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Enbridge Inc ENB

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Morningstar’s Analysis

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Capital Allocation


Enbridge’s 2022 Guidance Looks Healthy

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Enbridge’s 2022 guidance looks very healthy to us and reflective of a strong oil and gas price environment. With the guidance consistent with our forecast, we don’t expect to make any material changes, so our fair value estimate and narrow moat rating remain unchanged. EBITDA for 2022 is expected to be CAD 15.3 billion at the midpoint, an increase of 9% over 2021 expectations. The major drivers of this performance will be higher volumes on the Mainline system, a full year of contributions from the Ingleside acquisition and Line 3 pipeline, and other projects being placed into service. Capital spending plans of CAD 3 billion-CAD 4 billion annually, with up to CAD 2 billion available for alternative uses including opportunistic projects, debt deleveraging, or share buybacks remain unchanged. Initially, on the capital returns front, Enbridge announced a modest increase in the quarterly dividend to CAD 0.86 per from CAD 0.835, and an opportunistic CAD 1.5 billion share buyback program.

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Company Profile

Business Description

Enbridge owns extensive midstream assets that transport hydrocarbons across the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada’s largest natural gas distribution company. Finally, the firm has a small renewables portfolio primarily focused on onshore and offshore wind projects.

425-1st Street SW, Suite 200, Fifth Avenue Place
Calgary, AB, T2P 3L8, Canada
T +1 403 231-3900
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 11,200