Enbridge Inc.

TSX:ENB Stock Report

Market Cap: CA$129.4b

Enbridge Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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$59.4) is trading below our estimate of fair value (CA$68.21)

Significantly Below Fair Value: ENB is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As ENB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ENB. This is calculated by dividing ENB's market cap by their current earnings.
What is ENB's PE Ratio?
PE Ratio20.6x
EarningsCA$6.29b
Market CapCA$129.38b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.3x
TRP TC Energy
14.1x-1.9%CA$71.7b
PPL Pembina Pipeline
18.4x4.5%CA$34.0b
KEY Keyera
23.1x8.4%CA$10.3b
GEI Gibson Energy
17.7x9.9%CA$3.7b
ENB Enbridge
20.6x9.0%CA$129.4b

Price-To-Earnings vs Peers: ENB is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the peer average (18.3x).

Price to Earnings Ratio vs Industry

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

7 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HAM Highwood Asset Management
1.2x-43.9%US$62.92m
ALPS.U Alpine Summit Energy Partners
1xn/aUS$24.02m
KUB.H Carcetti Capital
0.7xn/aUS$5.82m
GCOM Green Shift Commodities
1.6xn/aUS$4.89m
ENB 20.6xIndustry Avg. 10.8xNo. of Companies11PE0816243240+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ENB is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the Canadian Oil and Gas industry average (10.8x).

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 Ratio20.6x
Fair PE Ratio17.4x

Price-To-Earnings vs Fair Ratio: ENB is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the estimated Fair Price-To-Earnings Ratio (17.4x).

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$59.40
CA$58.19
-2.0%
9.4%CA$68.00CA$38.00n/a20
Nov ’25CA$56.42
CA$57.19
+1.4%
9.5%CA$64.00CA$38.00n/a20
Oct ’25CA$55.51
CA$54.83
-1.2%
9.1%CA$61.00CA$37.00n/a19
Sep ’25CA$54.22
CA$54.57
+0.6%
9.1%CA$61.00CA$37.00n/a19
Aug ’25CA$52.15
CA$53.57
+2.7%
10.4%CA$61.00CA$34.00n/a19
Jul ’25CA$48.67
CA$53.36
+9.6%
10.3%CA$61.00CA$34.00n/a19
Jun ’25CA$49.83
CA$53.28
+6.9%
10.4%CA$61.00CA$33.00n/a22
May ’25CA$48.99
CA$52.60
+7.4%
10.6%CA$60.00CA$33.00n/a22
Apr ’25CA$48.61
CA$52.78
+8.6%
9.9%CA$60.00CA$35.00n/a22
Mar ’25CA$47.19
CA$52.63
+11.5%
10.4%CA$60.00CA$34.00n/a22
Feb ’25CA$47.95
CA$52.85
+10.2%
10.6%CA$62.00CA$35.00n/a21
Jan ’25CA$47.70
CA$51.38
+7.7%
12.9%CA$61.00CA$34.00n/a19
Dec ’24CA$47.47
CA$51.22
+7.9%
12.6%CA$59.75CA$34.00n/a19
Nov ’24CA$44.92
CA$52.01
+15.8%
11.2%CA$60.00CA$40.41CA$56.4219
Oct ’24CA$45.05
CA$54.73
+21.5%
9.6%CA$64.00CA$40.41CA$55.5118
Sep ’24CA$48.30
CA$56.68
+17.4%
5.7%CA$63.00CA$52.00CA$54.2219
Aug ’24CA$48.30
CA$57.95
+20.0%
6.4%CA$65.00CA$52.00CA$52.1519
Jul ’24CA$49.24
CA$58.42
+18.6%
6.4%CA$65.00CA$52.00CA$48.6719
Jun ’24CA$48.71
CA$58.20
+19.5%
5.9%CA$65.00CA$52.00CA$49.8320
May ’24CA$53.60
CA$58.10
+8.4%
6.1%CA$65.00CA$52.00CA$48.9920
Apr ’24CA$51.53
CA$58.00
+12.6%
6.4%CA$65.00CA$52.00CA$48.6120
Mar ’24CA$51.70
CA$58.00
+12.2%
6.4%CA$65.00CA$52.00CA$47.1921
Feb ’24CA$54.12
CA$58.05
+7.3%
6.8%CA$65.00CA$52.00CA$47.9521
Jan ’24CA$52.92
CA$58.10
+9.8%
6.6%CA$65.00CA$52.00CA$47.7021
Dec ’23CA$55.01
CA$58.10
+5.6%
6.5%CA$65.00CA$52.00CA$47.4721
Nov ’23CA$53.03
CA$58.19
+9.7%
6.8%CA$65.00CA$53.00CA$44.9221

Analyst Forecast: Target price is lower than the current share price.

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