Enbridge Income Fund Holdings Inc. EBGUF

RBC Expectations for this quarter published last week

[hawk35]

Sector Perform ($31.00 one-year price target)
First-quarter earnings and DCF (release date: May 10)

We expect Enbridge Income Fund’s DCF/share in Q1/18 to be $0.80, which is up from $0.56
in Q1/17. We forecast stronger Liquids Pipelines EBITDA primarily due to higher expected
contribution from the Canadian Mainline (higher expected tolls and pipeline volumes) and the
contribution from new projects placed into service over the past year. We estimate results on
a per-share basis to be moderated by the issuance of common shares in December 2017.