E Split Corp T.ENS

Picking away at ENS

[Obscure1]

I have been selling off my overnight cash position (TDB8150 yielding 4.55%) to buy ENS since last Thursday. 

I'm pretty happy to be holding ENS yielding 12.6% based upon my $12.35 cost base.  At my age, 12.6% is good enough.    

I'm not in love with ENB ever since they lowered the guidance to a range of 5% to 7% growth about 3 years ago.  However, the risk/reward ration of owning the common shares is worth it imo

[cttglvr]

Do you feel the premium for ENS over the NAV is warranted? Middlefield has the ENS NAV as of Sept 25 at $10.70 and the preferred at $10.17? I picked up some yesterday but will wait until it goes ex-dividend before looking at more. Even with that high yield the premium seems too high to go all in.

[Obscure1]

If I had a crystal ball, this would be easy. The 12.6% yield on ENS is almost 5% higher than the yield on ENB's 7.8% The 4.8% yield difference represents a 61.5% premium to the ENB yield  If my pricing model that i put together in 15 minutes is correct, the NAV at the end of Tuesday should be $10.34 while the ENS closing share price was $12.11.  The $1.77 difference puts the