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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 2016
Enbridge Income Fund Holdings Inc. TSX: ENF OTC: EBGUF www.enbridgeincomefund.com Fiscal Yr: Dec 31
Year 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 12/31/18 Value Description #Y Item
Accounting Rules ENF C GAAP C GAAP US GAAP IFRS IFRS IFRS IFRS IFRS IFRS ENF
Accounting Rules ENBIF US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP ENBIF
Enbridge Fund Shares 49.2 61.2 66.0 79.9 191 217 Enbridge Fund Shares ENBIF
ENF Shares 39.7 51.7 56.5 70.4 97 123.3 ENF Shares ENF
Percentage Held 80.8% 84.5% 85.6% 88.1% 50.8% 56.8% Percentage Held ENF
Statements say 84.5% 85.6% 88.1% 50.8% 56.7% Statements say ENF
$1,633.0 <-12 mths 447.99%
Revenue* ENBIF $239.8 $249.0 $245.4 $270.8 $297.0 $314.8 $328.1 $392.6 $389.6 $403.2 $415.7 $298.0 $4,246.0 $4,349.0 $4,515.0 19.68% <-Total Growth 10 Revenue ENBIF
Increase 90.32% 3.84% -1.45% 10.35% 9.68% 5.99% 4.22% 19.66% -0.76% 3.49% 3.10% -28.31% 1324.83% 2.43% 3.82% 1.81% <-IRR #YR-> 10 Revenue ENBIF
5 year Running Average $226.2 $260.4 $275.4 $291.2 $320.7 $344.4 $365.7 $385.8 $379.8 $1,150.5 $1,942.4 $2,764.7 -1.91% <-IRR #YR-> 5 Revenue ENBIF
Revenue per Share $6.93 $7.19 $7.09 $7.82 $8.58 $9.09 $9.48 $7.98 $6.37 $6.11 $5.20 $1.56 $19.57 $20.04 $20.81 5.54% <-IRR #YR-> 7 5 yr Running Average ENBIF
Increase 90.32% 3.84% -1.45% 10.35% 9.68% 5.99% 4.30% -15.85% -20.22% -4.04% -14.84% -70.01% 1154.11% 2.43% 3.82% 5.46% <-IRR #YR-> 5 5 yr Running Average ENBIF
5 year Running Average $6.53 $7.52 $7.95 $8.41 $8.59 $8.30 $7.81 $7.03 $5.44 $7.76 $10.50 $13.44 -14.17% <-IRR #YR-> 10 Revenue per Share ENBIF
P/S (Price/Sales) Med 1.77 1.83 1.72 1.42 1.19 1.29 1.59 2.27 3.50 4.01 6.16 22.65 1.52 0.00 0.00 -30.30% <-IRR #YR-> 5 Revenue per Share ENBIF
P/S (Price/Sales) Close 2.01 2.01 1.86 1.31 1.21 1.46 1.91 2.52 3.79 3.87 7.76 17.97 1.71 1.67 1.61 -4.51% <-IRR #YR-> 7 5 yr Running Average ENBIF
*Revenue in M CDN $ E/P 10 Yrs 2.00 5Yrs 4.01 -8.34% <-IRR #YR-> 5 5 yr Running Average ENBIF
$195.8 <-12 mths 36.93%
Income ENF $40.270 $59.835 $91.044 $99.7 $143.0 139.00% <-Total Growth 4 Income ENF
Increase 48.58% 52.16% 9.49% 43.46% 37.28% <-IRR #YR-> 4 Income ENF
5 year Running Average $86.8 37.28% <-IRR #YR-> 4 Income ENF
Income per Share $1.01 $1.16 $1.61 $1.42 $1.47 #NUM! <-IRR #YR-> 10 5 yr Running Average ENF
Increase 14.16% 39.32% -12.08% 3.85% #NUM! <-IRR #YR-> 5 5 yr Running Average ENF
5 year Running Average $1.3 9.77% <-IRR #YR-> 4 Income per Share ENF
P/S (Price/Sales) Med 17.90 19.23 15.20 22.62 24.02 9.77% <-IRR #YR-> 4 Income per Share ENF
P/S (Price/Sales) Close 19.84 20.86 14.67 28.48 19.05 #NUM! <-IRR #YR-> 10 5 yr Running Average ENF
*Distributions and Other Income. P/S Med 10 yr 19.23 5 yr 19.23 -100.00% Diff M/C #NUM! <-IRR #YR-> 5 5 yr Running Average ENF
$2.03 <-12 mths 10.93%
EPS Basic ENF $0.30 $0.44 $1.02 $0.61 $0.63 $0.38 $0.36 $1.33 $1.48 $1.55 $1.60 $1.86 322.73% <-Total Growth 10 EPS Basic ENF
EPS Diluted* $0.30 $0.44 $1.02 $0.61 $0.63 $0.38 $0.36 $1.33 $1.48 $1.55 $1.60 $1.83 $2.03 $1.79 $2.25 315.91% <-Total Growth 10 EPS Diluted ENF
Increase -6.25% 46.67% 131.82% -40.20% 3.28% -39.68% -4.22% 265.43% 11.28% 4.73% 3.23% 14.38% 10.93% -11.82% 25.70% 15.32% <-IRR #YR-> 10 Earnings per Share ENF 315.91%
