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Energy Transportation Firm 'Looks to Carry Positive Momentum' Through 2019

Streetwise Reports, Streetwise Reports
1 Comment| May 21, 2019

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This company's solid Q1/19 and growth potential were discussed in an iA Securities report.

Click to enlarge

In a May 13 research note, iA Securities analyst Jeremy Rosenfield reported that Enbridge Inc. (ENB:NYSE; ENB:TSX) had a good start to 2019, with its Q1/19 results coming in above expectations.

"Solid performance across all business segments" drove Enbridge's Q1/19, highlighted Rosenfield. The company reported adjusted EBITDA of $3,769 million, higher than iA's CA$3,353 million projection and consensus' CA$3,447 million forecast. Adjusted earnings per share was CA$0.81, above iA's CA$0.79 projection and the Street's CA$0.73. Discounted cash flow was CA$1.37 per share, also higher than iA's CA$1.25 estimate and consensus' CA$1.21.

Enbridge's near-term growth and longer-term potential upside "remain on track," Rosenfield noted. The company intends to put about CA$16 billion into secured growth projects through 2023 and increase discounted cash flow (DCF) per share at an annual rate of about 5–7%.

"We continue to see longer-term potential upside from additional growth initiatives, which could support an extension of the existing DCF/share growth rate, without the need for external equity," the analyst added.

Enbridge reiterated its financial guidance for 2019.

Rosenfield concluded that Enbridge offers investors stable earnings and cash flows; visible, low-risk organic growth; attractive income characteristics; and upside. IA Securities has a Buy rating and a CA$60 per share price target on Enbridge Inc. The company's stock is currently trading at about CA$49.41 per share.

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional, and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from iA Securities, Enbridge Inc., Research Update, May 13, 2019

Conflicts of Interest: The research analyst and or associates who prepared this report are compensated based upon (among other factors) the overall profitability of iA Securities, which may include the profitability of investment banking and related services. In the normal course of its business, iA Securities may provide financial advisory services for the issuers mentioned in this report. iA Securities may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

Analyst's Certification: Each iA Securities research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst's personal views about the issuer and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analyst Trading: iA Securities permits analysts to own and trade in the securities and or the derivatives of the issuer under their research coverage, subject to the following restrictions. No trades can be executed in anticipation of coverage for a period of 30 days prior to the issuance of the report and 5 days after the dissemination of the report to our clients. For a change in recommendation, no trading is allowed for a period of 24 hours after the dissemination of such information to our clients. A transaction against an analyst's recommendation can only be executed for a reason unrelated to the outlook of the stock for the issuer and with the prior approval of the Director of Research and the Chief Compliance Officer.

Company Related Disclosures:
The Industrial Alliance Securities Inc. research analyst(s), who cover the issuer discussed, members of the research analyst’s household, research associate(s) or other individual(s) involved directly or indirectly in producing this report: a. have a long position in its common equity securities.
The analyst has visited the issuer's operations. No payment or reimbursement was received from the issuer for the associated travel costs.

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