Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Market Closed - Toronto S.E. 04:15:13 2024-03-01 pm EST 5-day change 1st Jan Change
47.19 CAD +1.16% Intraday chart for Enbridge Inc. +0.40% -1.07%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 104,495 82,447 100,109 107,153 101,390 100,306 - -
Enterprise Value (EV) 1 168,810 148,892 175,463 187,272 176,688 194,521 191,105 200,319
P/E ratio 19.6 x 27.5 x 17.2 x 41.3 x 16.8 x 16.8 x 15.8 x 13.2 x
Yield 5.72% 7.96% 6.76% 6.5% 7.44% 7.78% 8% 8.17%
Capitalization / Revenue 2.09 x 2.11 x 2.13 x 2.01 x 2.32 x 2.21 x 2.06 x 1.92 x
EV / Revenue 3.37 x 3.81 x 3.73 x 3.51 x 4.05 x 4.28 x 3.92 x 3.84 x
EV / EBITDA 12.7 x 11.2 x 12.5 x 12.1 x 10.7 x 11.3 x 10.2 x 10.2 x
EV / FCF 43.2 x 34 x 122 x 28.4 x 18.5 x 29.6 x 28.8 x 27 x
FCF Yield 2.31% 2.94% 0.82% 3.52% 5.4% 3.38% 3.47% 3.7%
Price to Book 1.58 x 1.34 x 1.64 x 1.79 x 1.65 x 1.75 x 1.79 x -
Nbr of stocks (in thousands) 2,023,912 2,025,219 2,026,085 2,024,819 2,125,574 2,125,586 - -
Reference price 2 51.63 40.71 49.41 52.92 47.70 47.19 47.19 47.19
Announcement Date 2/14/20 2/12/21 2/11/22 2/10/23 2/9/24 - - -
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 45,478 48,796 52,179
EBITDA 1 13,271 13,273 14,001 15,531 16,454 17,254 18,781 19,718
EBIT 1 9,880 9,561 10,149 11,104 11,692 11,304 11,739 14,045
Operating Margin 19.73% 24.46% 21.56% 20.83% 26.79% 24.86% 24.06% 26.92%
Earnings before Tax (EBT) 1 7,535 4,190 7,729 4,542 7,879 8,111 7,597 9,589
Net income 1 5,322 2,983 5,816 2,589 5,839 6,068 6,417 7,617
Net margin 10.63% 7.63% 12.36% 4.86% 13.38% 13.34% 13.15% 14.6%
EPS 2 2.640 1.480 2.870 1.280 2.840 2.810 2.977 3.580
Free Cash Flow 1 3,906 4,376 1,438 6,583 9,547 6,580 6,639 7,422
FCF margin 7.8% 11.2% 3.05% 12.35% 21.87% 14.47% 13.6% 14.22%
FCF Conversion (EBITDA) 29.43% 32.97% 10.27% 42.39% 58.02% 38.14% 35.35% 37.64%
FCF Conversion (Net income) 73.39% 146.7% 24.72% 254.27% 163.5% 108.44% 103.46% 97.44%
Dividend per Share 2 2.952 3.240 3.340 3.440 3.550 3.671 3.775 3.855
Announcement Date 2/14/20 2/12/21 2/11/22 2/10/23 2/9/24 - - -
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 13,338 10,259 10,369 12,928 14,747
EBITDA 1 3,269 3,687 4,147 3,715 3,758 3,911 4,468 4,008 3,871 4,107 4,490 4,055 4,056 4,589 4,984
EBIT 1 2,325 2,640 3,082 2,612 2,654 2,756 3,286 2,350 2,707 2,899 3,230 2,708 2,689 3,093 3,140
Operating Margin 20.28% 21.09% 20.41% 19.77% 22.93% 20.53% 27.21% 22.53% 27.5% 25.66% 24.21% 26.4% 25.93% 23.92% 21.3%
Earnings before Tax (EBT) 1 1,013 2,428 2,057 740 1,701 -549 2,376 2,520 751 2,232 2,332 1,826 1,812 2,140 2,248
Net income 1 682 1,840 1,927 450 1,279 -1,067 1,733 1,848 532 1,726 1,721 1,356 1,311 1,582 1,681
Net margin 5.95% 14.7% 12.76% 3.41% 11.05% -7.95% 14.35% 17.71% 5.4% 15.28% 12.9% 13.22% 12.64% 12.24% 11.4%
EPS 2 0.3400 0.9100 0.9500 0.2200 0.6300 -0.5300 0.8600 0.9100 0.2600 0.8100 0.8183 0.6243 0.6188 0.7475 0.8042
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 11/5/21 2/11/22 5/6/22 7/29/22 11/4/22 2/10/23 5/5/23 8/4/23 11/3/23 2/9/24 - - - - -
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 94,215 90,798 100,012
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.846 x 5.006 x 5.382 x 5.159 x 4.576 x 5.461 x 4.834 x 5.072 x
Free Cash Flow 1 3,906 4,376 1,438 6,583 9,547 6,580 6,639 7,422
ROE (net income / shareholders' equity) 7.88% 7.68% 9.52% 9.43% 9.47% 10.3% 11.6% 12.4%
ROA (Net income/ Total Assets) 3.24% 1.84% 3.53% 3.27% 3.19% 3.45% 3.65% 4.05%
Assets 1 164,500 161,715 164,570 79,252 182,972 175,883 175,804 188,074
Book Value Per Share 2 32.60 30.30 30.10 29.50 28.90 26.90 26.40 -
Cash Flow per Share 2 4.790 4.800 5.370 5.530 5.780 5.520 5.880 6.200
Capex 1 5,492 5,405 7,818 4,647 4,654 6,011 6,871 7,247
Capex / Sales 10.97% 13.83% 16.61% 8.72% 10.66% 13.22% 14.08% 13.89%
Announcement Date 2/14/20 2/12/21 2/11/22 2/10/23 2/9/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
47.19 CAD
Average target price
52.76 CAD
Spread / Average Target
+11.81%
Consensus
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