Earnings Yield 2.2% 3.0% 7.7% 6.0% 6.1% 2.9% 2.0% 6.6% 6.1% 6.6% 4.0% 6.5% 6.1% 5.3% 6.7% 38.13% <-IRR #YR-> 5 Earnings per Share ENF 402.81%
5 year Running Average $0.54 $0.60 $0.62 $0.60 $0.66 $0.84 $1.02 $1.26 $1.56 $1.70 $1.76 $1.90 14.22% <-IRR #YR-> 8 5 yr Running Average ENF 189.59%
10 year Running Average $0.69 $0.81 $0.94 $1.08 $1.18 $1.30 $1.46 21.00% <-IRR #YR-> 5 5 yr Running Average ENF 159.33%
* Diluted ESP per share E/P 10 Yrs 6.10% 5Yrs 6.53%
-$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.83
-$0.36 $0.00 $0.00 $0.00 $0.00 $1.83
-$0.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.56
-$0.60 $0.00 $0.00 $0.00 $0.00 $1.56
Special Dividends ENF $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends ENF
Dividend* $0.86 $0.91 $0.93 $0.96 $1.01 $1.15 $1.15 $1.16 $1.24 $1.34 $1.39 $1.58 $1.85 $1.87 $1.87 73.70% <-Total Growth 10 Dividends ENF
Increase 4.33% 5.73% 1.75% 3.68% 5.00% 14.29% 0.00% 0.61% 6.64% 8.28% 3.79% 13.79% 17.16% 0.76% 0.00% Count 13 Years of data ENF
Dividends 5 Yr Running $0.90 $0.93 $0.99 $1.04 $1.09 $1.14 $1.21 $1.25 $1.34 $1.48 $1.61 $1.71 49.57% <-Total Growth 8 Dividends 5 Yr Running ENF
Yield H/L Price 7.00% 6.92% 7.60% 8.62% 9.87% 9.79% 7.64% 6.39% 5.56% 5.46% 4.33% 4.47% 6.24% 7.00% <-Median-> 10 Yield H/L Price ENF
Yield on HighPrice 6.07% 5.97% 6.28% 7.35% 8.40% 8.26% 6.36% 5.60% 5.07% 5.05% 3.44% 3.60% 5.45% 5.94% <-Median-> 10 Yield on HighPrice ENF
Yield on Low Price 8.28% 8.24% 9.63% 10.43% 11.97% 12.00% 9.56% 7.44% 6.15% 5.95% 5.85% 5.89% 7.31% 8.50% <-Median-> 10 Yield on Low Price ENF
Yield on Close Price 6.17% 6.28% 7.01% 9.37% 9.72% 8.66% 6.36% 5.77% 5.12% 5.66% 3.44% 5.64% 5.53% 5.57% 5.57% 6.07% <-Median-> 10 Yield on Close Price ENF
Payout Ratio EPS 286.90% 206.82% 90.77% 157.38% 160.00% 303.16% 316.53% 87.14% 83.51% 86.35% 86.82% 86.38% 91.23% 104.25% 82.93% 88.96% <-Median-> 10 DPR EPS ENF
DPR EPS 5 Yr Running 166.60% 155.49% 160.91% 173.04% 163.88% 136.40% 118.29% 99.22% 86.05% 87.11% 91.21% 90.04% 155.49% <-Median-> 9 DPR EPS 5 Yr Running ENF
Payout Ratio CFPS 40.82% 37.42% 37.06% 41.24% 35.58% 42.34% 59.18% 129.17% 120.46% 82.02% 111.26% 116.28% 66.38% 66.88% 51.26% 70.60% <-Median-> 10 DPR CF ENF
DPR CF 5 Yr Running 43.02% 38.24% 38.68% 42.17% 50.64% 60.56% 73.43% 92.95% 108.77% 91.81% 81.73% 72.32% 50.64% <-Median-> 9 DPR CF 5 Yr Running ENF
Payout Ratio CFPS WC 38.31% 36.68% 35.54% 39.52% 34.39% 39.34% 45.59% 139.50% 110.76% 87.22% 104.22% 111.01% 66.38% 66.88% 51.26% 66.40% <-Median-> 10 DPR CF WC ENF
DPR CF WC 5 Yr Running 40.08% 36.75% 37.05% 38.73% 46.63% 55.23% 67.56% 85.47% 107.46% 90.23% 81.31% 71.42% 46.63% <-Median-> 9 DPR CF WC 5 Yr Running ENF
Median Values 5 Yr Med 5 Yr Cl 5.46% 5.64% 5 Yr Med Payout 86.38% 116.28% 110.76% 5.68% <-IRR #YR-> 10 Dividends ENF
* Dividends per share 5 Yr Med and Cur. 2.02% -1.20% Last Div Inc ---> $0.141 $0.156 10.0% 6.53% <-IRR #YR-> 5 Dividends ENF
-$0.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.58
-$1.15 $0.00 $0.00 $0.00 $0.00 $1.58
Historical Dividends ENF Historical High Div 11.99% Low Div 3.51% Ave Div 7.75% Med Div 6.99% Close Div 6.28% Historical Dividends ENF
High/Ave/Median Values Curr diff Exp. -53.53% ††† 58.74% Exp. -28.11% Exp. -20.29% Exp. -11.34% High/Ave/Median ENF
Future Div Yield ENF Div Yd 6.78% earning in 5 Years at IRR of 4.00% Div Inc. 21.67% Future Dividend Yield ENF
