Financials Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

Delayed Toronto S.E. Other stock markets 10:13:42 11/12/2024 pm IST			5-day change	1st Jan Change
60.36 ^CAD	+0.65%		-1.74%	+26.44%

04/12	Enbridge Maintained at Market Perform at BMO Following 2025 Guidance; Price Target Raised to C$60.00	MT
04/12	Enbridge Price Target Raised to $63 at CIBC	MT

Projected Income Statement: Enbridge Inc.

income-statement-evolution-chart ENBRIDGE-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	50,069	39,087	47,071	53,309	43,649	43,567	36,550	39,472
Change	-	-21.93%	20.43%	13.25%	-18.12%	-0.19%	-16.11%	7.99%
EBITDA ¹	13,271	13,273	14,001	15,531	16,454	18,268	19,722	20,452
Change	-	0.02%	5.48%	10.93%	5.94%	11.02%	7.96%	3.7%
EBIT ¹	9,880	9,561	10,149	11,104	11,692	13,022	14,066	14,832
Change	-	-3.23%	6.15%	9.41%	5.3%	11.38%	8.02%	5.44%
Interest Paid ¹	-2,663	-2,790	-2,655	-3,179	-3,812	-4,479	-4,825	-4,882
Earnings before Tax (EBT) ¹	7,535	4,190	7,729	4,542	7,879	8,615	8,933	9,217
Change	-	-44.39%	84.46%	-41.23%	73.47%	9.34%	3.69%	3.17%
Net income ¹	5,322	2,983	5,816	2,589	5,839	6,328	6,874	7,032
Change	-	-43.95%	94.97%	-55.48%	125.53%	8.38%	8.62%	2.3%
Announcement Date	14/02/20	12/02/21	11/02/22	10/02/23	09/02/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	12,352	12,013	7,956	9,110	10,008	12,187	10,948	11,466	12,520	15,097	13,215	11,573	13,424	12,075	10,432	9,844	11,298	11,038	11,336	14,882	7,654	7,954	7,079	6,914	7,744	8,157	7,149	6,908
Change	-	-2.74%	-33.77%	14.5%	9.86%	21.77%	-10.17%	4.73%	9.19%	20.58%	-12.47%	-12.43%	15.99%	-10.05%	-13.61%	-5.64%	14.77%	-2.3%	2.7%	31.28%	-48.57%	3.92%	-11%	-2.33%	12.01%	5.33%	-12.37%	-3.36%
EBITDA ¹	3,186	3,763	3,312	2,997	3,201	3,743	3,302	3,269	3,687	4,147	3,715	3,758	3,911	4,468	4,008	3,871	4,107	4,954	4,335	4,201	4,787	5,456	4,693	4,580	5,074	5,635	4,814	4,741
Change	-	18.11%	-11.99%	-9.51%	6.81%	16.93%	-11.78%	-1%	12.79%	12.48%	-10.42%	1.16%	4.07%	14.24%	-10.3%	-3.42%	6.1%	20.62%	-12.49%	-3.09%	13.94%	13.98%	-13.98%	-2.42%	10.78%	11.06%	-14.56%	-1.52%
EBIT ¹	2,321	2,881	2,363	2,062	2,255	2,811	2,373	2,325	2,640	3,082	2,612	2,654	2,756	3,286	2,350	2,707	2,899	3,761	3,062	2,833	3,371	4,225	3,126	3,038	3,384	4,375	3,286	3,168
Change	-	24.13%	-17.98%	-12.74%	9.36%	24.66%	-15.58%	-2.02%	13.55%	16.74%	-15.25%	1.61%	3.84%	19.23%	-28.48%	15.19%	7.09%	29.73%	-18.59%	-7.48%	18.99%	25.34%	-26.01%	-2.82%	11.38%	29.29%	-24.89%	-3.57%
Charge d'intérêts ¹	-697	-706	-681	-718	-685	-657	-618	-648	-732	-719	-791	-806	-863	-905	-883	-921	-1,103	-905	-1,082	-1,314	-1,187	-1,176	-1,184	-1,192	-1,196	-1,198	-1,216	-1,234
Earnings before Tax (EBT) ¹	1,347	-1,913	2,368	1,335	2,400	2,497	1,791	1,013	2,428	2,057	740	1,701	-549	2,376	2,520	751	2,232	1,951	2,740	1,759	2,165	2,729	1,934	1,883	2,293	2,715	1,837	1,720
Change	-	-	-	-43.62%	79.78%	4.04%	-28.27%	-43.44%	139.68%	-15.28%	-64.03%	129.86%	-	-	6.06%	-70.2%	197.2%	-12.59%	40.44%	-35.8%	23.08%	26.04%	-29.13%	-2.64%	21.76%	18.4%	-32.32%	-6.4%
Net income ¹	746	-1,429	-	990	1,775	1,900	1,394	682	1,840	1,927	450	1,279	-1,067	1,733	1,848	532	1,726	1,419	1,848	1,293	1,606	1,997	1,392	1,354	1,670	1,939	1,282	1,194
Change	-	-	-100%	-	79.29%	7.04%	-26.63%	-51.08%	169.79%	4.73%	-76.65%	184.22%	-	-	6.64%	-71.21%	224.44%	-17.79%	30.23%	-30.03%	24.22%	24.34%	-30.3%	-2.74%	23.32%	16.12%	-33.85%	-6.85%
Announcement Date	14/02/20	07/05/20	29/07/20	06/11/20	12/02/21	07/05/21	30/07/21	05/11/21	11/02/22	06/05/22	29/07/22	04/11/22	10/02/23	05/05/23	04/08/23	03/11/23	09/02/24	10/05/24	02/08/24	01/11/24	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Enbridge Inc.

