Enbridge Inc Dossier
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SectorEnergy IndustryOil & Gas Storage & Transportation Beta (adjusted)0.72 Intrinsic Value $31.82median of 6 methods · middle span $9-$44based on filings through 30 Jun 2026 Market Price $46.27Price as of 1 Oct 2026 OvervaluedIntrinsic value is 31% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $103.1B Enterprise Value $146.1B Shares Outstanding 2.2B diluted Moat Rating Narrow Next Earnings Date6 Nov 2026 Last ex-dividend14 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Enbridge offers visible, infrastructure-backed growth through a C$41 billion secured backlog, approximately 5% post-2026 growth guidance and a 31-year record of annual dividend increases. The August 2026 Westcoast joint venture demonstrates capital recycling that can fund expansion while protecting financial flexibility, and the Salt Creek acquisition extends the Permian wellhead-to-export value chain. Offsetting these merits, second-quarter Debt-to-EBITDA was 5.1x, above the 4.5-5.0x year-end target, while higher interest expense and depreciation pressured adjusted earnings per share. A Hold balances the durable cash-flow and dividend proposition against leverage and execution demands. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$45.99 Mean target$52.93 High · most bullish analyst$60.53 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $45.9924% The bear case assumes leverage remains above target, financing costs continue to pressure per-share results, or major backlog projects suffer delays or cost pressure. Failure to achieve the lower bounds of 2026 adjusted EBITDA or DCF-per-share guidance would weaken dividend-growth coverage and reduce financial flexibility for new projects. Base CaseCentral scenario $52.9356% Matches the consensus meanThe base case assumes Enbridge delivers within its reaffirmed 2026 adjusted EBITDA and DCF-per-share ranges, moves year-end leverage into the 4.5-5.0x target range and executes its C$41 billion backlog without material disruption. Capital recycling and long-term contracted projects support approximately 5% post-2026 growth, but financing costs and project execution constrain upside. Bull CaseUpside scenario $60.5320% The bull case assumes timely execution of the secured backlog, successful completion and integration of Salt Creek, realization of Westcoast funding benefits, continued strong asset utilization and delivery of approximately 5% post-2026 growth. Additional commercialization of gas-transmission, LNG-connectivity and renewable-power opportunities would extend the visible growth runway. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |