Enbridge Exceeds All Expectations; Stock Remains Highly Undervalued
Wide-moat and Best Idea Enbridge reported a record quarter that exceeded our and consensus’ expectations. The company reported first-quarter adjusted EBITDA of CAD 3.8 billion compared with CAD 3.4 billion in the year-ago quarter. Enbridge also reported distributable cash flow of CAD 2.8 billion compared with CAD 2.3 billion in the first quarter of 2018. The outperformance was attributed to higher throughput on the Mainline system and downstream pipelines; a stronger-than-expected contribution f...Enbridge is an energy transportation and distribution companyoperating in 5 segments: Liquids Pipelines, consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals; Gas Distribution, of Co.'s natural gas utility operations; Gas Pipelines and Processi consists of investments in natural gas pipelines and processing facilities; Green Power and Transmission, consists of Co.'s investments in renewable energy assets and transmission facilities; and Energy Services, consist of physical commodity marketing activity and logistical services.
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