Future Div Yield Div Yd 8.25% earning in 10 Years at IRR of 4.00% Div Inc. 48.02% Future Div Yield ENF
Future Div Yield Div Yd 10.03% earning in 15 Years at IRR of 4.00% Div Inc. 80.09% Future Div Yield ENF
Cost covered if held 5 years ENF 39.53% 40.32% 39.53% 44.59% 51.25% 59.13% 53.31% 44.47% 40.78% 36.07% 34.91% 44.53% <-Median-> 8 Paid Median Price ENF
Cost covered if held 10 years 90.69% 91.38% 90.50% 105.31% 123.33% 142.91% 90.69% <-Median-> 3 Paid Median Price ENF
Cost covered if held 15 years 163.18% #NUM! <-Median-> 0 Paid Median Price ENF
H/LYield held 5 yrs ENF 8.54% 9.37% 8.76% 9.52% 11.10% 13.11% 11.80% 10.49% 10.21% 8.39% 7.61% 10.00% <-Median-> 8 Paid Median Price ENF
H/LYield held 10 yrs 11.34% 11.30% 12.02% 15.20% 16.76% 18.28% 11.34% <-Median-> 3 Paid Median Price ENF
H/LYield held 15 yrs 15.81% #NUM! <-Median-> 0 Paid Median Price ENF
Graham No. ENF $7.78 $9.17 $14.04 $10.52 $10.35 $7.71 $10.76 $24.37 $27.99 $28.44 $37.03 $33.74 $37.77 $35.47 $39.76 267.99% <-Total Growth 10 Graham Price ENF
Price/GP Ratio Med 1.58 1.43 0.87 1.06 0.99 1.53 1.40 0.74 0.79 0.86 0.87 1.05 0.79 0.93 <-Median-> 10 Price/GP Ratio ENF
Price/GP Ratio Hi 1.82 1.66 1.05 1.24 1.16 1.81 1.68 0.85 0.87 0.93 1.09 1.30 0.90 1.12 <-Median-> 10 Price/GP Ratio ENF
Price/GP Ratio Low 1.34 1.21 0.68 0.87 0.81 1.25 1.12 0.64 0.72 0.79 0.64 0.80 0.67 0.79 <-Median-> 10 Price/GP Ratio ENF
Price/GP Ratio Cl 1.79 1.58 0.94 0.97 1.00 1.73 1.68 0.82 0.86 0.83 1.09 0.83 0.89 0.94 0.84 0.96 <-Median-> 10 Price/GP Ratio ENF
Prem/Disc CL 79.20% 57.91% -5.97% -2.55% 0.15% 72.59% 68.24% -17.52% -13.79% -16.85% 8.98% -16.93% -11.33% -5.57% -15.78% -4.26% <-Median-> 10 Graham Price ENF
Price Close ENF $13.94 $14.48 $13.20 $10.25 $10.37 $13.30 $18.10 $20.10 $24.13 $23.65 $40.35 $28.03 $33.49 $33.49 $33.49 93.58% <-Total Growth 10 Stock Price ENF
Increase 8.15% 3.87% -8.84% -22.35% 1.17% 28.25% 36.09% 11.05% 20.05% -1.99% 70.61% -30.53% 19.48% 0.00% 0.00% 6.83% <-IRR #YR-> 10 Stock Price ENF
P/E 46.47 32.91 12.94 16.80 16.46 35.00 49.73 15.11 16.30 15.26 25.22 15.32 16.50 18.71 14.88 9.14% <-IRR #YR-> 5 Stock Price ENF
Trailing P/E 43.56 48.27 30.00 10.05 17.00 21.11 47.63 55.23 18.14 15.98 26.03 17.52 18.30 16.50 18.71 12.89% <-IRR #YR-> 10 Price & Dividend ENF
Median 10, 5 Yrs D.per yr 6.06% 6.19% % Tot Ret 88.82% 67.77% Price Inc 11.05% P/E: 16.38 15.32 15.34% <-IRR #YR-> 5 Price & Dividend ENF
-$14.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $28.03
-$18.10 $0.00 $0.00 $0.00 $0.00 $28.03
-$14.48 $0.93 $0.96 $1.01 $1.15 $1.15 $1.16 $1.24 $1.34 $1.39 $29.61
-$18.10 $1.16 $1.24 $1.34 $1.39 $29.61
Price Median H/L ENF $12.29 $13.15 $12.18 $11.14 $10.21 $11.77 $15.08 $18.14 $22.25 $24.51 $32.05 $35.34 $29.68 168.75% <-Total Growth 10 Stock Price ENF
Increase 4.15% 7.00% -7.38% -8.58% -8.31% 15.28% 28.08% 20.30% 22.69% 10.13% 30.79% 10.27% -16.03% 10.39% <-IRR #YR-> 10 Stock Price ENF
P/E 40.97 29.89 11.94 18.25 16.21 30.97 41.42 13.64 15.03 15.81 20.03 19.31 14.62 18.58% <-IRR #YR-> 5 Stock Price ENF
Trailing P/E 38.41 43.83 27.68 10.92 16.74 18.68 39.67 49.83 16.73 16.56 20.68 22.09 16.22 16.28% <-IRR #YR-> 10 Price & Dividend ENF
P/E on Run. 5 yr Ave 20.70 17.02 19.11 25.09 27.36 26.59 24.01 25.34 22.68 17.48 24.99% <-IRR #YR-> 5 Price & Dividend ENF
