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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.