| This report should not be construed as providing investment
advice. It is for educational purposes only.
Before making any investment decision, you should always do your own
research or consult a investment professional. |
|
|
|
|
|
|
|
|
|
| While I try to
be accurate, I assume no responsibility for any figure in this spreadsheet. |
|
|
|
|
|
|
|
Estimates |
Estimates |
Estimates |
|
|
|
|
|
|
|
|
|
|
|
| See my website
on stocks or see my blog at the following sites. |
|
www.spbrunner.com/stocks.html |
|
www.spbrunner.blogspot.com/ |
|
Q2 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enbridge Income Fund |
|
|
TSX: |
Symbol |
OTC: |
Symbol |
www.enbridgeincomefund.com |
|
|
Fiscal Yr: |
Dec 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year |
12/31/03 |
12/31/04 |
12/31/05 |
12/31/06 |
12/31/07 |
12/31/08 |
12/31/09 |
12/31/10 |
12/31/11 |
12/31/12 |
12/31/13 |
12/31/14 |
12/31/15 |
12/31/16 |
12/31/17 |
|
Value |
Description |
#Y |
Item |
|
|
|
|
|
|
| Accounting Rules |
|
|
|
|
|
|
|
|
|
US GAAP |
US GAAP |
US GAAP |
US GAAP |
US GAAP |
US GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$425.8 |
<-12 mths |
2.43% |
|
|
|
|
|
|
|
|
|
|
|
| Revenue* |
$126.0 |
$239.8 |
$249.0 |
$245.4 |
$270.8 |
$297.0 |
$314.8 |
$328.1 |
$392.6 |
$389.6 |
$403.2 |
$415.7 |
|
|
|
|
73.35% |
<-Total Growth |
10 |
Revenue |
|
|
|
|
|
|
| Increase |
|
90.32% |
3.84% |
-1.45% |
10.35% |
9.68% |
5.99% |
4.22% |
19.66% |
-0.76% |
3.49% |
3.10% |
|
|
|
|
5.66% |
<-IRR #YR-> |
10 |
Revenue |
|
|
|
|
|
|
| 5 year Running Average |
|
|
|
|
$226.2 |
$260.4 |
$275.4 |
$291.2 |
$320.7 |
$344.4 |
$365.7 |
$385.8 |
|
|
|
|
5.72% |
<-IRR #YR-> |
5 |
Revenue |
|
|
|
|
|
|
| Revenue per Share |
$3.64 |
$6.93 |
$7.19 |
$7.09 |
$7.82 |
$8.58 |
$9.09 |
$9.48 |
$7.98 |
$6.37 |
$6.11 |
$5.20 |
|
|
|
|
7.93% |
<-IRR #YR-> |
7 |
5 yr Running Average |
|
|
|
|
|
|
| Increase |
|
90.32% |
3.84% |
-1.45% |
10.35% |
9.68% |
5.99% |
4.30% |
-15.85% |
-20.22% |
-4.04% |
-14.84% |
|
|
|
|
6.98% |
<-IRR #YR-> |
5 |
5 yr Running Average |
|
|
|
|
|
|
| 5 year Running Average |
|
|
|
|
$6.53 |
$7.52 |
$7.95 |
$8.41 |
$8.59 |
$8.30 |
$7.81 |
$7.03 |
|
|
|
|
-2.82% |
<-IRR #YR-> |
10 |
Revenue per Share |
|
|
|
|
|
|
| P/S (Price/Sales) Med |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-10.56% |
<-IRR #YR-> |
5 |
Revenue per Share |
|
|
|
|
|
|
| P/S (Price/Sales) Close |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.05% |
<-IRR #YR-> |
7 |
5 yr Running Average |
|
|
|
|
|
|
| *Revenue in M CDN $ |
|
|
|
|
|
|
xx |
|
|
|
|
|
|
|
|
|
-2.44% |
<-IRR #YR-> |
5 |
5 yr Running Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$239.8 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$415.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$314.8 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$415.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$226.2 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$385.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$275.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$385.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$6.93 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$9.09 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$6.53 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$7.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$7.95 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$7.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$320.8 |
