Maintaining Enbridge's Fair Value Estimate, Raising Spectra's After Merger Deal
After updating our Enbridge model for the impact of the Spectra Energy merger, we are maintaining our fair value estimate for Enbridge of $42 (CAD 54) per share. Although the announced stock deal implies an 11.5% premium over Spectra Energy’s closing share price on Sept. 2, 2016, we expect the announced cost synergies to offset the premium. The combined company expects to achieve CAD 540 million in annual cost savings, beginning in the latter part of 2018. In addition to the cost synergies, the...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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