Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Market Closed - Toronto S.E. Other stock markets 16:00:00 2024-04-26 EDT			5-day change	1st Jan Change
48.96 ^CAD	-1.13%		+2.06%	+2.64%

04-24	Enbridge Keeps Quarterly Dividend at CA$0.915 a Share, Payable June 1 to Shareholders of Record May 15	MT
04-24	Enbridge Inc. Declares Quarterly Dividend, Payable on June 1, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	104,495	82,447	100,109	107,153	101,390	104,069	-	-
Enterprise Value (EV) ¹	168,810	148,892	175,463	187,272	176,688	199,654	201,775	204,805
P/E ratio	19.6 x	27.5 x	17.2 x	41.3 x	16.8 x	17.4 x	16.2 x	14.2 x
Yield	5.72%	7.96%	6.76%	6.5%	7.44%	7.5%	7.71%	7.9%
Capitalization / Revenue	2.09 x	2.11 x	2.13 x	2.01 x	2.32 x	2.31 x	2.16 x	2 x
EV / Revenue	3.37 x	3.81 x	3.73 x	3.51 x	4.05 x	4.43 x	4.18 x	3.93 x
EV / EBITDA	12.7 x	11.2 x	12.5 x	12.1 x	10.7 x	11.3 x	10.6 x	10.3 x
EV / FCF	43.2 x	34 x	122 x	28.4 x	18.5 x	30.1 x	30 x	24.5 x
FCF Yield	2.31%	2.94%	0.82%	3.52%	5.4%	3.32%	3.33%	4.08%
Price to Book	1.58 x	1.34 x	1.64 x	1.79 x	1.65 x	1.79 x	1.84 x	1.94 x
Nbr of stocks (in thousands)	2,023,912	2,025,219	2,026,085	2,024,819	2,125,574	2,125,587	-	-
Reference price ²	51.63	40.71	49.41	52.92	47.70	48.96	48.96	48.96
Announcement Date	20-02-14	21-02-12	22-02-11	23-02-10	24-02-09	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,069	39,087	47,071	53,309	43,649	45,094	48,242	52,109
EBITDA ¹	13,271	13,273	14,001	15,531	16,454	17,597	18,978	19,925
EBIT ¹	9,880	9,561	10,149	11,104	11,692	12,527	13,537	14,197
Operating Margin	19.73%	24.46%	21.56%	20.83%	26.79%	27.78%	28.06%	27.25%
Earnings before Tax (EBT) ¹	7,535	4,190	7,729	4,542	7,879	8,279	8,457	9,787
Net income ¹	5,322	2,983	5,816	2,589	5,839	6,218	6,748	7,820
Net margin	10.63%	7.63%	12.36%	4.86%	13.38%	13.79%	13.99%	15.01%
EPS ²	2.640	1.480	2.870	1.280	2.840	2.810	3.030	3.454
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,634	6,722	8,360
FCF margin	7.8%	11.2%	3.05%	12.35%	21.87%	14.71%	13.93%	16.04%
FCF Conversion (EBITDA)	29.43%	32.97%	10.27%	42.39%	58.02%	37.7%	35.42%	41.96%
FCF Conversion (Net income)	73.39%	146.7%	24.72%	254.27%	163.5%	106.69%	99.61%	106.91%
Dividend per Share ²	2.952	3.240	3.340	3.440	3.550	3.671	3.775	3.870
Announcement Date	20-02-14	21-02-12	22-02-11	23-02-10	24-02-09	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	11,466	12,520	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	12,244	9,972	9,873	11,954	9,258
EBITDA ¹	3,269	3,687	4,147	3,715	3,758	3,911	4,468	4,008	3,871	4,107	4,580	4,174	4,167	4,725	5,081
EBIT ¹	2,325	2,640	3,082	2,612	2,654	2,756	3,286	2,350	2,707	2,899	3,411	2,936	2,916	3,402	3,667
Operating Margin	20.28%	21.09%	20.41%	19.77%	22.93%	20.53%	27.21%	22.53%	27.5%	25.66%	27.86%	29.44%	29.53%	28.46%	39.61%
Earnings before Tax (EBT) ¹	1,013	2,428	2,057	740	1,701	-549	2,376	2,520	751	2,232	2,458	1,980	1,901	2,268	2,388
Net income ¹	682	1,840	1,927	450	1,279	-1,067	1,733	1,848	532	1,726	1,767	1,425	1,339	1,631	1,729
Net margin	5.95%	14.7%	12.76%	3.41%	11.05%	-7.95%	14.35%	17.71%	5.4%	15.28%	14.43%	14.29%	13.56%	13.64%	18.67%
EPS ²	0.3400	0.9100	0.9500	0.2200	0.6300	-0.5300	0.8600	0.9100	0.2600	0.8100	0.8100	0.6475	0.6288	0.7757	0.8428
Dividend per Share ²	0.8350	0.8350	0.8600	0.8600	0.8600	0.8600	0.8880	0.8900	0.8900	0.8875	0.9206	0.9207	0.9207	0.9343	0.9511
Announcement Date	21-11-05	22-02-11	22-05-06	22-07-29	22-11-04	23-02-10	23-05-05	23-08-04	23-11-03	24-02-09	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,315	66,445	75,354	80,119	75,298	95,585	97,706	100,736
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.846 x	5.006 x	5.382 x	5.159 x	4.576 x	5.432 x	5.148 x	5.056 x
Free Cash Flow ¹	3,906	4,376	1,438	6,583	9,547	6,634	6,722	8,360
ROE (net income / shareholders' equity)	7.88%	7.68%	9.52%	9.43%	9.47%	10.7%	12.2%	13.3%
ROA (Net income/ Total Assets)	3.24%	1.84%	3.53%	3.27%	3.19%	3.2%	3.6%	4.3%
Assets ¹	164,500	161,715	164,570	79,252	182,972	194,316	187,436	181,865
Book Value Per Share ²	32.60	30.30	30.10	29.50	28.90	27.30	26.60	25.20
Cash Flow per Share ²	4.790	4.800	5.370	5.530	5.780	5.800	6.070	6.160
Capex ¹	5,492	5,405	7,818	4,647	4,654	6,296	7,169	6,675
Capex / Sales	10.97%	13.83%	16.61%	8.72%	10.66%	13.96%	14.86%	12.81%
Announcement Date	20-02-14	21-02-12	22-02-11	23-02-10	24-02-09	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Enbridge Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

48.96 CAD

Average target price

52.6 CAD

Spread / Average Target

+7.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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