<-12 mths |
16.65% |
|
|
|
|
|
|
|
|
|
|
|
| Distributable Cash |
$30.50 |
$68.40 |
$74.30 |
$74.30 |
$73.50 |
$91.2 |
$90.1 |
$100.2 |
$134.3 |
$195.6 |
$263.2 |
$275.0 |
|
|
|
|
40.59% |
<-Total Growth |
10 |
Distributable Cash |
|
|
|
|
|
|
|
|
|
|
|
|
$74.90 |
$83.70 |
$83.70 |
|
|
|
|
$171.4 |
<-12 mths |
36.46% |
|
14.93% |
<-IRR #YR-> |
10 |
Revenue |
|
|
|
|
|
|
| ECT Preferred
Distributions |
|
|
|
|
|
|
|
|
$58.8 |
$80.8 |
$116.1 |
$125.6 |
|
|
|
|
25.00% |
<-IRR #YR-> |
5 |
Revenue |
|
|
|
|
|
|
| Trust Units Cash
Distributions |
|
|
|
|
|
|
|
|
$53.5 |
$73.6 |
$105.8 |
$114.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payout Ratio |
|
|
|
|
|
82.13% |
92.90% |
83.53% |
83.62% |
78.94% |
84.32% |
87.27% |
|
|
|
|
83.62% |
<-Median-> |
7 |
Payout Ratio |
|
|
|
|
|
|
| *Cash available for
distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$68.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$275.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$90.1 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$275.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EPS Basic |
$0.31 |
$0.30 |
$0.44 |
$1.02 |
$0.61 |
$0.63 |
$0.38 |
$0.36 |
$0.78 |
$1.43 |
$1.21 |
$1.88 |
|
|
|
|
525.03% |
<-Total Growth |
10 |
EPS Basic |
|
|
|
|
|
|
| EPS* |
$0.31 |
$0.30 |
$0.44 |
$1.02 |
$0.61 |
$0.63 |
$0.38 |
$0.36 |
$0.78 |
$1.43 |
$1.21 |
$1.88 |
|
|
|
|
525.78% |
<-Total Growth |
10 |
EPS Diluted |
|
|
|
|
|
|
| Increase |
|
-3.23% |
46.67% |
131.82% |
-40.20% |
3.28% |
-39.68% |
-4.17% |
113.21% |
84.78% |
-15.72% |
55.27% |
|
|
|
|
20.13% |
<-IRR #YR-> |
10 |
Earnings per Share |
|
|
|
|
|
|
| Yield |
xx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37.64% |
<-IRR #YR-> |
5 |
Earnings per Share |
|
|
|
|
|
|
| 5 year Running Average |
$0.06 |
$0.12 |
$0.21 |
$0.41 |
$0.54 |
$0.60 |
$0.62 |
$0.60 |
$0.55 |
$0.72 |
$0.83 |
$1.13 |
|
|
|
|
24.96% |
<-IRR #YR-> |
10 |
5 yr Running Average |
|
|
|
|
|
|
| * ESP per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.95% |
<-IRR #YR-> |
5 |
5 yr Running Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.30 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.38 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.12 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.62 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ECT preferred unit
distributions |
$15.7 |
$32.7 |
$34.6 |
$35.2 |
$36.5 |
$39.2 |
$43.8 |
$43.8 |
$58.8 |
|
|
|
|
|
|
|
Until 2011 |
Bef Earnings |
|
|
|
|
|
|
|
|
| ECT preferred unit
distributions |
|
|
|
|
|
|
|
|
|
$80.8 |
$116.1 |
$125.6 |
$125.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions Unit
Holders |
$14.3 |
$29.8 |
$31.5 |
$32.1 |
$33.1 |
$35.7 |
$39.6 |
$39.9 |
$53.5 |
$73.6 |
$105.8 |
$114.4 |
$114.4 |
|
|
|
283.89% |
<-Total Growth |
10 |
Dividends |
|
|
|
|
|
|
| Payout Ratio |
133.6% |
286.5% |
207.2% |
90.9% |
156.9% |
163.0% |
304.6% |
316.7% |
140.1% |
