RE:Analysis works, but sometimes you need to trust your gutExcellent analysis as usual Obscure...Agree with your logic
A few additional thoughts..
1...with ENS trading at a discount to NAV this is a good time to be holding this stock
2...Regarding ENB -
I would add that ENB managment is focussed on reducing the cost of transporting its oil and NG. This is a low risk way to increase profits because in some some sense they are on both sides of the equation. ENB spends about a billion dollars a year in transmission costs so there is a lot of potential for savings.
As new technologies emerge in the area of localized electricity production at the business premises itself using NG as a feedstock (AKA dispatchable energy production), there is potential for a significant increase in NG sales through its utility business. My gut is saying that ENB mgt is aware of these opportunities and hence the desire to increase its utility business. I know for a fact through my network that they are already talking to companies developing such technologies. This is yet another area where I think the analysts on The Street are asleep at the switch and haven't factored this into their long term view.