ENB

Enbridge presents as a classic regulated-infrastructure compounder: the 10-K (filed 2026-02-13) lays out a deep, largely de-risked growth backlog. Liquids projects (Mainline Optimization Phase 1 adding 150/100 kbpd to Mainline/Flanagan South in 2027, Southern Illinois Connector in 2028, the Pelican CO2 Hub with Oxy in 2029) are 'underpinned by long-term take-or-pay contracts' with 'investment grade' counterparties, and the majority of FSP shippers extended full-path contracts beyond 2040. Gas transmission expansions (T-North Aspen Point +535 mmcf/d and Tennessee Ridgeline in 2026, T-South Sunrise +300 mmcf/d in 2028, Woodfibre LNG in 2027) run on cost-of-service or take-or-pay models, and the Woodfibre commercial reset is explicitly described as 'de-risking Enbridge's return on capital.' This is the kind of contracted, fee-based cash flow that supports a durable dividend.

The problem is that I cannot value it from the data given. The only structured fundamentals are from FY2017 — shares outstanding of 2.18B and dividends paid of $3.50B — with no current revenue, margins, earnings, ROE, leverage, or distributable cash flow. The eye-catching +84.2% jump in dividends paid is almost certainly the 2017 Spectra Energy merger doubling the company, not organic dividend growth, so it carries no signal for today. With price at $54.55 and zero current earnings or cash-flow figures provided, there is no honest basis to compute a P/E, P/S, or dividend-coverage multiple, and therefore no basis for a price target.