P/E on Run. 10 yr Ave 32.37 30.24 34.08 32.74 25.14 19.31 P/E Ratio Historical Median ENF
Median 10, 5 Yrs D.per yr 5.88% 6.41% % Tot Ret 36.16% 25.67% Price Inc 20.30% P/E: 17.23 15.81 Count 13 Years of data ENF
-$13.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.34
-$15.08 $0.00 $0.00 $0.00 $0.00 $35.34
-$13.15 $0.93 $0.96 $1.01 $1.15 $1.15 $1.16 $1.24 $1.34 $1.39 $36.92
-$15.08 $1.16 $1.24 $1.34 $1.39 $36.92
High Months ENF Oct-Dec Oct-Dec Jan-Mar Jan-Mar May Oct Oct Dec Dec May Dec Feb Oct
Price High $14.18 $15.25 $14.75 $13.07 $12.00 $13.94 $18.10 $20.70 $24.40 $26.50 $40.35 $43.85 $34.01 187.54% <-Total Growth 10 Stock Price ENF
Increase 4.26% 7.55% -3.28% -11.39% -8.19% 16.17% 29.84% 14.36% 17.87% 8.61% 52.26% 8.67% -22.44% 11.14% <-IRR #YR-> 10 Stock Price ENF
P/E 47.27 34.66 14.46 21.43 19.05 36.68 49.73 15.56 16.49 17.10 25.22 23.96 16.75 19.36% <-IRR #YR-> 5 Stock Price ENF
Trailing P/E 44.31 50.83 33.52 12.81 19.67 22.13 47.63 56.88 18.35 17.91 26.03 27.41 18.58 23.96 P/E Ratio Historical Median ENF
Median 10, 5 Yrs Price Inc 14.36% P/E: 20.24 17.10 43.45 P/E Ratio Historical High ENF
-$15.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $43.85
-$18.10 $0.00 $0.00 $0.00 $0.00 $43.85
Low Months ENF Apr - Jun Oct-Dec Oct-Dec Oct-Dec Oct Mar Feb Aug Jan Dec Jan Dec Jan
Price Low $10.40 $11.05 $9.61 $9.20 $8.42 $9.60 $12.05 $15.57 $20.10 $22.51 $23.75 $26.83 $25.34 142.81% <-Total Growth 10 Stock Price ENF
Increase 4.00% 6.25% -13.03% -4.27% -8.48% 14.01% 25.52% 29.21% 29.09% 11.99% 5.51% 12.97% -5.55% 9.28% <-IRR #YR-> 10 Stock Price ENF
P/E 34.67 25.11 9.42 15.08 13.37 25.26 33.11 11.71 13.58 14.52 14.84 14.66 12.48 17.36% <-IRR #YR-> 5 Stock Price ENF
Trailing P/E 32.50 36.83 21.84 9.02 13.80 15.24 31.71 42.78 15.11 15.21 15.32 16.77 13.85 14.84 P/E Ratio Historical Median ENF
Median 10, 5 Yrs Price Inc 12.97% P/E: 14.59 14.52 13.03 P/E Ratio Historical Low ENF
-$11.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.83
Long Term Debt ENF Yes 0 --> $0.00 $0.00 Debt ENF
Ratio to Market Cap 0.00 0.00 0.00 <-Median-> 2 % of Market C. ENF
Goodwill & Intangibles ENF $56.30 $55.10 $0.00 Intangibles Goodwill ENF
Ratio to Market Cap 0.04 0.02 0.00 0.02 <-Median-> 3 % of Market C. ENF
Market Cap ENF $483 $501 $457 $355 $359 $461 $627 $799 $1,248 $1,336 $2,839 $2,724 $4,129 $4,129 $4,129 496.03% <-Total Growth 10 Market Cap ENF
Diluted # of Shares in Million ENF 40.43 55.75 58.54 74.39 #DIV/0! <-Total Growth 3 Diluted ENF
Change 37.88% 5.01% 27.08% 27.08% <-Median-> 3 Change ENF
Average # of Shares in Million 34.62 34.62 34.62 34.62 34.62 34.62 34.62 32.43 40.43 55.75 58.54 74.39 114.88% <-Total Growth 10 Average ENF
Change 0.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -6.33% 24.67% 37.88% 5.01% 27.08% 0.00% <-Median-> 10 Change ENF
Difference 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 22.5% 27.9% 1.3% 0.0% 0.0% 0.01% <-Median-> 10 Difference ENF
Diluted # of Shares in Million ENF 40.43 55.75 58.54 74.39 84.00% <-Total Growth 3 Diluted ENF
Change 37.88% 5.01% 27.08% 27.08% <-Median-> 3 Change ENF
EPS Calculation $1.60 $1.83
Net Income/EPS Diluted 58.47 75.47
Net Income/EPS Average 58.47 74.25
Average # of Shares in Million 25.13 27.97 40.43 55.75 58.54 74.39 107 196.09% <-Total Growth 5 Average ENF
Change 11.32% 44.56% 37.88% 5.01% 27.08% 43.83% 27.08% <-Median-> 5 Change ENF (from