175.9% |
278.1% |
160.0% |
|
|
|
|
169.43% |
<-Median-> |
10 |
DPR EPS |
|
|
|
|
|
|
| Payout Ratio CF |
39.3% |
40.8% |
37.4% |
37.1% |
41.1% |
36.4% |
42.0% |
59.2% |
28.4% |
57.9% |
85.3% |
74.4% |
|
|
|
|
41.55% |
<-Median-> |
10 |
DPR CF |
|
|
|
|
|
|
| Payout Ratio CF NC |
29.1% |
38.3% |
36.7% |
35.6% |
39.4% |
35.2% |
39.1% |
38.3% |
28.9% |
53.2% |
81.0% |
68.6% |
|
|
|
|
38.69% |
<-Median-> |
10 |
DPR CF NC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payout |
175.85% |
59.20% |
53.22% |
|
|
|
|
15.41% |
<-IRR #YR-> |
9 |
Dividends Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last Div Inc ---> |
$105.8 |
$114.4 |
8.1% |
|
|
|
|
23.64% |
<-IRR #YR-> |
5 |
Dividends Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$31.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$114.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$39.60 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$114.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Goodwill &
Intangibles |
|
|
|
|
|
|
|
|
|
$57.70 |
$56.30 |
$55.10 |
|
|
|
|
|
Intangibles |
|
Goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$404.40 |
<-12 mths |
15.51% |
|
|
|
|
|
|
|
|
|
|
|
| # of Share in Millions |
34.63 |
34.63 |
34.63 |
34.63 |
34.63 |
34.63 |
34.63 |
34.600 |
49.200 |
61.200 |
66.0 |
79.9 |
79.900 |
79.900 |
79.900 |
|
8.72% |
<-IRR #YR-> |
10 |
Shares |
|
|
|
|
|
|
| Increase |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
-0.07% |
42.20% |
24.39% |
7.84% |
21.06% |
0.00% |
0.00% |
0.00% |
|
18.20% |
<-IRR #YR-> |
5 |
Shares |
|
|
|
|
|
|
| CF fr Op $M |
$36.4 |
$73.0 |
$84.2 |
$86.5 |
$80.6 |
$98.1 |
$94.2 |
$67.4 |
$188.4 |
$266.7 |
$260.1 |
$322.6 |
|
|
|
|
341.92% |
<-Total Growth |
10 |
Cash Flow |
|
|
|
|
|
|
| Increase |
|
100.55% |
15.34% |
2.73% |
-6.82% |
21.71% |
-3.98% |
-28.45% |
179.53% |
41.56% |
-2.47% |
24.03% |
|
|
|
|
|
S Issued |
|
|
|
|
|
|
|
|
| CF fr Op $M |
|
|
|
|
$72.1 |
$84.5 |
$88.7 |
$85.4 |
$105.7 |
$143.0 |
$175.4 |
$221.0 |
|
|
|
|
206.40% |
<-Total Growth |
7 |
CF 5 Yr Running |
|
|
|
|
|
|
| CFPS |
$1.05 |
$2.11 |
$2.43 |
$2.50 |
$2.33 |
$2.83 |
$2.72 |
$1.95 |
$3.83 |
$4.36 |
$3.94 |
$4.04 |
|
|
|
|
91.51% |
<-Total Growth |
10 |
Cash Flow per Share |
|
|
|
|
|
|
| Increase |
|
100.55% |
15.34% |
2.73% |
-6.82% |
21.71% |
-3.98% |
-28.40% |
96.58% |
13.80% |
-9.57% |
2.45% |
|
|
|
|
16.02% |
<-IRR #YR-> |
10 |
Cash Flow |
|
|
|
|
|
|
| 5 year Running Average |
|
|
|
|
$2.08 |
$2.44 |
$2.56 |
$2.47 |
$2.73 |
$3.14 |
$3.36 |
$3.62 |
|
|
|
|
27.92% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
|
|
|
|
| Excl.Working Capital CF |
$12.80 |
$4.80 |
$1.70 |
$3.70 |
$3.50 |
$3.40 |
$7.20 |
$36.7 |
-$3.2 |
$23.4 |
$13.8 |
$27.5 |
|
|
|
|
6.71% |
<-IRR #YR-> |
10 |
Cash Flow per Share |
|
|
|
|
|
|
| CF fr Op $M WC |
$49.2 |
$77.8 |
$85.9 |
$90.2 |
$84.1 |
$101.5 |
$101.4 |
$104.1 |
$185.2 |
$290.1 |
$273.9 |
$350.1 |
|
|
|
|
8.22% |
<-IRR #YR-> |
5 |
Cash Flow per Share |
|
|
|
|
|
|
| Increase |
|
58.13% |
10.41% |
5.01% |
-6.76% |
20.69% |
-0.10% |
2.66% |
77.91% |
56.64% |
-5.58% |
27.82% |
|
|
|
|
16.23% |
<-IRR #YR-> |
10 |
Cash Flow less WC |
|
|
|
|
|
|
| 5 year Running Average |
|
|
|
|
$77.4 |
$87.9 |
