Spectra Unitholders Face Lower Cash Payments in 2019, but Enbridge Growth Prospects Solid
We are reaffirming our $52 per unit fair value estimate for Spectra Energy Partners as the company moves toward closing its consolidation with parent company Enbridge on Dec. 17. We are reaffirming our wide moat and stable moat trend ratings for Spectra and Enbridge.Our fair value estimate continues to be based on Enbridge's proposed all-stock acquisition at a 1.111 unit exchange ratio and our CAD 62 per share fair value estimate for Enbridge. The market is valuing Spectra in line with the impl...
Spectra Energy Partners is a partnership holding company. Through its subsidiaries and equity affiliates, the company is engaged in the transmission, storage and gathering of natural gas, and the transportation and storage of crude oil, through interstate pipeline systems in the U.S. and Canada. The company's operations and activities are managed by its general partner, Spectra Energy Partners (DE) GP, LP. The company manages its business in two reportable segments: U.S. Transmission, which provides transmission, storage, and gathering of natural gas in northeastern and southeastern U.S.; and Liquids, which provides transportation and storage of crude oil in central U.S. and Canada.
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