Difference 37.8% 42.1% 27.9% 1.3% 20.2% 30.6% 15.2% 29.29% <-Median-> 6 Difference ENF Statements)
$179.62 <-12 mths 35.95%
# of Share in Millions ENF 34.63 34.63 34.63 34.63 34.63 34.63 34.63 39.74 51.72 56.49 70.35 97.19 123.30 123.30 123.30 10.87% <-IRR #YR-> 10 Shares ENF
Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.78% 30.15% 9.22% 24.53% 38.15% 26.87% 0.00% 0.00% 22.93% <-IRR #YR-> 5 Shares ENF
CF fr Op $M $73.0 $84.2 $86.5 $80.6 $98.1 $94.2 $67.4 $35.7 $53.1 $92.2 $87.8 $132.1 $344.0 $344.0 $448.8 56.91% <-Total Growth 10 Cash Flow ENF
Increase 100.55% 15.34% 2.73% -6.82% 21.71% -3.98% -28.45% -47.10% 48.84% 73.68% -4.71% 50.41% 160.37% 0.00% 30.47% S. Issued
5 year Running Average $72.1 $84.5 $88.7 $85.4 $75.2 $69.7 $68.5 $67.2 $80.2 $141.8 $200.0 $271.4 -9.64% <-Total Growth 8 CF 5 Yr Running ENF
CFPS $2.11 $2.43 $2.50 $2.33 $2.83 $2.72 $1.95 $0.90 $1.03 $1.63 $1.25 $1.36 $2.79 $2.79 $3.64 -44.10% <-Total Growth 10 Cash Flow per Share ENF
Increase 100.55% 15.34% 2.73% -6.82% 21.71% -3.98% -28.45% -53.91% 14.36% 59.02% -23.48% 8.88% 105.23% 0.00% 30.47% 4.61% <-IRR #YR-> 10 Cash Flow ENF 56.91%
5 year Running Average $2.08 $2.44 $2.56 $2.47 $2.15 $1.88 $1.64 $1.35 $1.23 $1.61 $1.96 $2.37 14.41% <-IRR #YR-> 5 Cash Flow 96.02%
P/CF on Med Price 5.83 5.41 4.88 4.78 3.60 4.33 7.74 20.21 21.68 15.02 25.67 26.00 10.64 0.00 0.00 -5.65% <-IRR #YR-> 10 Cash Flow per Share ENF -44.10%
P/CF on Closing Price 6.61 5.95 5.28 4.40 3.66 4.89 9.30 22.40 23.52 14.49 32.32 20.62 12.00 12.00 9.20 -6.93% <-IRR #YR-> 5 Cash Flow per Share ENF -30.16%
5.47% Diff M/C -6.35% <-IRR #YR-> 8 CFPS 5 yr Running ENF -40.84%
Excl.Working Capital CF ENF $4.80 $1.70 $3.70 $3.50 $3.40 $7.20 $20.10 -$2.64 $4.65 -$5.49 $5.93 $6.26 $0.00 $0.00 $0.00 -12.95% <-IRR #YR-> 5 CFPS 5 yr Running ENF -50.00%
CF fr Op $M WC $77.8 $85.9 $90.2 $84.1 $101.5 $101.4 $87.5 $33.0 $57.7 $86.7 $93.8 $138.4 $344.0 $344.0 $448.8 61.10% <-Total Growth 10 Cash Flow less WC ENF
Increase 58.13% 10.41% 5.01% -6.76% 20.69% -0.10% -13.71% -62.27% 74.82% 50.18% 8.17% 47.58% 148.59% 0.00% 30.47% 4.88% <-IRR #YR-> 10 Cash Flow less WC ENF 61.10%
5 year Running Average $77.4 $87.9 $92.6 $92.9 $81.5 $76.2 $73.3 $71.7 $81.9 $144.1 $201.4 $273.8 9.60% <-IRR #YR-> 5 Cash Flow less WC ENF 58.15%
CFPS Excl. WC $2.25 $2.48 $2.61 $2.43 $2.93 $2.93 $2.53 $0.83 $1.12 $1.53 $1.33 $1.42 $2.79 $2.79 $3.64 0.70% <-IRR #YR-> 8 CF less WC 5 Yr Run ENF #DIV/0!
Increase 58.13% 10.41% 5.01% -6.76% 20.69% -0.10% -13.71% -67.12% 34.32% 37.51% -13.14% 6.83% 95.94% 0.00% 30.47% -2.49% <-IRR #YR-> 5 CF less WC 5 Yr Run ENF -11.86%
5 year Running Average $2.24 $2.54 $2.67 $2.68 $2.33 $2.07 $1.79 $1.47 $1.25 $1.64 $1.97 $2.40 -5.40% <-IRR #YR-> 10 CFPS - Less WC ENF -42.61%
P/CF on Med Price 5.47 5.30 4.68 4.58 3.48 4.02 5.97 21.83 19.94 15.97 24.05 24.82 10.64 0.00 0.00 -10.84% <-IRR #YR-> 5 CFPS - Less WC ENF -43.65%
P/CF on High Price 6.31 6.15 5.66 5.38 4.09 4.76 7.16 24.92 21.87 17.27 30.27 30.80 12.19 0.00 0.00 10.97 <-Median-> 10 P/CF on High Price ENF
P/CF on Low Price 4.63 4.45 3.69 3.79 2.87 3.28 4.77 18.74 18.01 14.67 17.82 18.84 9.08 0.00 0.00 12.22 <-Median-> 10 P/CF on Low Price ENF
P/CF on Closing Price 6.20 5.84 5.07 4.22 3.54 4.54 7.16 24.19 21.62 15.41 30.27 19.69 12.00 12.00 9.20 -7.04% <-IRR #YR-> 8 CFPS 5 yr Running ENF #DIV/0!
