Enbridge Inc

ENB: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 48.00	Lmllbhp	Tjpswlbf

Enbridge Earnings: Excellent Results; Boosting Fair Value Estimate

Stephen Ellis

Feb 9, 2024

Enbridge’s fourth-quarter results were above our expectations, primarily due to strength in Mainline volumes. Full-year EBITDA of CAD 16.45 billion was ahead of our CAD 16.2 billion forecast. After updating our model, we increased our fair value estimates to CAD 56/USD 42 per share from CAD 52/USD 39. Our narrow moat rating is unchanged.

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