$92.6 |
$96.3 |
$115.3 |
$156.5 |
$190.9 |
$240.7 |
|
|
|
|
28.12% |
<-IRR #YR-> |
5 |
Cash Flow less WC |
|
|
|
|
|
|
| CFPS Excl. WC |
$1.42 |
$2.25 |
$2.48 |
$2.61 |
$2.43 |
$2.93 |
$2.93 |
$3.01 |
$3.76 |
$4.74 |
$4.15 |
$4.38 |
|
|
|
|
17.59% |
<-IRR #YR-> |
7 |
CF less WC 5 Yr Run |
|
|
|
|
|
|
| Increase |
|
58.13% |
10.41% |
5.01% |
-6.76% |
20.69% |
-0.10% |
2.74% |
25.11% |
25.93% |
-12.45% |
5.58% |
|
|
|
|
21.05% |
<-IRR #YR-> |
5 |
CF less WC 5 Yr Run |
|
|
|
|
|
|
| 5 year Running Average |
|
|
|
|
$2.24 |
$2.54 |
$2.67 |
$2.78 |
$3.01 |
$3.47 |
$3.72 |
$4.01 |
|
|
|
|
6.91% |
<-IRR #YR-> |
10 |
CF - Less WC |
|
|
|
|
|
|
| xxx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.39% |
<-IRR #YR-> |
5 |
CF - Less WC |
|
|
|
|
|
|
| xxx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.69% |
<-IRR #YR-> |
7 |
5 yr Running |
|
|
|
|
|
|
| *Operational
Cash Flow per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.43% |
<-IRR #YR-> |
5 |
5 yr Running |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-34.6 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
79.9 |
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
-34.6 |
0.0 |
0.0 |
0.0 |
0.0 |
79.9 |
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
-$73.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$322.6 |
|
|
|
|
|
|
|
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$94.2 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$322.6 |
|
|
|
|
|
|
|
Cash Flow |
|
|
|
|
|
|
|
|
-$2.11 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.04 |
|
|
|
|
|
|
|
Cash Flow per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$2.72 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.04 |
|
|
|
|
|
|
|
Cash Flow per Share |
|
|
|
|
|
|
|
|
-$77.8 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$350.1 |
|
|
|
|
|
|
|
Cash Flow less WC |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$101.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$350.1 |
|
|
|
|
|
|
|
Cash Flow less WC |
|
|
|
|
|
|
|
|
|
|
|
-$77.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$240.7 |
|
|
|
|
|
|
|
CF less WC 5 Yr Run |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$92.6 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$240.7 |
|
|
|
|
|
|
|
CF less WC 5 Yr Run |
|
|
|
|
|
|
|
|
-$2.25 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.38 |
|
|
|
|
|
|
|
CFPS - Less WC |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$2.93 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.38 |
|
|
|
|
|
|
|
CFPS - Less WC |
|
|
|
|
|
|
|
|
|
|
|
-$2.24 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.01 |
|
|
|
|
|
|
|
CFPS 5 yr Running |
|
|
|
|
|
|
|
|
|
|
|
|
|
-$2.67 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$4.01 |
|
|
|
|
|
|
|
CFPS 5 yr Running |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPM |
28.89% |
30.44% |
33.82% |
35.25% |
29.76% |
33.03% |
29.92% |
20.54% |
47.99% |
68.45% |
64.51% |
77.60% |
|
|
|
|
154.92% |
<-Total Growth |
10 |
OPM |
|
|
|
|
|
|
| Increase |
|
5.38% |
11.08% |
4.24% |
-15.56% |
10.98% |
-9.41% |
-31.35% |
133.60% |
42.65% |
-5.76% |
20.30% |
|
|
|
|
|
Should increase |
|
or be stable. |
|
|
|
|
|
|