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 11.38 5 yr 22.40 P/CF Med 10 yr 10.97 5 yr 21.83 9.45% Diff M/C -14.21% <-IRR #YR-> 5 CFPS 5 yr Running ENF -53.52%
-$2.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.36 Cash Flow per Share ENF
-$1.95 $0.00 $0.00 $0.00 $0.00 $1.36 Cash Flow per Share ENF
-$2.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.23 CFPS 5 yr Running ENF
-$2.47 $0.00 $0.00 $0.00 $0.00 $1.23 CFPS 5 yr Running ENF
-$85.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $138.4 Cash Flow less WC ENF
-$87.5 $0.0 $0.0 $0.0 $0.0 $138.4 Cash Flow less WC ENF
-$77.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $81.9 CF less WC 5 Yr Run ENF
-$92.9 $0.0 $0.0 $0.0 $0.0 $81.9 CF less WC 5 Yr Run ENF
-$2.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.42 CFPS - Less WC ENF
-$2.53 $0.00 $0.00 $0.00 $0.00 $1.42 CFPS - Less WC ENF
-$2.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.25 CFPS 5 yr Running ENF
-$2.68 $0.00 $0.00 $0.00 $0.00 $1.25 CFPS 5 yr Running ENF
OPM ENF 88.54% 88.70% 101.24% 88.12% 92.39% 4.34% <-Total Growth 4 OPM ENF
Increase 0.17% 14.14% -12.96% 4.85% Should increase or be stable. ENF
Diff from Ave -0.2% 0.0% 14.1% -0.7% 4.2% 0.00 <-Median-> 5 OPM ENF
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 88.70% 5 Yrs 88.70% should be zero, it is a check on calculations ENF
Current Assets ENF $41.90 $44.40 $44.90 $47.50 $56.10 $56.10 $76.40 $10.06 $16.51 $32.38 $42.06 $65.47 $85.00 Liq ratio of 1.5 and up, best Assets ENF
Current Liabilities $68.60 $60.00 $60.90 $71.10 $183.50 $114.50 $112.50 $7.08 $6.42 $10.88 $10.87 $15.50 $121.00 1.08 <-Median-> 10 Liabilities ENF
Liquidity 0.61 0.74 0.74 0.67 0.31 0.49 0.68 1.42 2.57 2.98 3.87 4.23 0.70 2.98 <-Median-> 5 Ratio ENF
Liq. with CF aft div 1.24 1.62 1.63 1.33 0.65 0.96 0.92 -0.05 0.88 4.50 2.96 2.84 1.66 2.84 <-Median-> 5 Ratio ENF
Liq. CF reInv+Div 1.02 1.29 1.63 0.67 0.48 0.71 0.47 0.00 0.02 0.33 0.07 0.05 1.66 0.05 <-Median-> 5 Ratio ENF
AssetsENF $1,903.3 $1,842.9 $1,859.4 $1,858.8 $1,858.2 $1,915.3 $1,975.5 $806.1 $1,254.2 $1,346.9 $2,849.8 $2,740.1 $3,972.0 Liq ratio of 1.5 and up, best Assets ENF
Liabilities $1,592.9 $1,548.8 $1,562.1 $1,579.7 $1,596.3 $1,674.8 $1,486.1 $17.4 $37.3 $36.5 $170.8 $52.3 $121.0 9.01 <-Median-> 10 Liabilities ENF
Debt Ratio 1.19 1.19 1.19 1.18 1.16 1.14 1.33 46.45 33.65 36.87 16.68 52.34 32.83 36.87 <-Median-> 5 Ratio ENF
Book Value ENF $310.40 $294.10 $297.30 $279.10 $261.90 $240.50 $489.40 $788.72 $1,216.97 $1,310.40 $2,678.94 $2,687.71 $3,851.0 $3,851.0 $3,851.0 813.88% <-Total Growth 10 Book Value ENF
Book Value per share $8.96 $8.49 $8.59 $8.06 $7.56 $6.95 $14.13 $19.85 $23.53 $23.20 $38.08 $27.66 $31.23 $31.23 $31.23 225.59% <-Total Growth 10 Book Value per Share ENF
Change -5.88% -5.25% 1.09% -6.12% -6.16% -8.17% 103.49% 40.41% 18.55% -1.41% 64.16% -27.38% 12.94% 0.00% 0.00% -8.53% P/B Ratio Current/10 Year Median ENF
P/B Ratio (Median) 1.37 1.55 1.42 1.38 1.35 1.69 1.07 0.91 0.95 1.06 0.84 1.28 0.95 0.00 0.00 1.28 P/B Ratio Historical Median ENF
P/B Ratio (Close) 1.56 1.70 1.54 1.27 1.37 1.91 1.28 1.01 1.03 1.02 1.06 1.01 1.07 1.07 1.07 12.53% <-IRR #YR-> 10 Book Value ENF
