Enbridge

TSX:ENB

Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

ENB

TSX

CA$101B

Market Cap

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Last updated 2019/04/19 23:35

Company description

Enbridge Inc. operates as an energy infrastructure company in Canada and the United States. The last earnings update was 63 days ago. More info.

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ENB Share Price and Events

7 Day Returns

-0.3%

TSX:ENB

CA Oil and Gas

1.2%

CA Market

1 Year Returns

25.2%

TSX:ENB

-3.3%

CA Oil and Gas

4.1%

CA Market

ENB Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Enbridge (ENB)	-0.3%	1.2%	3.9%	25.2%	-7.5%	-4.9%
CA Oil and Gas	1%	2.8%	6.8%	-3.3%	-4.3%	-31.2%
CA Market	1.2%	2.4%	7.9%	4.1%	15.3%	7.4%

1 Year Return vs Industry and Market

ENB outperformed the Oil and Gas industry which returned -3.3% over the past year.
ENB outperformed the Market in Canada which returned 4.1% over the past year.

Price Volatility

ENB

Industry

5yr Volatility vs Market

Related Companies

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 12 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	10%
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	1.03
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 1.032 (1 + (1- 26.5%) (64.68%))	1.35
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.35
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 1.95% + (1.35 * 5.96%)	9.99%

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 (@ 9.99%)
2019	6,972.14	Analyst x5	6,338.70
2020	9,452.58	Analyst x5	7,813.01
2021	12,703.00	Analyst x2	9,545.72
2022	13,016.00	Analyst x2	8,892.30
2023	13,309.00	Analyst x2	8,266.39
2024	13,594.26	Est @ 2.14%	7,676.45
2025	13,877.62	Est @ 2.08%	7,124.49
2026	14,161.17	Est @ 2.04%	6,609.55
2027	14,446.43	Est @ 2.01%	6,130.10
2028	14,734.51	Est @ 1.99%	5,684.30
Present value of next 10 years cash flows			CA$74,081.02

TSX:ENB DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = CA$14,734.51 × (1 + 1.95%) ÷ (9.99% – 1.95%)	CA$186,689.02
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = CA$186,689.02 ÷ (1 + 9.99%)¹⁰	CA$72,021.14

TSX:ENB Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = CA$74,081.02 + CA$72,021.14	CA$146,102.16
Equity Value per Share (CAD)	= Total value / Shares Outstanding = CA$146,102.16 / 2,023.13	CA$72.22

TSX:ENB Discount to Share Price
	Calculation	Result
Value per share (CAD)	From above.	CA$72.22
Current discount	Discount to share price of CA$49.79 = -1 x (CA$49.79 - CA$72.22) / CA$72.22	31.1%

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

Current Discount

Amount off the current price Enbridge is available for.

31%

Share price is CA$49.79 vs Future cash flow value of CA$72.22

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 (2018-12-31) in CAD	CA$1.46
TSX:ENB Share Price **	TSX (2019-04-18) in CAD	CA$49.79
Canada Oil and Gas Industry PE Ratio	Median Figure of 67 Publicly-Listed Oil and Gas Companies	15.34x
Canada Market PE Ratio	Median Figure of 556 Publicly-Listed Companies	15.29x

* 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) = 49.79 ÷ 1.46	34.13x

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	34.13x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts	34.4%per year
Canada Oil and Gas Industry PEG Ratio	Median Figure of 39 Publicly-Listed Oil and Gas Companies	0.66x
Canada Market PEG Ratio	Median Figure of 257 Publicly-Listed Companies	1.21x

*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 = 34.13x ÷ 34.4%	0.99x

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

Enbridge is good 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 (2018-12-31) in CAD	CA$30.53
TSX:ENB Share Price *	TSX (2019-04-18) in CAD	CA$49.79
Canada Oil and Gas Industry PB Ratio	Median Figure of 231 Publicly-Listed Oil and Gas Companies	0.94x
Canada Market PB Ratio	Median Figure of 2,375 Publicly-Listed Companies	1.52x

TSX:ENB PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSX:ENB Share Price ÷ Book Value per Share (both in CAD) = 49.79 ÷ 30.53	1.63x

* 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.

