Bottom | | Q1/16 | Q2/16 | Q3/16 | Q4/16 | | Q1/17 | Q2/17 | Q3/17 | Q4/17 |
| ACFFO | $1,114 | $868 | $852 | $879 | | $1,215 | $1,324 | $1,334 | $1,741 |
| W S/O | 882 | 917 | 922 | 927 | | 1,187 | 1,628 | 1,635 | 1,652 |
| ACFFO | $1.27 | $0.95 | $0.92 | $0.95 | | $1.03 | $0.81 | $0.82 | $1.05 |
| | | | | | | | | | |
| Adj.Earnings | $663 | $456 | $437 | $522 | | $675 | $662 | $632 | $1,013 |
| Adj. EPS | $0.76 | $0.50 | $0.47 | $0.56 | | $0.57 | $0.41 | $0.39 | $0.61 |
| | | | | | | | | | |
| Dividend | $0.53 | $0.53 | $0.53 | $0.53 | | $0.58 | $0.61 | $0.61 | $0.61 |
| | | | | | | | | | |
| Payout | 41.7% | 55.8% | 57.6% | 55.8% | | 56.6% | 75.3% | 74.4% | 58.1% |
It looks like ENB dilutional impact of Spectra is behind us. During the Q4/17 the payout ratio declined nicely based on their $0.61 dividend. Available cashflow was up to $1.05 vs $0.95 in 2016. Quarterly y/y numbers going forward in 2018 should be very favourable given the lows of 2017. Their recent private equity raise in November is also partially built in to the weighed shares o/s in Q4. The company has raised it dividend to $0.67 Q1 and would not have done so if there was a concern about this quarter. $12 billion of assets were brought on in 2017 with some later in Q4. The latter will add to ACFFO in 2018 starting Q1. In Feb 2017 we witnessed the closing of Spectra so that year was a transitional year. I would have to think there are some benefits of the merger that will still work their way through to the bottom line this year also. Capital expenditures are not forcast to be as significant as 2018 at $7 bln versus $12 bln lasy year. The numbers I have provided above, in my mind, clearly indicate the cash flow trend is up after many quarters of weakness due to the merger. Very recently, when they released their year end financials, they said they identied $3 billion of assets back in November and that they will monetize them in 2018 and "that are in the process of selling some of those US assets" currently. Any asset sale announcement would send the stock higher as it is currently being driven downwards larging on technical related issues the likes of large dividend funds selling after the ex date and idle speculation on the part of many of us. Fundamentally one would normally be excited to see a comany re-focus on it's core business, accelerate de-leveraging and extend growth beyond 2020. We need news on asset sales which will come and with a little luck a positive outcome on line expansion in the US.
splurge