Change 14.90% 9.63% -9.82% -17.28% 7.82% 39.67% -33.12% -20.91% 1.26% -0.59% 3.93% -4.35% 5.79% 0.00% 0.00% 14.37% <-IRR #YR-> 5 Book Value ENF
Leverage (A/BK) 6.13 6.27 6.25 6.66 7.10 7.96 4.04 1.02 1.03 1.03 1.06 1.02 1.03 2.55 <-Median-> 10 A/BV ENF
Debt/Equity Ratio 5.13 5.27 5.25 5.66 6.10 6.96 3.04 0.02 0.03 0.03 0.06 0.02 0.03 1.55 <-Median-> 10 Debt/Eq Ratio ENF
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.17 5 yr Med 0.95 -8.53% Diff M/C 5.97 Historical A/BV ENF
-$8.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.66
-$14.13 $0.00 $0.00 $0.00 $0.00 $27.66
Total Uniholder Equity ENF $310.4 $294.1 $297.3 $279.1 $261.9 $240.5 $489.4 $788.7 $1,217.0 $1,310.4 $2,678.9 $2,687.7 813.88% <-Total Growth 10 Book Value ENF
Pref Units/Fund deficit $0.0 $583.7 -$85.9 $911.8 $964.2 $2,288.2 $2,673.1 ENF
Book Value $310.4 $294.1 $297.3 $279.1 $261.9 $240.5 -$94.3 $874.6 $305.1 $346.2 $390.7 $14.6 -95.03% <-Total Growth 10 Book Value ENF
Book Value per share $8.96 $8.49 $8.59 $8.06 $7.56 $6.95 -$2.72 $22.01 $5.90 $6.13 $5.55 $0.15 -98.23% <-Total Growth 10 Book Value per Share ENF
Change -5.88% -5.25% 1.09% -6.12% -6.16% -8.17% -139.21% -908.09% -73.19% 3.88% -9.37% -97.29% -100.00% P/B Ratio Current/10 Year Median ENF
P/B Ratio (Median) 1.37 1.55 1.42 1.38 1.35 1.69 -5.54 0.82 3.77 4.00 5.77 235.05 1.42 P/B Ratio Historical Median ENF
P/B Ratio (Close) 1.56 1.70 1.54 1.27 1.37 1.91 -6.65 0.91 4.09 3.86 7.26 186.43 -33.20% <-IRR #YR-> 10 Book Value ENF
Change 14.90% 9.63% -9.82% -17.28% 7.82% 39.67% -447.08% -113.74% 347.84% -5.65% 88.26% 2466.15% #NUM! <-IRR #YR-> 5 Book Value ENF
Leverage (A/BK) 6.13 6.27 6.25 6.66 7.10 7.96 4.04 1.02 1.03 1.03 1.06 1.02 2.55 <-Median-> 10 A/BV ENF
Debt/Equity Ratio 5.13 5.27 5.25 5.66 6.10 6.96 3.04 0.02 0.03 0.03 0.06 0.02 1.55 <-Median-> 10 Debt/Eq Ratio ENF
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.56 5 yr Med 4.00 -100.00% Diff M/C 5.97 Historical A/BV ENF
-$8.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.15
$2.72 $0.00 $0.00 $0.00 $0.00 $0.15
$95.73 <-12 mths 112.83%
Comprehensive Income ENF $21.00 $18.50 $18.50 -$3.60 $96.13 $203.62 $49.49 $1,031.98 -$746.39 -4134.51% <-Total Growth 8 Comprehensive Inc. ENF
Increase -11.90% 0.00% -119.46% 2770.14% 111.83% -75.69% 1985.11% -172.33% 111.8% <-Median-> 5 Comprehensive Inc. ENF
ROE 7.5% 7.1% 7.7% -0.7% 12.2% 16.7% 3.8% 38.5% -27.8% 12.2% <-Median-> 5 Comprehensive Inc. ENF
5Yr Median 7.5% 7.7% 7.7% 12.2% 12.2% #NUM! <-IRR #YR-> 8 Comprehensive Inc. ENF
% Difference from NI -0.5% -15.5% 42.3% -128.6% 157.5% 240.3% -42.8% 1003.1% -640.4% 190.62% <-IRR #YR-> 5 Comprehensive Inc. ENF
Median Values Diff 5, 10 yr -0.5% 157.5%
-$21.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$746.4
-$18.5 -$18.5 $3.6 $0.0 $0.0 $0.0 $0.0 -$746.4
Current Liability Coverage Ratio ENF 1.13 1.43 1.48 1.18 0.55 0.89 0.78 4.66 8.98 7.97 8.63 8.93 CFO / Current Liabilities ENF
5 year Median 1.18 1.18 1.18 0.89 0.89 0.89 4.66 7.97 8.63 8.63 <-Median-> 5 Current Liability Cov Ratio ENF
Asset Efficiency Ratio 4.09% 4.66% 4.85% 4.52% 5.46% 5.29% 4.43% 4.10% 4.60% 6.44% 3.29% 5.05% CFO / Total Assets ENF
