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