Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Enbridge Energy Partners operates as a master limited partnership and was formed by its general partner, Enbridge Inc. The firm operates a portfolio of transportation systems in the U.S., highlighted by the U.S. portion of the Canadian Mainline pipeline system, the Lakehead system.Enbridge Energy Partners is positioned to benefit from growing oil sands supply dynamics with its Lakehead system. The regulated Canadian Mainline system generates attractive tolls, while representing approximately 70%...
Narrow-moat Enbridge Energy Partners reported third-quarter adjusted EBITDA of $380 million, a decrease of 5% from the year-ago quarter. Decreased performance was a result of the tax disallowance regulation established by the Federal Energy Regulatory Commission. However, adjusted EBITDA was ahead of our expectations and up 6% sequentially owing to a continued strong performance on the Lakehead system. Distributable cash flow also decreased 5% from the year-ago quarter to $184 million for the sa...
Narrow-moat Enbridge Energy Partners reported third-quarter adjusted EBITDA of $380 million, a decrease of 5% from the year-ago quarter. Decreased performance was a result of the tax disallowance regulation established by the Federal Energy Regulatory Commission. However, adjusted EBITDA was ahead of our expectations and up 6% sequentially owing to a continued strong performance on the Lakehead system. Distributable cash flow also decreased 5% from the year-ago quarter to $184 million for the sa...
Narrow-moat Enbridge Energy Partners reported third-quarter adjusted EBITDA of $380 million, a decrease of 5% from the year-ago quarter. Decreased performance was a result of the tax disallowance regulation established by the Federal Energy Regulatory Commission. However, adjusted EBITDA was ahead of our expectations and up 6% sequentially owing to a continued strong performance on the Lakehead system. Distributable cash flow also decreased 5% from the year-ago quarter to $184 million for the sa...
Efficient scale typically applies to firms that serve a market of limited size, in which potential competitors have little incentive to enter because doing so would lower the industry’s returns below the cost of capital. Although we observe efficient scale across nearly every sector, it is most common in highly regulated and capital-intensive industries, such as regulated utilities, telecom services, midstream oil and gas, REITs, and railroads. Compared with companies that benefit from other ...
Efficient scale typically applies to firms that serve a market of limited size, in which potential competitors have little incentive to enter because doing so would lower the industry’s returns below the cost of capital. Although we observe efficient scale across nearly every sector, it is most common in highly regulated and capital-intensive industries, such as regulated utilities, telecom services, midstream oil and gas, REITs, and railroads. Compared with companies that benefit from other m...
Efficient scale is perhaps the least intuitive of the five moat sources that Morningstar identifies as drivers of sustainable competitive advantage. It typically applies to firms that serve a market of limited size, in which potential competitors have little incentive to enter because doing so would lower the industry’s returns below the cost of capital. We highlight eight distinct market characteristics that can indicate the presence of efficient scale. Although we observe efficient scale ac...
Efficient scale is perhaps the least intuitive of the five moat sources that Morningstar identifies as drivers of sustainable competitive advantage. It typically applies to firms that serve a market of limited size, in which potential competitors have little incentive to enter because doing so would lower the industry’s returns below the cost of capital. We highlight eight distinct market characteristics that can indicate the presence of efficient scale. Although we observe efficient scale acr...
Enbridge Energy Partners operates as a master limited partnership and was formed by its general partner, Enbridge Inc. The firm operates a portfolio of transportation systems in the U.S., highlighted by the U.S. portion of the Canadian Mainline pipeline system, the Lakehead system.Enbridge Energy Partners is positioned to benefit from growing oil sands supply dynamics with its Lakehead system. The regulated Canadian Mainline system generates attractive tolls, while representing approximately 70%...
Best Idea Enbridge entered into an agreement to acquire the remaining outstanding shares of Enbridge Energy Partners in a deal worth approximately CAD 3.2 billion based on Enbridge’s Sept. 17, 2018, closing price. Under the deal, Enbridge will issue 0.335 shares for each unit of Enbridge Energy Partners, approximating 72 million shares. The increased purchase price represents a 9% increase from the initial proposal in May and a 3% increase to our expectations. We still expect the transaction t...
Best Idea Enbridge entered into an agreement to acquire the remaining outstanding shares of Enbridge Energy Partners in a deal worth approximately CAD 3.2 billion based on Enbridge’s Sept. 17, 2018, closing price. Under the deal, Enbridge will issue 0.335 shares for each unit of Enbridge Energy Partners, approximating 72 million shares. The increased purchase price represents a 9% increase from the initial proposal in May and a 3% increase to our expectations. We still expect the transaction t...
Best Idea Enbridge entered into an agreement to acquire the remaining outstanding shares of Enbridge Energy Partners in a deal worth approximately CAD 3.2 billion based on Enbridge’s Sept. 17, 2018, closing price. Under the deal, Enbridge will issue 0.335 shares for each unit of Enbridge Energy Partners, approximating 72 million shares. The increased purchase price represents a 9% increase from the initial proposal in May and a 3% increase to our expectations. We still expect the transaction t...
In its second quarter, narrow-moat Enbridge Energy Partners felt the impact of the Federal Energy Regulatory Commission's ruling on the tax disallowance. Under the ruling, the company is not longer permitted to include taxes on the toll calculation for the Lakehead system, the partnership's main assets. Accordingly, Enbridge Energy Partners reported second-quarter adjusted EBITDA of $380 million, a decrease of 4% from the year-ago quarter. Distributable cash flow also decreased 9% from the year-...
In its second quarter, narrow-moat Enbridge Energy Partners felt the impact of the Federal Energy Regulatory Commission's ruling on the tax disallowance. Under the ruling, the company is not longer permitted to include taxes on the toll calculation for the Lakehead system, the partnership's main assets. Accordingly, Enbridge Energy Partners reported second-quarter adjusted EBITDA of $380 million, a decrease of 4% from the year-ago quarter. Distributable cash flow also decreased 9% from the year-...
In its second quarter, narrow-moat Enbridge Energy Partners felt the impact of the Federal Energy Regulatory Commission's ruling on the tax disallowance. Under the ruling, the company is not longer permitted to include taxes on the toll calculation for the Lakehead system, the partnership's main assets. Accordingly, Enbridge Energy Partners reported second-quarter adjusted EBITDA of $380 million, a decrease of 4% from the year-ago quarter. Distributable cash flow also decreased 9% from the year-...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
Enbridge Energy Partners operates as a master limited partnership and was formed by its general partner, Enbridge Inc. The firm operates a portfolio of transportation systems in the U.S., highlighted by the U.S. portion of the Canadian Mainline pipeline system, the Lakehead system.Enbridge Energy Partners is positioned to benefit from growing oil sands supply dynamics with its Lakehead system. The regulated Canadian Mainline system generates attractive tolls, while representing approximately 70%...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
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