Research, Charts & Company Announcements
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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.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.