Spectra Acquisition Adds Value; Stock Looks Modestly Undervalued
After updating our model to incorporate Enbridge’s first-quarter results, we are raising our fair value estimate to CAD 59 per share from our previous estimate of CAD 55 per share. Due to USD/CAD movements, our USD fair value estimate is unchanged at $43 per share. Over CAD 8 billion in natural gas growth projects associated with the Spectra acquisition are the driving force behind in the increase in our estimate and provide the company with ample secured cash flows. Trading near CAD 55 per sha...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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