| Diff from Median |
-16.3% |
-11.8% |
-2.1% |
2.1% |
-13.8% |
-4.3% |
-13.3% |
-40.5% |
39.0% |
98.2% |
86.8% |
124.7% |
|
|
|
|
0.00 |
<-Median-> |
10 |
OPM |
|
|
|
|
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
|
OPM |
10 Yrs |
34.53% |
5 Yrs |
64.51% |
|
|
|
|
should be |
zero, it is a |
|
check on
calculations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
$55.60 |
$41.90 |
$44.40 |
$44.90 |
$47.50 |
$56.10 |
$56.10 |
$76.4 |
$160.3 |
$253.1 |
$89.3 |
$115.8 |
$162.8 |
|
|
|
Liquidity ratio of 1.5 and up, best |
|
|
|
|
|
|
|
| Current Liabilities |
$69.60 |
$68.60 |
$60.00 |
$60.90 |
$71.10 |
$183.50 |
$114.50 |
$112.5 |
$177.7 |
$277.2 |
$419.6 |
$168.5 |
$240.9 |
|
|
|
0.68 |
<-Median-> |
10 |
Ratio |
|
|
|
|
|
|
| Liquidity Ratio |
0.80 |
0.61 |
0.74 |
0.74 |
0.67 |
0.31 |
0.49 |
0.68 |
0.90 |
0.91 |
0.21 |
0.69 |
0.68 |
|
|
|
0.69 |
<-Median-> |
5 |
Ratio |
|
|
|
|
|
|
| Liq. with CF aft div |
1.32 |
1.67 |
2.14 |
2.16 |
1.80 |
0.84 |
1.31 |
1.28 |
1.20 |
1.20 |
0.54 |
1.07 |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Long Term Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liquidity Less CLTD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
$1,969.4 |
$1,903.3 |
$1,842.9 |
$1,859.4 |
$1,858.8 |
$1,858.2 |
$1,915.3 |
$1,975.5 |
$3,471.4 |
$3,132.7 |
$2,756.8 |
$4,081.4 |
$4,115.4 |
|
|
|
Debt Ratio of 1.5 and up, best |
|
|
|
|
|
|
|
|
| Liabilities |
$1,639.6 |
$1,592.9 |
$1,548.8 |
$1,562.1 |
$1,579.7 |
$1,596.3 |
$1,674.8 |
$1,486.1 |
$2,577.5 |
$2,589.3 |
$2,197.1 |
$3,179.9 |
$3,245.2 |
|
|
|
1.20 |
<-Median-> |
10 |
Ratio |
|
|
|
|
|
|
| Debt Ratio |
1.20 |
1.19 |
1.19 |
1.19 |
1.18 |
1.16 |
1.14 |
1.33 |
1.35 |
1.21 |
1.25 |
1.28 |
1.27 |
|
|
|
1.28 |
<-Median-> |
5 |
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value |
$329.80 |
$310.40 |
$294.10 |
$297.30 |
$279.10 |
$261.90 |
$240.50 |
$489.40 |
$893.90 |
$543.4 |
$559.7 |
$901.5 |
$870.2 |
$870.20 |
$870.20 |
|
206.53% |
<-Total Growth |
10 |
Book Value |
|
|
|
|
|
|
| NCI |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
|
|
|
|
|
|
|
|
|
|
|
| Preferred Units |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$583.7 |
$808.0 |
$1,622.3 |
$1,686.2 |
$3,498.7 |
$2,978.8 |
$2,978.8 |
$2,978.8 |
|
#NUM! |
<-IRR #YR-> |
10 |
Book Value |
|
|
|
|
|
|
| Book Value |
$329.8 |
$310.4 |
$294.1 |
$297.3 |
$279.1 |
$261.9 |
$240.5 |
-$94.3 |
$85.9 |
-$1,078.9 |
-$1,126.5 |
-$2,597.2 |
-$2,108.6 |
-$2,108.6 |
-$2,108.6 |
|
#NUM! |
<-IRR #YR-> |
5 |
Book Value |
|
|
|
|
|
|
| Book Value per share |
$9.52 |
$8.96 |
$8.49 |
$8.59 |
$8.06 |
$7.56 |
$6.95 |
-$2.73 |
$1.75 |
-$17.63 |
-$17.07 |
-$32.51 |
-$26.39 |
-$26.39 |
-$26.39 |
|
-482.70% |
<-Total Growth |
10 |
Book Value |
|
|
|
|
|
|
| Change |
#DIV/0! |
-5.88% |
-5.25% |
1.09% |
-6.12% |
-6.16% |
-8.17% |
-139.24% |
-164.06% |
-1109.72% |
-3.18% |
90.45% |
-18.81% |
0.00% |
0.00% |
|
|
|
|
|
|
|
|
|
|
|
| Leverage (A/BK) |
5.97 |
6.13 |
6.27 |
6.25 |
6.66 |
7.10 |
7.96 |
4.04 |
3.88 |
5.76 |
4.93 |
4.53 |
4.73 |
|
|
|
6.01 |
<-Median-> |
10 |
A/BV |
|
|
|
|
|
|
| Debt/Equity Ratio |
4.97 |
5.13 |
5.27 |
5.25 |
5.66 |
6.10 |
6.96 |
3.04 |
2.88 |
4.76 |
3.93 |
3.53 |
|
|
|
|
5.01 |
<-Median-> |
