Enbridge Inc.
Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The Liquids Pipelines segment operates pipelines and related te…
Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The Liquids Pipelines segment operates pipelines and related terminals to transport, store, and export various grades of crude oil and other liquid hydrocarbons in Canada and the United States. This segment also provides physical commodity marketing and logistical services, and crude oil marketing services. The Gas Transmission segment invests in natural gas pipelines and gathering and processing facilities in Canada and the United States. The Gas Distribution and Storage segment is involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as natural gas distribution activities in Quebec. The Renewable Power Generation segment operates wind, solar, geothermal, waste heat recovery, and transmission assets in North America. The company was formerly known as IPL Energy Inc. and changed its name to Enbridge Inc. in October 1998. Enbridge Inc. was founded in 1949 and is headquartered in Calgary, Canada.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF agrees.
Other models: CAD 52.43–64.30 (median 58.36). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of CAD 3.9520 per share from Fiscal year 2025, with 2.5% perpetual growth (base growth capped at the terminal rate) and 9.2% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 6.60%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 6.6% (sector default 4.6%, own revenue history 8.6%).
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — CAD 60.46 (-9.4%)
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EPS-based Gordon proxy
— CAD 52.43 (-21.5%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— CAD 64.30 (-3.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— CAD 178.61 (+167.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CAD 46.11 | -44.8% |
| Base CAD 60.46 | -10.4% |
| Bull CAD 87.03 | 23.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At CAD 66.75 the market implies perpetual dividend growth of about this rate (discount rate 9.2%).
Compare: the market implies 3.1% a year, this model assumes 2.5%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -1.5% | 44.74 | 40.13 | 36.38 | 33.27 | 30.65 |
| 0.5% | 59.28 | 51.58 | 45.65 | 40.95 | 37.12 |
| 2.5% | 86.19 | 71.07 | 60.46 | 52.61 | 46.56 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +16.2% a year | 20 / 20 |
| Balance sheet | net debt 5.5x EBITDA | 0 / 20 |
| Margins | EBITDA margin 21% | 20 / 20 |
Peers in Energy
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ENB.TO (this company) | CAD 66.75 | -10.4% | 19.5 | 2.3 | 5.9% | 80 |
| HBR.L Harbour Energy plc | GBP 2.62 | 61.8% | – | 1.4 | 7.9% | 92 |
| FANG Diamondback Energy | USD 178.39 | 37.1% | 24.3 | 1.3 | 2.4% | 100 |
| SHEL.L Shell plc | GBP 36.78 | 33.2% | 8.5 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 35.96 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.52 | 19.4% | – | – | 4.4% | 69 |
| BWLPG.OL BW LPG Limited | NOK 206.40 | 8.2% | 7.5 | 1.7 | 1.3% | 100 |
| EOG EOG Resources | USD 144.79 | 6.2% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 78.59 | 6.1% | 8.8 | 1.5 | 4.3% | 84 |
| Peer median | 8.7 | 1.5 | ||||
Dividends
Paid in the last 12 months: CAD 3.85 per share · yield 5.77% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.910 |
| 2025 | 3.772 |
| 2024 | 3.660 |
| 2023 | 3.552 |
| 2022 | 3.440 |
| 2021 | 3.340 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | CAD 65,126,000,000 |
|---|---|
| EBITDA | CAD 20,490,000,000 |
| EBIT | CAD 14,829,000,000 |
| Net income | CAD 7,491,000,000 |
| Free cash flow | CAD 3,978,000,000 |
| Capital expenditures | CAD 8,973,000,000 |
| Debt | CAD 106,505,000,000 |
| Cash | CAD 1,177,000,000 |
| Working capital | CAD -7,809,000,000 |
| Shares outstanding | 2,186,000,000 |
| Reported dividends per share | CAD 3.9520 |