.00
2013-09-30 31,632.00 938.00 2,928.00
2013-06-30 28,310.00 704.00 2,886.00
2013-03-31 25,932.00 670.00 2,771.00
2012-12-31 24,660.00 681.00 2,739.00
2012-09-30 24,962.00 877.00 2,762.00
2012-06-30 25,563.00 685.00 2,608.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Enbridge has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Enbridge used its assets less efficiently than the CA Oil and Gas industry average last year based on Return on Assets.
  • Enbridge's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Enbridge's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Enbridge has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Enbridge's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Enbridge's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Enbridge's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Enbridge's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Enbridge's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Enbridge Company Filings, last reported 2 months ago.

TSX:ENB Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 73,919.00 66,395.00 709.00
2018-12-31 73,435.00 65,152.00 540.00
2018-09-30 72,219.00 63,721.00 692.00
2018-06-30 72,665.00 66,028.00 494.00
2018-03-31 71,329.00 66,675.00 637.00
2017-12-31 69,799.00 65,549.00 488.00
2017-09-30 68,714.00 66,441.00 750.00
2017-06-30 72,642.00 67,581.00 2,033.00
2017-03-31 72,758.00 67,820.00 1,859.00
2016-12-31 25,355.00 42,001.00 1,494.00
2016-09-30 23,490.00 43,245.00 1,037.00
2016-06-30 24,129.00 42,622.00 1,258.00
2016-03-31 23,928.00 41,943.00 1,737.00
2015-12-31 22,339.00 43,534.00 1,017.00
2015-09-30 21,204.00 42,254.00 1,024.00
2015-06-30 21,533.00 39,617.00 1,211.00
2015-03-31 21,425.00 39,195.00 1,194.00
2014-12-31 21,050.00 36,873.00 1,269.00
2014-09-30 20,156.00 32,890.00 1,106.00
2014-06-30 19,999.00 30,997.00 1,291.00
2014-03-31 19,198.00 29,294.00 957.00
2013-12-31 18,563.00 26,352.00 939.00
2013-09-30 17,830.00 23,672.00 552.00
2013-06-30 17,520.00 22,708.00 1,156.00
2013-03-31 15,468.00 22,992.00 1,375.00
2012-12-31 14,504.00 22,895.00 1,792.00
2012-09-30 14,130.00 21,550.00 1,734.00
2012-06-30 13,181.00 20,812.00 674.00
  • Enbridge's level of debt (89.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (152.6% vs 89.8% today).
  • Debt is not well covered by operating cash flow (14.3%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Enbridge's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Enbridge has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Enbridge's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.42%
Current annual income from Enbridge dividends. Estimated to be 6.99% next year.
If you bought CA$2,000 of Enbridge shares you are expected to receive CA$128 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Enbridge's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Enbridge's dividend is above the markets top 25% of dividend payers in Canada (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:ENB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:ENB Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.82 2.00
2022-12-31 3.59 3.00
2021-12-31 3.42 11.00
2020-12-31 3.22 18.00
2019-12-31 2.95 18.00
TSX:ENB Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-23 2.952 6.080
2018-12-11 2.952 6.257
2018-11-02 2.684 6.218
2018-08-03 2.684 6.105
2018-04-24 2.684 6.299
2017-11-29 2.684 6.071
2017-11-02 2.440 5.282
2017-05-04 2.440 4.744
2017-01-05 2.332 4.158
2016-11-03 2.120 3.755
2016-07-29 2.120 3.790
2016-04-22 2.120 3.995
2015-12-03 2.120 4.536
2015-11-05 1.860 3.807
2015-07-31 1.860 3.451
2015-05-06 1.860 3.175
2014-12-05 1.860 3.100
2014-10-22 1.400 2.655
2014-07-30 1.400 2.612
2014-04-23 1.400 2.696
2013-12-04 1.400 2.944
2013-10-30 1.260 2.814
2013-08-01 1.260 2.910
2013-04-23 1.260 2.747
2012-12-06 1.260 2.821
2012-10-24 1.130 2.871
2012-08-02 1.130 2.891
2012-04-26 1.130 2.799
2011-12-07 1.130 2.976
2011-10-28 0.980 2.782
2011-08-05 0.980 3.026
2011-04-28 0.980 3.161
2010-12-01 0.980 3.401
2010-11-03 0.850 3.018
2010-07-28 0.850 3.205
2010-05-05 0.850 3.450
2009-12-02 0.850 3.549
2009-11-04 0.740 3.364
2009-05-06 0.740 3.685
2008-12-03 0.740 3.838
2008-11-05 0.660 3.463