10 |
Debt/Eq Ratio |
|
|
|
|
|
|
| Sharerholders
Equity (Assets less liabilities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$8.96 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
-$32.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$6.95 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
-$32.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$205.50 |
<-12 mths |
55.09% |
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive Income |
|
|
|
|
$21.00 |
$18.50 |
$18.50 |
-$3.60 |
$27.70 |
$95.70 |
$86.70 |
$132.50 |
|
|
|
|
530.95% |
<-Total Growth |
7 |
Comprehensive Inc. |
|
|
|
|
|
|
| ROE |
|
|
|
|
7.5% |
7.1% |
7.7% |
-0.7% |
3.1% |
17.6% |
15.5% |
14.7% |
|
|
|
|
14.7% |
<-Median-> |
5 |
Comprehensive Inc. |
|
|
|
|
|
|
| 5Yr Median |
|
|
|
|
|
|
|
|
7.1% |
7.1% |
7.7% |
14.7% |
|
|
|
|
30.10% |
<-IRR #YR-> |
7 |
Comprehensive Inc. |
|
|
|
|
|
|
| % Difference from NI |
|
|
|
|
-0.5% |
-15.5% |
42.3% |
-128.6% |
-27.5% |
9.0% |
8.6% |
-11.7% |
|
|
|
|
48.25% |
<-IRR #YR-> |
5 |
Comprehensive Inc. |
|
|
|
|
|
|
| Median Values |
|
|
|
|
|
|
|
|
Diff |
5, 10 yr |
-6.1% |
-11.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$21.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$132.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$18.5 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$132.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
0.5% |
0.5% |
0.8% |
1.9% |
1.1% |
1.2% |
0.7% |
0.6% |
1.1% |
2.8% |
2.9% |
3.7% |
|
|
|
|
Net |
Income/Assets |
|
ROA |
|
|
|
|
|
|
| 5Yr Median |
0.5% |
0.5% |
0.5% |
0.7% |
0.8% |
1.1% |
1.1% |
1.1% |
1.1% |
1.1% |
1.1% |
2.8% |
|
|
|
|
2.8% |
<-Median-> |
5 |
ROA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Equity |
3.2% |
3.4% |
5.2% |
11.9% |
7.6% |
8.4% |
5.4% |
2.6% |
4.3% |
16.2% |
14.3% |
16.6% |
|
|
|
|
Net Inc/ |
Shareholders' equity |
|
ROE |
|
|
|
|
|
|
| 5Yr Median |
3.2% |
3.3% |
3.4% |
4.3% |
5.2% |
7.6% |
7.6% |
7.6% |
5.4% |
5.4% |
5.4% |
14.3% |
|
|
|
|
14.3% |
<-Median-> |
5 |
ROE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$173.00 |
<-12 mths |
15.33% |
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
$10.70 |
$10.40 |
$15.20 |
$35.30 |
$21.10 |
$21.90 |
$13.00 |
$12.6 |
$38.2 |
$87.8 |
$79.8 |
$150.0 |
|
|
|
|
1342.31% |
<-Total Growth |
10 |
Net Income |
|
|
|
|
|
|
| Increase |
|
-2.80% |
46.15% |
132.24% |
-40.23% |
3.79% |
-40.64% |
-3.08% |
203.17% |
129.84% |
-9.11% |
87.97% |
|
|
|
|
EPS/CF Ratio should not be higher than 1.00 |
|
|
|
|
|
|
| 5 Yr Running Average |
|
|
|
|
$18.5 |
$20.8 |
$21.3 |
$20.8 |
$21.4 |
$34.7 |
$46.3 |
$73.7 |
|
|
|
|
30.59% |
<-IRR #YR-> |
10 |
Net Income |
|
|
|
|
|
|
| Operating Cash Flow |
$36.4 |
$73.0 |
$84.2 |
$86.5 |
$80.6 |
$98.1 |
$94.2 |
$67.4 |
$188.4 |
$266.7 |
$260.1 |
$322.6 |
|
|
|
|
63.09% |
<-IRR #YR-> |
5 |
Net Income |
|
|
|
|
|
|
| Investment Cash Flow |
$359.40 |
-$14.70 |
-$15.10 |
$79.50 |
-$71.20 |
-$63.60 |
-$41.10 |
-$107.4 |
-$1,326.9 |
-$1,334.0 |
-$92.6 |
-$1,806.1 |
|
|
|
|
21.79% |
<-IRR #YR-> |
7 |
5 Yr Running Average |
|
|
|
|
|
|
| Total Accruals |
-$385.1 |
-$47.9 |
-$53.9 |
-$130.7 |
$11.7 |
-$12.6 |
-$40.1 |
$52.6 |
$1,176.7 |
$1,155.1 |
-$87.7 |
