E Split Corp T.ENS.PR.A

The total nav should be calculated by adding the ....

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nav of the equity and the nav of the preferred relative to the market of both .
This would allow for a more reasonable premium , approxiately 7.5% . Approxiately 20$ total nav to 21.50$ market value . 

 If enb is up 2% , i take that percentage and apply it to the total nav ( as per above ) therefore with a total of for example 20 $ then the equity should be up approxiately .40$.

In the end the future projected value of enb as well as the leveraged yield in ens will determine how high ens will end up - a good distribution with a potential long term growth .

 Thanks for reading , look forward to any opinion on my analysis ,
 
 ted

[Obscure1]

Interesting perspective on the Premium.  However, the reality for Common shareholders is that they are subordinated to the Prefs which effectively reduces the Unit NAV by $10.  As such, the value of the Unit NAV is irrelant to the Common holder.  I initially used the same math that you used to calculate the NAV.  I just tweaked it a bit to save time.  If Middlefield