The Line 3 Replacement will provide a necessary boost to cash flows.
After updating our model to include Enbridge Energy Partner’s fourth-quarter results and lower future distributable cash flow attributed the U.S. tax reform, we are lowering our fair value estimate to $17 per share from $18. Trading near $13 per share, we see 30% upside in the stock. We believe that the market doesn’t realize the full potential of the Line 3 Replacement to generate stable cash flows and excess returns for the company. Additionally, we expect a 2018 distribution rate of 11%, whic...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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