$1,633.5 |
|
|
|
|
28.17% |
<-IRR #YR-> |
5 |
5 Yr Running Average |
|
|
|
|
|
|
| Total Assets |
$1,969.4 |
$1,903.3 |
$1,842.9 |
$1,859.4 |
$1,858.8 |
$1,858.2 |
$1,915.3 |
$1,975.5 |
$3,471.4 |
$3,132.7 |
$2,756.8 |
$4,081.4 |
|
|
|
|
|
Balance Sheet |
|
Assets |
|
|
|
|
|
|
| Accruals Ratio |
-19.55% |
-2.52% |
-2.92% |
-7.03% |
0.63% |
-0.68% |
-2.09% |
2.66% |
33.90% |
36.87% |
-3.18% |
40.02% |
|
|
|
|
33.90% |
<-Median-> |
5 |
Ratio |
|
|
|
|
|
|
| EPS/CF Ratio |
0.22 |
0.13 |
0.18 |
0.39 |
0.25 |
0.21 |
0.13 |
0.12 |
0.21 |
0.30 |
0.29 |
0.43 |
|
|
|
|
0.23 |
<-Median-> |
10 |
EPS/CF Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$150.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$13.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$150.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$18.5 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$73.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$21.3 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$73.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Cash Flow |
$350.60 |
$71.10 |
-$72.80 |
-$0.70 |
-$12.10 |
-$31.90 |
-$52.80 |
$43.8 |
$1,191.1 |
$1,183.3 |
-$328.1 |
$1,484.0 |
|
|
|
|
|
C F Statement |
|
Financial CF |
|
|
|
|
|
|
| Total Accruals |
-$735.7 |
-$119.0 |
$18.9 |
-$130.0 |
$23.8 |
$19.3 |
$12.7 |
$8.8 |
-$14.4 |
-$28.2 |
$240.4 |
$149.5 |
|
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
| Accruals Ratio |
-37.36% |
-6.25% |
1.03% |
-6.99% |
1.28% |
1.04% |
0.66% |
0.45% |
-0.41% |
-0.90% |
8.72% |
3.66% |
|
|
|
|
0.45% |
<-Median-> |
5 |
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash |
|
|
|
|
$14.70 |
$17.30 |
$17.60 |
$21.4 |
$91.4 |
$189.6 |
$29.0 |
$29.5 |
$49.5 |
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
| Cash per Share |
|
|
|
|
$0.42 |
$0.50 |
$0.51 |
$0.62 |
$1.86 |
$3.10 |
$0.44 |
$0.37 |
$0.62 |
|
|
|
$0.62 |
<-Median-> |
5 |
Cash per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Why am I
following this stock. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Both Enbridge
Inc (TSX ENB) and Enbridge Income
Funds Holdings Inc. (TSX-ENF) are invested in this fund. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| I have
followed this stock for some time but I have not owned it. I do own Enbridge Inc. (TSX-ENB, NYSE-ENB). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| How they make
their money. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The Enbridge Income Fund
assets are a 50% interest in the Alliance Canada
Pipeline and a 100% interest in Enbridge Pipelines (Saskatchewan) Inc. They also have Green Power assets, which
include a 50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| interest in
NRGreen Power Limited Partnership.
NRGreen operates electrical generation facilities using waste heat,
and holds interest in three wind power projects in Western Canada. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enbridge Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
unitholders of the Fund are Enbridge Income Fund Holdings Inc. (ENF), a
public company listed on the Toronto Stock Exchange (TSX), and Enbridge Inc.
(Enbridge), a North American transporter, |
|
|
|
|
|
|
|
|