Value checks

We assess Enbridge's value by looking at:

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. )
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)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)

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 12 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!

34.4%

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 expected to exceed 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 12 Analysts	34.4%
TSX:ENB Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts	5.2%
Canada Oil and Gas Industry Earnings Growth Rate	Market Cap Weighted Average	19.6%
Canada Oil and Gas Industry Revenue Growth Rate	Market Cap Weighted Average	5.4%
Canada Market Earnings Growth Rate	Market Cap Weighted Average	18.2%
Canada Market Revenue Growth Rate	Market Cap Weighted Average	7.1%

*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 (3 months ago)	See Below
Future Estimates	Average of up to 12 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	58,567	13,720		1
2022-12-31	56,739	13,128		1
2021-12-31	57,443	12,054		3
2020-12-31	50,793	10,996	5,513	9
2019-12-31	48,807	10,183	5,045	8

TSX:ENB Past Financials Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *
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	8,002	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
2016-03-31	34,660	4,911	1,559

*GAAP earnings excluding extraordinary items.

High Growth Checks

Enbridge's earnings are expected to grow significantly at over 20% yearly.
Enbridge's revenue is expected to grow by 5.2% 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 (3 months ago)	See Below
Future Estimates	Average of up to 12 Analyst Estimates (S&P Global)	See Below

All data from Enbridge Company Filings, last reported 3 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	2.67	2.67	2.67	1.00
2022-12-31	2.57	2.57	2.57	1.00
2021-12-31	2.80	3.18	2.42	2.00
2020-12-31	2.68	3.03	2.13	6.00
2019-12-31	2.47	2.68	2.02	7.00

TSX:ENB Past Financials Data
Date (Data in CAD Millions)	EPS *
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
2016-03-31	1.82

*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%).

Show me more growth companies in the Oil and Gas industry

Future performance checks

We assess Enbridge's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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 3/6, 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 is negative, it can't be compared to the 5-year average.
Enbridge's 1-year earnings growth is negative, it can't be compared to the CA Oil and Gas industry average.

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 3 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
2018-12-31	46,378.00	2,515.00	6,792.00
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	6,352.00
2017-12-31	44,378.00	2,529.00	6,262.00
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	4,777.00
2016-12-31	34,560.00	1,776.00	4,306.00
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 has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Enbridge's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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 2/6, 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 3 months ago.

TSX:ENB Past Debt and Equity Data
Date (Data in CAD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
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 (88.7%) 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 (142.1% vs 88.7% today).
Debt is not well covered by operating cash flow (16.1%, less than 20% of total debt).
Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).

Financial health checks

We assess Enbridge's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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

5.93%

Current annual income from Enbridge dividends. Estimated to be 6.45% next year.

If you bought CA$2,000 of Enbridge shares you are expected to receive CA$119 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 (2.04%).
Enbridge's dividend is above the markets top 25% of dividend payers in Canada (5.56%).

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 12 Analyst Estimates (S&P Global)	See Below
Canada Oil and Gas Industry Average Dividend Yield	Market Cap Weighted Average of 37 Stocks	4.2%
Canada Market Average Dividend Yield	Market Cap Weighted Average of 331 Stocks	3.4%
Canada Minimum Threshold Dividend Yield	10th Percentile	1.2%
Canada Bottom 25% Dividend Yield	25th Percentile	2%
Canada Top 25% Dividend Yield	75th Percentile	5.6%

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	3.55	4.00
2021-12-31	3.40	10.00
2020-12-31	3.23	18.00
2019-12-31	2.95	19.00

TSX:ENB Past Annualized Dividends Data
Date (Data in CA$)	Dividend per share (annual)	Avg. Yield (%)
2018-12-11	2.952	6.266
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
2009-04-20	0.740	3.966

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 (0.5x coverage).

