TSX:ENF

Stock Analysis Report

Enbridge Income Fund Holdings

Executive Summary

Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund, holds energy infrastructure assets in Canada.


Snowflake Analysis

Flawless balance sheet and good value.


Similar Companies

Share Price & News

How has Enbridge Income Fund Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ENF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

ENF

4.5%

CA Oil and Gas

2.1%

CA Market


1 Year Return

3.0%

ENF

-39.8%

CA Oil and Gas

-21.2%

CA Market

Return vs Industry: ENF underperformed the Canadian Oil and Gas industry which returned 5.3% over the past year.

Return vs Market: ENF underperformed the Canadian Market which returned 10.4% over the past year.


Shareholder returns

ENFIndustryMarket
7 Day0%4.5%2.1%
30 Day0%-20.2%-13.8%
90 Day0%-39.4%-21.9%
1 Year3.7%3.0%-36.7%-39.8%-18.6%-21.2%
3 Year6.7%-7.4%-41.2%-48.0%-11.0%-19.3%
5 Year36.7%7.4%-43.8%-53.2%1.6%-13.6%

Price Volatility Vs. Market

How volatile is Enbridge Income Fund Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Enbridge Income Fund Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ENF (CA$31.88) is trading below our estimate of fair value (CA$79.5)

Significantly Below Fair Value: ENF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ENF is good value based on its PE Ratio (5.8x) compared to the Oil and Gas industry average (11.8x).

PE vs Market: ENF is good value based on its PE Ratio (5.8x) compared to the Canadian market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ENF's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ENF is overvalued based on its PB Ratio (1x) compared to the CA Oil and Gas industry average (0.8x).


Next Steps

Future Growth

How is Enbridge Income Fund Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-14.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ENF's earnings are forecast to decline over the next 3 years (-14.6% per year).

Earnings vs Market: ENF's earnings are forecast to decline over the next 3 years (-14.6% per year).

High Growth Earnings: ENF's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if ENF's revenue is forecast to grow faster than the Canadian market.

High Growth Revenue: Insufficient data to determine if ENF's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if ENF's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Enbridge Income Fund Holdings performed over the past 5 years?

44.9%

Last years revenue growth


Earnings and Revenue History

Quality Earnings: ENF has a large one-off gain of CA$584.0M impacting its September 30 2018 financial results.

Growing Profit Margin: ENF became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if ENF's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: ENF has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: ENF has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (16.5%).


Return on Equity

High ROE: ENF's Return on Equity (17.1%) is considered low.


Next Steps

Financial Health

How is Enbridge Income Fund Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: ENF's short term assets (CA$187.0M) exceed its short term liabilities (CA$47.0M).

Long Term Liabilities: ENF's short term assets (CA$187.0M) exceed its long term liabilities (CA$95.0M).


Debt to Equity History and Analysis

Debt Level: ENF is debt free.

Reducing Debt: ENF had no debt 5 years ago.

Debt Coverage: ENF has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: ENF has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

7.09%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ENF's dividend (7.09%) is higher than the bottom 25% of dividend payers in the Canadian market (1.88%).

High Dividend: ENF's dividend (7.09%) is in the top 25% of dividend payers in the Canadian market (5.48%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ENF has been paying a dividend for less than 10 years.

Growing Dividend: ENF's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (40.4%), ENF's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

  • Explore strong dividend paying companies in the Energy industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure


CEO

Perry Schuldhaus

5.75s

Tenure

Mr. Perry Frank Schuldhaus has been the President of Enbridge Income Fund Holdings Inc., and Enbridge Management Services Inc. since January 1, 2014, where he is responsible for the business development an ...


Leadership Team

NamePositionTenureCompensationOwnership
Perry Schuldhaus
President5.75yrsno datano data
Patrick Murray
CFO & Vice President of Financeno datano datano data
Nafeesa Kassam
Managerno datano datano data
Wanda Opheim
Treasurer2.67yrsno datano data
D. Jarvis
President of Liquids Pipelinesno datano datano data
Allen Capps
Controller2.67yrsno datano data
Tyler Robinson
VP & Corporate Secretary2.17yrsno datano data
David Taniguchi
Corporate Secretaryno datano datano data
Rebecca Langille
Assistant Controller2.17yrsno datano data
Andrew Swales
Assistant Treasurer2.17yrsno datano data

2.4yrs

Average Tenure

55yo

Average Age

Experienced Management: ENF's management team is considered experienced (2.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
John Bird
Director8.83yrsno datano data
John Whelen
Director2.67yrsno datano data
Ernest F. Roberts
Chairman of the Board5.58yrsno datano data
Laura Cillis
Director3.33yrsno datano data
M. Lewis
Director3.25yrsno datano data
Brian Frank
Director5.42yrsno datano data

4.4yrs

Average Tenure

61yo

Average Age

Experienced Board: ENF's board of directors are considered experienced (4.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 26%.


Top Shareholders

Company Information

Enbridge Income Fund Holdings Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Enbridge Income Fund Holdings Inc.
  • Ticker: ENF
  • Exchange: TSX
  • Founded: 2010
  • Industry: Oil and Gas Storage and Transportation
  • Sector: Energy
  • Market Cap: CA$5.633b
  • Shares outstanding: 176.70m
  • Website: https://www.enbridgeincomefund.com

Location

  • Enbridge Income Fund Holdings Inc.
  • Fifth Avenue Place
  • 425 - 1st Street SW
  • Calgary
  • Alberta
  • T2P 3L8
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ENFTSX (The Toronto Stock Exchange)YesCommon SharesCACADDec 2010

Biography

Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund, holds energy infrastructure assets in Canada. The company holds interests in the 2,306-kilometre Canadian Mainline, the Regional Oil Sands System, and Southern Lights Pipeline, as well as other crude oil gathering pipelines and storage facilities in Alberta, Saskatchewan, Manitoba, Ontario, and Quebec; and crude oil storage terminals and caverns in Hardisty, Alberta. It also owns a 50% interest in the 3,719-kilometre Alliance System, which transports natural gas from western Canada and the Bakken region to delivery points near Chicago, Illinois. In addition, the company holds interests in 14 renewable and alternative power generation assets that include solar, wind, and waste heat recovery facilities comprising a generation capacity of approximately 1400 megawatts of power in the areas of Alberta, Saskatchewan, Ontario, and Quebec. Enbridge Income Fund Holdings Inc. was incorporated in 2010 and is headquartered in Calgary, Canada. As of November 8, 2018, Enbridge Income Fund Holdings Inc. operates as a subsidiary of Enbridge Inc.. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 05:09
End of Day Share Price2018/11/09 00:00
Earnings2018/09/30
Annual Earnings2017/12/31


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.