Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ENBRIDGE INCOME FUND HOLDING. We currently have 20 research reports from 1 professional analysts.
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ENBRIDGE INCOME FUND HOLDING
ENBRIDGE INCOME FUND HOLDING
DIVESTS SE SASKATCHEWAN AND SW MANITOBA ASSETS FOR ~$1.075 BN
30 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.
Reports 2Q16 Results: Earnings of $67 mm (FCCe: $49 mm)
03 Aug 16
ENF released its first quarter earnings of $0.57/share, ahead of both our estimate of $0.46/share and consensus of $0.54/share. ENF has appointed Laura A. Cillis and M. George Lewis to its Board of Directors of the Corporation, the Board of Trustees of ECT and the Board of Directors of Enbridge Pipelines Inc. (EPI), a subsidiary of EIPLP. On April 20, 2016, ENF closed its common share equity financing that raised $718 mm, including Enbridge Inc.’s private placement subscription. We are maintaining our 12-MTP of $34.50/share and Outperform ranking.
REPORTS 2Q16 RESULTS: EARNINGS OF $67 MM (FCCE: $49 MM)
29 Jul 16
Impact: Positive. ENF released its first quarter earnings of $0.57/share, ahead of both our estimate of $0.46/share and consensus of $0.54/share. The Enbridge Income Fund (owned by ENF and Enbridge Inc.) performed well with available cash flow from operations of $383 mm (FCCe: $366 mm). Reported ACFFO increased $301 mm y/y, which was a result of higher operating earnings and cash flow from the assets dropped down to the Fund Group from Enbridge Inc. However, earnings and ACFFO were negatively impacted by the wildfires in the northeastern Alberta, which interrupted production from the oil sands.
1Q16 EARNINGS OF $52 MM (FCCE: $39 MM)
12 May 16
ENF released its fourth quarter earnings of $0.54/share, ahead of our estimate of $0.40/share and ahead of consensus of $0.45/share. The Enbridge Income Fund (owned by ENF and Enbridge Inc.) performed well with available cash flow from operations of $515 mm (FCCe: $474 mm). Reported ACFFO increased $419 mm y/y, which was a result of higher operating earnings and cash flow from the assets dropped down to the Fund Group from Enbridge Inc.
Raises $718 mm in Common Share Offering
21 Apr 16
ENF successfully closed the public offering of 20,353,850 common shares at a price of $28.25, and a private placement to Enbridge Inc. of 5,056,150 common shares at the same price. The aggregate financing will be used to subscribe for 25,410,000 units of Enbridge Income Fund, which will fund the secured capital programs of its investments. With this capital raise, we expect ENF will not need to participate in any more equity financings for the remainder of 2016. This dilution has marginally lowered our earnings outlook but we maintain our 12- MTP of $34.50/share, and our Outperform ranking.
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.
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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
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