Enbridge Inc

ENB: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 67.00	Hrvvmk	Jmyqhsd

Enbridge Earnings: Capturing Upside From Recent Mainline Announcement and M&A

Stephen Ellis

May 5, 2023

Enbridge's first-quarter earnings were reliably solid as usual. Adjusted EBITDA increased 8% to CAD 4.5 billion from last year's levels, primarily driven by the increased economic interests in the Gray Oak and Cactus II pipelines. Full-year EBITDA guidance at a midpoint of CAD 16.2 billion was reaffirmed, compared with our CAD 16.3 billion forecast. We expect to maintain our CAD 52 and $39 fair value estimates and narrow moat rating.

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