|
|
|
| distributor
and generator of energy. Enbridge’s total economic interest in the Fund was
67.7% as at December 31, 2012 and February 11, 2013 based on its indirect
interest in the Fund through ENF, its |
|
|
|
|
|
|
|
|
|
|
|
| direct
interest in the Fund via common units and its interest in preferred units of
a subsidiary of the Fund, Enbridge Commercial Trust (ECT). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enbridge Inc.
holds 67.3% economic interest in Enbridge Income Fund (the Fund)
directly through its investment in Fund Units and indirectly through its
holdings of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ECT preferred
units and Enbridge Income Fund Holdings Inc. (ENF) common shares. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For most
ratios, lower is better when looking for a good stock price. However, there are exceptions such as for
yield (dividends and erarnings) and asset/liability ratios and here you want
a higher ratios to indicate a good stock price. |
|
|
|
|
|
|
|
|
| Also, for the
Operational Profit Margin, a higher percentage is better. With the OPM, you should only compare
companies in similar industries. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enbridge
Income Fund (the Fund) is an unincorporated open-ended trust established by a
trust indenture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| under the laws
of the Province of Alberta. The Fund commenced operations on June 30, 2003.
Enbridge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management
Services Inc. (EMSI), a wholly-owned subsidiary of Enbridge Inc. (Enbridge),
administers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| the Fund. EMSI
also serves as the manager of Enbridge Commercial Trust (ECT), a subsidiary
of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund, and
Enbridge Income Fund Holdings Inc. (ENF), a unitholder of the Fund. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In December
2010, pursuant to the court approved plan of arrangement (the Plan), all
publicly held trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| units of the
Fund, as well as 5,000,000 trust units held by Enbridge, were exchanged on a
one-for-one |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| basis for
shares of a taxable Canadian corporation, ENF. The trust units ceased trading
on the Toronto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock Exchange
and the ENF shares were listed. Subsequent to implementation of the Plan, the
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ceased to be a
specified investment flow-through (SIFT) entity and therefore is not subject
to SIFT tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| legislation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENF holds
88.1% of the Fund’s issued and outstanding trust units (Fund Units);
representing a 42.0% economic interest in the Fund. Enbridge Inc. holds the
remainder of the Fund Units, |
|
|
|
|
|
|
|
|
|
|
|
|
| 100% of the
Preferred Units issued by Enbridge Commercial Trust (ECT) and 19.9% of ENF,
resulting in a 66.4% economic interest in the Fund. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|