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.
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.