Enbridge Inc

ENB: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 75.00	Vzysr	Ssxjpsgz

Enbridge Earnings: With Mainline Settled, Pressure Grows on Trans Mountain Pipeline Expansion

Stephen Ellis

Aug 4, 2023

Enbridge’s second-quarter results met our expectations. The firm reaffirmed its 2023 EBITDA guidance of a midpoint of CAD 16.2 billion, whereas we continue to think there's some volume and fee upside to our forecasted CAD 16.3 billion. After updating our model, our CAD 52 and USD 39 per share fair value estimates and narrow moat ratings remain unchanged.

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