balance-sheet-analysis-chart ENBRIDGE-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	64,315	66,445	75,354	80,119	75,298	98,566	1,00,325	1,01,502
Change	-	3.31%	13.41%	6.32%	-6.02%	30.9%	1.78%	1.17%
Announcement Date	14/02/20	12/02/21	11/02/22	10/02/23	09/02/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Enbridge Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	5,492	5,405	7,818	4,647	4,654	7,214	8,125	7,480
Change	-	-1.58%	44.64%	-40.56%	0.15%	55%	12.63%	-7.94%
Free Cash Flow (FCF) ¹	3,906	4,376	1,438	6,583	9,547	6,265	5,292	7,482
Change	-	12.03%	-67.14%	357.79%	45.03%	-34.38%	-15.52%	41.38%
Announcement Date	14/02/20	12/02/21	11/02/22	10/02/23	09/02/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Enbridge Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	26.51%	33.96%	29.74%	29.13%	37.7%	41.93%	53.96%	51.81%
EBIT Margin (%)	19.73%	24.46%	21.56%	20.83%	26.79%	29.89%	38.49%	37.58%
EBT Margin (%)	15.05%	10.72%	16.42%	8.52%	18.05%	19.77%	24.44%	23.35%
Net margin (%)	10.63%	7.63%	12.36%	4.86%	13.38%	14.53%	18.81%	17.82%
FCF margin (%)	7.8%	11.2%	3.05%	12.35%	21.87%	14.38%	14.48%	18.95%
FCF / Net Income (%)	73.39%	146.7%	24.72%	254.27%	163.5%	98.99%	76.99%	106.39%
Profitability
ROA	3.24%	1.84%	3.53%	3.27%	3.19%	3.3%	3.53%	4.4%
ROE	7.88%	7.68%	9.52%	9.43%	9.47%	10.21%	11.21%	12.1%
Financial Health
Leverage (Debt/EBITDA)	4.85x	5.01x	5.38x	5.16x	4.58x	5.4x	5.09x	4.96x
Debt / Free cash flow	16.47x	15.18x	52.4x	12.17x	7.89x	15.73x	18.96x	13.57x
Capital Intensity
CAPEX / Current Assets (%)	10.97%	13.83%	16.61%	8.72%	10.66%	16.56%	22.23%	18.95%
CAPEX / EBITDA (%)	41.38%	40.72%	55.84%	29.92%	28.28%	39.49%	41.2%	36.57%
CAPEX / FCF (%)	140.6%	123.51%	543.67%	70.59%	48.75%	115.15%	153.52%	99.97%
Items per share
Cash flow per share ¹	4.788	4.796	5.374	5.535	5.783	5.855	6.085	6.275
Change	-	0.17%	12.06%	2.99%	4.49%	1.24%	3.93%	3.12%
Dividend per Share ¹	2.952	3.24	3.34	3.44	3.55	3.667	3.778	3.892
Change	-	9.76%	3.09%	2.99%	3.2%	3.3%	3.03%	3.02%
Book Value Per Share ¹	32.61	30.29	30.07	29.52	28.92	27.81	26.69	25.82
Change	-	-7.13%	-0.73%	-1.83%	-2.02%	-3.82%	-4.03%	-3.26%
EPS ¹	2.64	1.48	2.87	1.28	2.84	2.854	2.961	2.988
Change	-	-43.94%	93.92%	-55.4%	121.87%	0.5%	3.75%	0.89%
Nbr of stocks (in thousands)	20,23,912	20,25,219	20,26,085	20,24,819	21,25,574	21,78,051	21,78,051	21,78,051
Announcement Date	14/02/20	12/02/21	11/02/22	10/02/23	09/02/24	-	-	-