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Enbridge's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Enbridge's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Enbridge afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Enbridge has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Enbridge's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Al Monaco
COMPENSATION CA$9,530,194
AGE 58
TENURE AS CEO 6.7 years
CEO Bio

Mr. Al Monaco has been Chief Executive Officer of Enbridge Inc. since October 1, 2012 and its Director since February 2012 and was its President since February 2012 until June 1, 2019. Mr. Monaco joined Enbridge Inc. (“Enbridge”) in 1995 and has held increasingly senior positions. He served as a Director of Enbridge Gas Distribution Inc. since October 16, 2012. Prior to being appointed President of Enbridge, Mr. Monaco served as President of Gas Pipelines, Green Energy & International with responsibility for the growth and operations of Enbridge Inc. gas pipelines, included the gas gathering and processing operations in the United States its gulf coast offshore assets and investments in Alliance, Vector and Aux Sable, as well as International business development and investment activities and Green Energy. Mr. Monaco holds an MBA (Master of Business Administration) from the University of Calgary and has a Chartered Professional Accountant designation.

CEO Compensation
  • Al's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Al's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Enbridge management team in years:

2.3
Average Tenure
58
Average Age
  • The tenure for the Enbridge management team is about average.
Management Team

Al Monaco

TITLE
CEO & Director
COMPENSATION
CA$10M
AGE
58
TENURE
6.7 yrs

Robert Rooney

TITLE
Executive VP & Chief Legal Officer
COMPENSATION
CA$2M
AGE
61
TENURE
2.3 yrs

John Whelen

TITLE
Executive VP & Chief Development Officer
COMPENSATION
CA$3M
AGE
58

D. Jarvis

TITLE
Executive VP & President of Liquids Pipelines
COMPENSATION
CA$3M
AGE
54
TENURE
5.7 yrs

Bill Yardley

TITLE
Executive VP and President of Gas Transmission & Midstream
COMPENSATION
CA$3M
AGE
53
TENURE
2.3 yrs

Colin Gruending

TITLE
Executive VP & CFO

Bhushan Ivaturi

TITLE
Senior VP & Chief Information Officer

Matthew Akman

TITLE
Senior Vice President of Strategy & Power
TENURE
2.3 yrs

Jonathan Gould

TITLE
Director

Tyler Robinson

TITLE
Vice President
Board of Directors Tenure

Average tenure and age of the Enbridge board of directors in years:

8
Average Tenure
67.5
Average Age
  • The tenure for the Enbridge board of directors is about average.
Board of Directors

