We Expect Minimal FERC Impact on Enbridge; Stock Is Deeply Undervalued
After updating our model for the impacts of proposed regulation by the Federal Energy Regulatory Commission that disallows income tax recovery on cost-of-service pipelines, we are lowering our fair value estimate on wide-moat Enbridge to $47 (CAD 62) from our previous estimate of $51 (CAD 64). Changes in foreign exchange rates also affected our U.S. fair value estimate. We expect the impact of the FERC’s proposal to be minimal for Enbridge. As part of the Mainline’s international joint toll agre...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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