We’ve recently updated our valuation analysis.

Enbridge Valuation

Is ENB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ENB?

Other financial metrics that can be useful for relative valuation.

ENB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.8x
Enterprise Value/EBITDA16.4x
PEG Ratio2.6x

Price to Earnings Ratio vs Peers

How does ENB's PE Ratio compare to its peers?

The above table shows the PE ratio for ENB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14.7x
TRP TC Energy
18.2x12.3%CA$58.4b
PPL Pembina Pipeline
9.7x-21.6%CA$26.0b
KEY Keyera
14x3.6%CA$7.0b
GEI Gibson Energy
17x-7.8%CA$3.5b
ENB Enbridge
20x7.6%CA$110.2b

Price-To-Earnings vs Peers: ENB is expensive based on its Price-To-Earnings Ratio (20x) compared to the peer average (14.7x).


Price to Earnings Ratio vs Industry

How does ENB's PE Ratio compare vs other companies in the CA Oil and Gas Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a-4.2%
n/an/an/a

Price-To-Earnings vs Industry: ENB is expensive based on its Price-To-Earnings Ratio (20x) compared to the Canadian Oil and Gas industry average (5.4x)


Price to Earnings Ratio vs Fair Ratio

What is ENB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ENB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20x
Fair PE Ratio13.6x

Price-To-Earnings vs Fair Ratio: ENB is expensive based on its Price-To-Earnings Ratio (20x) compared to the estimated Fair Price-To-Earnings Ratio (13.6x).


Share Price vs Fair Value

What is the Fair Price of ENB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ENB (CA$54.4) is trading above our estimate of fair value (CA$44.71)

Significantly Below Fair Value: ENB is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ENB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$54.40
CA$58.00
+6.6%
6.9%CA$65.00CA$52.00n/a21
Jan ’24CA$52.92
CA$58.10
+9.8%
6.6%CA$65.00CA$52.00n/a21
Dec ’23CA$55.01
CA$58.10
+5.6%
6.5%CA$65.00CA$52.00n/a21
Nov ’23CA$53.03
CA$58.19
+9.7%
6.8%CA$65.00CA$53.00n/a21
Oct ’23CA$51.22
CA$60.05
+17.2%
6.1%CA$67.00CA$53.00n/a21
Sep ’23CA$53.89
CA$60.10
+11.5%
6.1%CA$67.00CA$53.00n/a21
Aug ’23CA$57.51
CA$59.80
+4.0%
6.4%CA$67.00CA$53.00n/a20
Jul ’23CA$54.36
CA$60.10
+10.6%
6.3%CA$67.00CA$53.00n/a21
Jun ’23CA$58.16
CA$60.02
+3.2%
6.4%CA$67.00CA$53.00n/a21
May ’23CA$56.06
CA$59.05
+5.3%
6.3%CA$67.00CA$53.00n/a21
Apr ’23CA$58.08
CA$56.87
-2.1%
4.5%CA$61.00CA$53.00n/a23
Mar ’23CA$55.26
CA$56.30
+1.9%
4.2%CA$60.00CA$53.00n/a23
Feb ’23CA$53.99
CA$55.26
+2.4%
4.2%CA$60.00CA$51.00n/a23
Jan ’23CA$49.41
CA$55.17
+11.7%
4.5%CA$60.00CA$51.00CA$52.9223
Dec ’22CA$47.52
CA$55.64
+17.1%
4.1%CA$60.00CA$51.00CA$55.0122
Nov ’22CA$52.43
CA$55.57
+6.0%
4.1%CA$60.00CA$51.00CA$53.0321
Oct ’22CA$50.55
CA$55.29
+9.4%
4.5%CA$60.00CA$50.00CA$51.2221
Sep ’22CA$49.83
CA$54.62
+9.6%
4.9%CA$60.00CA$50.00CA$53.8921
Aug ’22CA$49.18
CA$54.06
+9.9%
4.3%CA$60.00CA$50.00CA$57.5121
Jul ’22CA$49.63
CA$53.57
+7.9%
4.7%CA$60.00CA$48.00CA$54.3621
Jun ’22CA$46.64
CA$52.73
+13.1%
7.0%CA$59.00CA$40.00CA$58.1622
May ’22CA$47.41
CA$52.39
+10.5%
7.6%CA$59.00CA$40.00CA$56.0623
Apr ’22CA$46.23
CA$51.46
+11.3%
10.4%CA$59.00CA$34.00CA$58.0824
Mar ’22CA$43.96
CA$51.17
+16.4%
10.0%CA$59.00CA$34.00CA$55.2624
Feb ’22CA$43.52
CA$51.25
+17.8%
10.2%CA$58.00CA$34.00CA$53.9925
Jan ’22CA$40.71
CA$51.09
+25.5%
10.3%CA$58.00CA$34.00CA$49.4125

Analyst Forecast: Target price is less than 20% higher than the current share price.


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