Greg Ebel

TITLE
Non-Executive Chairman
COMPENSATION
CA$520K
AGE
54
TENURE
2.3 yrs

Al Monaco

TITLE
CEO & Director
COMPENSATION
CA$10M
AGE
58
TENURE
7.3 yrs

Herb England

TITLE
Independent Director
COMPENSATION
CA$461K
AGE
71
TENURE
12.4 yrs

Cathy Williams

TITLE
Independent Director
COMPENSATION
CA$259K
AGE
67
TENURE
11.6 yrs

Charlie Fischer

TITLE
Independent Director
COMPENSATION
CA$259K
AGE
68
TENURE
9.9 yrs

V. Kempston Darkes

TITLE
Independent Director
COMPENSATION
CA$260K
AGE
69
TENURE
8.6 yrs

Pam Carter

TITLE
Independent Director
COMPENSATION
CA$249K
AGE
68
TENURE
2.3 yrs

Dan Tutcher

TITLE
Director
COMPENSATION
CA$257K
AGE
69
TENURE
13.1 yrs

Marcel Coutu

TITLE
Independent Director
COMPENSATION
CA$244K
AGE
64
TENURE
4.9 yrs

Susan Cunningham

TITLE
Independent Director
AGE
62
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Enbridge individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
07. Jun 19 Buy Al Monaco Individual 05. Jun 19 05. Jun 19 7,848 CA$49.81 CA$390,909
28. Mar 19 Sell William Yardley Individual 26. Mar 19 26. Mar 19 -14,900 CA$49.49 CA$-737,472
19. Mar 19 Buy Cynthia Hansen Individual 03. Dec 18 03. Dec 18 95 CA$43.92 CA$4,172
12. Mar 19 Buy Cynthia Hansen Individual 03. Dec 18 01. Mar 19 1,790 CA$65.16 CA$110,450
07. Mar 19 Buy Al Monaco Individual 05. Mar 19 05. Mar 19 7,806 CA$49.33 CA$385,070
25. Feb 19 Sell Allen Capps Individual 22. Feb 19 22. Feb 19 -6,514 CA$48.80 CA$-317,872
07. Dec 18 Buy Robert Rooney Individual 04. Dec 18 04. Dec 18 261 CA$43.93 CA$11,465
07. Dec 18 Buy Al Monaco Individual 04. Dec 18 04. Dec 18 7,569 CA$43.82 CA$331,674
X
Management checks
We assess Enbridge's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Enbridge has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

A Note On Enbridge Inc.'s (TSE:ENB) ROE and Debt To Equity

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Enbridge: 6.6% = CA$4.0b ÷ CA$74b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Enbridge Have A Good Return On Equity? … Enbridge's Debt And Its 6.6% ROE Although Enbridge does use debt, its debt to equity ratio of 0.90 is still low.

Simply Wall St -

Is Enbridge Inc.'s (TSE:ENB) CEO Pay Fair?

First, this article will compare CEO compensation with compensation at other large companies. … See our latest analysis for Enbridge How Does Al Monaco's Compensation Compare With Similar Sized Companies? … When we examined a group of companies with market caps over US$8.0b, we found that their median CEO total compensation was US$6.6m.

Simply Wall St -

Is Enbridge Inc.'s (TSE:ENB) Balance Sheet A Threat To Its Future?

On top of this, ENB has produced cash from operations of CA$9.5b over the same time period, leading to an operating cash to total debt ratio of 14%, indicating that ENB’s current level of operating cash is not high enough to cover debt. … With current liabilities at CA$13b, it appears that the company may not have an easy time meeting these commitments with a current assets level of CA$8.4b, leading to a current ratio of 0.64x. … Next Steps: With a high level of debt on its balance sheet, ENB could still be in a financially strong position if its cash flow also stacked up.

Simply Wall St -

Is Enbridge Inc. (TSE:ENB) A Great Dividend Stock?

On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … In this case, Enbridge likely looks attractive to investors, given its 6.0% dividend yield and a payment history of over ten years. … When buying stocks for their dividends, you should always run through the checks below, to see if the dividend looks sustainable.

Simply Wall St -

Examining Enbridge Inc.’s (TSE:ENB) Weak Return On Capital Employed

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Should You Be Worried About Insider Transactions At Enbridge Inc. (TSE:ENB)?

So shareholders might well want to know whether insiders have been buying or selling shares in Enbridge Inc. … It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. … But logic dictates you should pay some attention to whether insiders are buying or selling shares.

Simply Wall St -

Why Enbridge Inc.'s (TSE:ENB) High P/E Ratio Isn't Necessarily A Bad Thing

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Enbridge has a price to earnings ratio of 33.18, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Does Enbridge Inc.'s (TSE:ENB) Stock Price Account For Its Growth?

