Enbridge Inc. logo ENB - Enbridge Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 12
HOLD 12
SELL 1
STRONG
SELL
0
| PRICE TARGET: $46.86 DETAILS
HIGH: $63.00
LOW: $42.17
MEDIAN: $43.00
CONSENSUS: $46.86
DOWNSIDE: 19.26%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 80% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Overvalued Moderate
Trading 33.1% above fair value
Current Price $58.04
Bear Case $34.89 39.9% downside ($34.89 - $58.04) / $58.04 = -39.9% $2.49 × 14x P/E
Fair Value $43.61 24.9% downside ($43.61 - $58.04) / $58.04 = -24.9% $2.49 × 17x P/E
Bull Case $52.34 9.8% downside ($52.34 - $58.04) / $58.04 = -9.8% $2.49 × 20x P/E

Adjust Assumptions

17.1x
2.49$

Key Value Driver

Normalized P/E multiple (17x base case)

Implied Market Multiple 23.3x

Plain-Language Summary

Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $46.86 from 25 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $43.61 per share.

Warnings

The company pays out 118% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Financial statements were converted from CAD into USD using USDCAD at 0.7240 USD per CAD.

Key Risks

  • Growth DCF inappropriate — terminal value assumptions dominate
  • EV/EBITDA misleading for regulated businesses where capex is mandated
  • Regulatory risk is a fat tail not visible in normal multiples