Future Payout to shareholders

Dividends after 3 years are not well covered by earnings (0.9x coverage).

Show me more dividend paying companies in the Oil and Gas industry

Income/ dividend checks

We assess Enbridge's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
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)

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	6.5 years

CEO Bio

Mr. Al Monaco has been Chief Executive Officer of Enbridge Inc. since October 1, 2012 and its President and a Director since February 2012. 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.
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:

2.2

Average Tenure

Average Age

The tenure for the Enbridge management team is about average.

TITLE

Senior VP & Chief Information Officer

Jonathan Gould

TITLE

Director

Tyler Robinson

TITLE

Vice President

Roxanna Benoit

TITLE

Vice President of Public Affairs

TENURE

2.2 yrs

Board of Directors Tenure

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

7.8

Average Tenure

Average Age

The tenure for the Enbridge board of directors is about average.

2.2 yrs

Who owns this company?

Recent Insider Trading

Enbridge insiders have sold more shares than they have bought in the past 3 months.

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (CA$)	Value (CA$)
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

Management checks

We assess Enbridge's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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

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 - 1 week ago – Full article

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 - 2 weeks ago – Full article

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 - 1 month ago – Full article

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 - 1 month ago – Full article

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 - 1 month ago – Full article

A Closer Look At Enbridge Inc.'s (TSE:ENB) Uninspiring ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Enbridge has a return on equity of 2.9% for the last year. … That means that for every CA$1 worth of shareholders' equity, it generated CA$0.029 in profit.

Simply Wall St - 2 months ago – Full article

How Much Of Enbridge Inc. (TSE:ENB) Do Institutions Own?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Normally institutions would own a significant portion of a company this size. … institutions are noticeable on the share registry.

Simply Wall St - 2 months ago – Full article

Who Has Been Selling Enbridge Inc. (TSE:ENB) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Enbridge Inc. … But insiders sold 19.60k shares worth CA$856k. … Over the last year we saw more insider selling of Enbridge shares, than buying

Simply Wall St - 3 months ago – Full article

Are Enbridge Inc.'s (TSE:ENB) Interest Costs Too High?

the key to extending previous success is in the health of the company’s financials. … This article will examine Enbridge’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this information is centred entirely on financial health and is a high-level overview, so I encourage you to look further

Simply Wall St - 4 months ago – Full article

Should We Worry About Enbridge Inc's (TSE:ENB) P/E Ratio?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Enbridge Inc's (TSE:ENB) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St - 4 months ago – Full article

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.
Ticker:	ENB
Exchange:	TSX
Founded:	1949
Market Cap:	CA$100,731,854,606
Shares outstanding:	2,023,134,256
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	CAD	01. Apr 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

12,000

Enbridge employees.

Industry

Industry:	Oil and Gas Storage and Transportation
Sector:	Energy

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/19 23:35
End of day share price update:	2019/04/18 00:00
Last estimates confirmation:	2019/04/18
Last earnings filing:	2019/02/15
Last earnings reported:	2018/12/31
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.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Enbridge

ENB Share Price and Events

7 Day Returns

1 Year Returns

ENB Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

Related Companies

Suncor Energy

TransCanada

Canadian Natural Resources

Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Current Discount

Current Discount Checks

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

Dividends

Annual Dividend Income

Dividend Amount

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Al Monaco

President

CA$10M

58

6.5 yrs

John Whelen

Executive VP & CFO

CA$3M

58

4.5 yrs

Robert Rooney

Executive VP & Chief Legal Officer

CA$2M

61

2.2 yrs

D. Jarvis

Executive VP & President of Liquids Pipelines

CA$3M

54

5.5 yrs

Bill Yardley

Executive VP and President of Gas Transmission & Midstream

CA$3M

53

2.2 yrs