(TSE:ENB) is considered a high-growth stock, but its last closing price of CA$48.72 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s look into this by assessing ENB's expected growth over the next few years. … Enbridge's extremely high growth potential in the near future is attracting investors

Simply Wall St -

Can You Imagine How Enbridge's Shareholders Feel About The 22% Share Price Increase?

(TSE:ENB) share price is up 22% in the last year, clearly besting than the market return of around 1.0% (not including dividends). … Indeed, when EPS is declining but the share price is up, it often means the market is considering other factors. … For starters, we suspect the share price has been buoyed by the dividend, which was increased during the year.

Simply Wall St -

Is Enbridge Inc. (TSE:ENB) Excessively Paying Its CEO?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … And finally - as a second measure of performance - we will look at the returns shareholders have received over the last few years. … How Does Al Monaco's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Company Info

Description

Enbridge Inc. operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals. The Gas Transmission and Midstream segment owns interests in natural gas pipelines, and gathering and processing facilities. The Gas Distribution segment is involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as in Quebec and New Brunswick. The Green Power and Transmission segment operates renewable energy assets, such as wind, solar, geothermal, and waste heat recovery facilities; and transmission facilities in the provinces of Alberta, Ontario, and Quebec, Canada; and in Colorado, Texas, Indiana, and West Virginia, the United States. The Energy Services segment provides energy marketing services to refiners, producers, and other customers; transportation, storage, supply management, and product exchange services; crude oil, natural gas, NGL, and power marketing services; and physical commodity marketing and logistical services. The company was formerly known as IPL Energy Inc. and changed its name to Enbridge Inc. in October 1998. Enbridge Inc. was founded in 1949 and is headquartered in Calgary, Canada.

Details
Name: Enbridge Inc.
ENB
Exchange: TSX
Founded: 1949
CA$93,115,494,741
2,023,809,927
Website: http://www.enbridge.com
Address: Enbridge Inc.
200, Fifth Avenue Place,
425 - 1st Street SW,
Calgary,
Alberta, T2P 3L8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX ENB Common Shares The Toronto Stock Exchange CA CAD 14. Dec 1972
NYSE ENB Common Shares New York Stock Exchange US USD 14. Dec 1972
DB EN3 Common Shares Deutsche Boerse AG DE EUR 14. Dec 1972
LSE 0KTI Common Shares London Stock Exchange GB CAD 14. Dec 1972
TSX ENB.PRC CUM RED PFD C The Toronto Stock Exchange CA CAD 02. Jun 2017
TSX ENB.PRU CUM RED PRF J The Toronto Stock Exchange CA USD 20. Apr 2012
TSX ENB.PFU CUM RED PF S L The Toronto Stock Exchange CA USD 24. May 2012
TSX ENB.PRP PREF SER P 4% The Toronto Stock Exchange CA CAD 13. Sep 2012
TSX ENB.PRV CUM PREF SHS SR1 The Toronto Stock Exchange CA USD 15. May 2013
TSX ENB.PRY PREF SHS SER 3 The Toronto Stock Exchange CA CAD 06. Jun 2013
TSX ENB.PFV RED PRF SHS SER5 The Toronto Stock Exchange CA CAD 01. Oct 2013
TSX ENB.PRJ RED PREF SHS 7 The Toronto Stock Exchange CA CAD 12. Dec 2013
TSX ENB.PFA 4.4% PFD SER 9 The Toronto Stock Exchange CA CAD 13. Mar 2014
TSX ENB.PFC 4.4% PFD SR 11 The Toronto Stock Exchange CA CAD 22. May 2014
TSX ENB.PFG PREF SER 15 The Toronto Stock Exchange CA CAD 24. Sep 2014
TSX ENB.PFI CUM RED PREF 17 The Toronto Stock Exchange CA CAD 23. Nov 2016
OTCPK EBBN.F CUM RED PF S L Pink Sheets LLC US USD 24. May 2012
OTCPK ENBB.F CUM RED PRF J Pink Sheets LLC US USD 20. Apr 2012
Number of employees
Current staff
Staff numbers
12,000
Enbridge employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 23:38
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.