Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ENBRIDGE INC. We currently have 37 research reports from 1 professional analysts.
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DIVESTS SE SASKATCHEWAN AND SW MANITOBA ASSETS FOR ~$1.075 BN
29 Sep 16
Impact: Neutral, as this announcement is aligned with comments made by Enbridge within the scope of the Spectra acquisition that ~$2 bn of non-core assets will be divested; however, the announcement came sooner than expected. The Company indicated that this sale will be accretive to the Fund Group's ACFFO on a per unit basis. We believe this implies that the interest savings from lowering corporate debt by $1,075 mm is greater than the ACFFO being generated by the asset base being sold. Our 2016e net debt forecast for Enbridge is $39,152 mm and this sale would notionally lower our forecast by 2.7% to ~$38,075 mm.
Enbridge Inc. (ENB) and Spectra Energy to Combine and Create $163 bn EV Infrastructure Company
07 Sep 16
ENB has announced the acquisition of Spectra Energy Corp (SE-N, not covered) for a transaction value of US$48 billion (C$61 billion). At closing, this will make ENB the largest energy infrastructure company in North America. We view the deal positively and would be buyers of the stock as we believe the strategic rationale for the transaction is strong, but that it will take a number of years for integration due to the size and scope of the transaction. We estimate that EBIT from Gas Pipelines and Processing as a percent of total EBIT will go from 8% in 2016e to 41% in 2018e due to the addition of Spectra. Our 2019e ACFFO of $5.76/share remains within the Company’s unchanged target of $5.50 to $6.00 per share.
AND SPECTRA ENERGY TO COMBINE AND CREATE $165 BN EV INFRASTRUCTURE COMPANY
06 Sep 16
Impact: We believe this transformational transaction creates long-term value through the significantly increased natural gas business platform. Enbridge estimates that roughly half of its EBITDA will come from natural gas related activities if the transaction closes. The Company's long-term growth outlook for ACFFO is unchanged, the dividend growth profile has been increased and extended while diversifying the operational platform. We view all of the prior traits positively. Synergies and enhancements to product offerings are expected to be realized in the medium to long-term but near-term impacts from the transaction may lead to dilution in 2017e CFPS and EPS.
ENBRIDGE INC. (ENB) AND ENBRIDGE ENERGY PARTNERS, L.P. ACQUIRE INTEREST IN BAKKEN PIPELINE SYSTEM FOR US$1.5 BN
03 Aug 16
The revised terms agreed with Maxit Capital should provide Solgold with the financial capacity to accelerate its exploration at Cascabel significantly. The ability to investigate the priority targets, some of which show a larger surface expression than the Alpala target which has received most of the exploratory work to date, enables Solgold to plan an exploration campaign which gives a more detailed view of the full scale of the Cascabel licence area. A maiden resource for the Alpala prospect will provide investors with a quantifiable benchmark against which they can assess the value of the wider licence area.
Adj EPS $0.50 (FCCe: $0.44; Street: $0.51)
02 Aug 16
Adjusted EBIT was $1.1 bn and in line with both FCC’s and the Street’s estimate of $1.1 bn. As expected, throughput volumes were negatively impacted in 2Q16 by the wildfires in northeastern Alberta, which significantly curtailed production from the oil sands; as a result, EBIT was $74 mm lower than it would have been without the outages, though, still up y/y due to new projects coming on line. Enbridge has deployed $1.8 bn of its capital program so far this year, including the Tupper gas plant acquisition ($0.5 bn) and the GTA Project ($0.9 bn), and expects to bring another $4 bn of projects into service in the next 12-months with projects that are all largely progressing on time and budget. We have assigned a 12-MTP of $55.00/share and maintain our Market Perform ranking.
REPORTS 2Q16: ADJ EPS $0.50 (FCCE: $0.44; STREET: $0.51)
29 Jul 16
Impact: Neutral. Adjusted EPS of $0.50/share was in line with street expectations of $0.50/share (FCC $0.44/share). Enbridge showed a y/y improvement of $40 mm for adjusted EBIT. Throughput volumes and EBIT were impacted in 2Q16 by the wildfires in northeastern Alberta, which curtailed production from the oil sands. The liquids mainline system is expected to return back to anticipated throughput levels in the third quarter. Despite the unexpected interruption of oil sands production, Enbridge anticipates FY2016 adjusted EBIT and ACFFO to remain within guidance of $4.4 bn - $4.8 bn and $3.80/sh-$4.50/sh, respectively.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management