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.
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 - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.