5 year Median 4.52% 4.66% 4.85% 4.85% 4.52% 4.60% 4.60% 4.43% 4.60% 4.6% <-Median-> 5 Return on Assets ENF
Return on Assets ROA 0.5% 0.8% 1.9% 1.1% 1.2% 0.7% 0.6% 4.6% 4.8% 6.4% 3.3% 5.0% Net Income/Assets Return on Assets ENF
5Yr Median 0.5% 0.5% 0.7% 0.8% 1.1% 1.1% 1.1% 1.1% 1.2% 4.6% 4.6% 4.8% 4.8% <-Median-> 5 Asset Efficiency Ratio ENF
Return on Equity ROE 3.4% 5.2% 11.9% 7.6% 8.4% 5.4% 2.6% 4.7% 4.9% 6.6% 3.5% 5.1% Net Inc/ Shareholders' equity Return on Equity ENF
5Yr Median 5.2% 7.6% 7.6% 7.6% 5.4% 4.9% 4.9% 4.7% 4.9% 4.9% <-Median-> 5 Return on Equity ENF
$195.64 <-12 mths 41.65%
Average shares G&M 39.74
Average shares ENF 27.97
Net Income ENF $10.40 $15.20 $35.30 $21.10 $21.90 $13.00 $12.60 $37.33 $59.84 $86.57 $93.56 $138.11 $582 $488 $406 808.63% <-Total Growth 10 Net Income ENF
Increase -2.80% 46.15% 132.24% -40.23% 3.79% -40.64% -3.08% 196.24% 60.30% 44.68% 8.07% 47.62% 321.40% -16.15% -16.80% EPS/CF Ratio should not be higher than 1.00 ENF
5 Yr Running Average $18.5 $20.8 $21.3 $20.8 $21.2 $28.9 $41.9 $58.0 $83.1 $192.0 $277.6 $341.5 24.69% <-IRR #YR-> 10 Net Income ENF
Operating Cash Flow $73.00 $84.20 $86.50 $80.60 $98.10 $94.20 $67.40 $35.66 $53.07 $92.17 $87.84 -$891.90 61.43% <-IRR #YR-> 5 Net Income ENF
Investment Cash Flow -$14.70 -$15.10 $79.50 -$71.20 -$63.60 -$41.10 -$107.40 -$274.05 -$284.18 -$136.65 -$427.03 -$891.90 20.62% <-IRR #YR-> 8 5 Yr Running Average ENF
Total Accruals -$47.90 -$53.90 -$130.70 $11.70 -$12.60 -$40.10 $52.60 $275.72 $290.95 $131.05 $432.75 $1,921.91 31.94% <-IRR #YR-> 5 5 Yr Running Average ENF
Total Assets $1,903.3 $1,842.9 $1,859.4 $1,858.8 $1,858.2 $1,915.3 $1,975.5 $806.1 $1,254.2 $1,346.9 $2,849.8 $2,740.1 Balance Sheet Assets ENF
Accruals Ratio -2.52% -2.92% -7.03% 0.63% -0.68% -2.09% 2.66% 34.21% 23.20% 9.73% 15.19% 70.14% 23.20% <-Median-> 5 Ratio ENF
EPS/CF Ratio 0.13 0.18 0.39 0.25 0.21 0.13 0.14 1.60 1.33 1.01 1.20 1.29 0.70 <-Median-> 10 EPS/CF Ratio ENF
-$15.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $138.1
-$12.6 $0.0 $0.0 $0.0 $0.0 $138.1
-$18.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $83.1
-$20.8 $0.0 $0.0 $0.0 $0.0 $83.1
Chge in Close ENF 8.15% 3.87% -8.84% -22.35% 1.17% 28.25% 36.09% 11.05% 20.05% -1.99% 70.61% -30.53% 19.48% 0.00% 0.00% Count 13 Change in Close ENF
up/down/neutral up up down down down down down Count 7 ENF
Any Predictions? Yes yes Yes % right Count 3 42.86% ENF
Financial Cash Flow ENF $71.10 -$72.80 -$0.70 -$12.10 -$31.90 -$52.80 $43.80 $243.31 $226.29 -$44.66 $339.13 $759.71 C F Statement Financial CF ENF
Total Accruals -$119.00 $18.90 -$130.00 $23.80 $19.30 $12.70 $8.80 $32.41 $64.66 $175.70 $93.62 $1,162.21 Accruals ENF
Accruals Ratio -6.25% 1.03% -6.99% 1.28% 1.04% 0.66% 0.45% 4.02% 5.16% 13.04% 3.29% 42.42% $0.05 <-Median-> 5 Ratio ENF
Cash ENF $14.70 $17.30 $17.60 $21.40 $4.92 $90.00 $270.00 $0.21 $0.13 Cash ENF
Cash per Share $0.42 $0.50 $0.51 $0.62 $0.12 $1.74 $4.78 $0.00 $0.00 $0.12 <-Median-> 5 Cash per Share ENF
Percentage of Stock Price 4.14% 4.82% 3.82% 3.41% 0.62% 7.21% 20.21% 0.01% 0.00% 0.62% <-Median-> 5 % of Stock Price ENF
$320.8 <-12 mths 16.65%
Distributable Cash ENBIF $68.40 $74.30 $74.30 $73.50 $91.2 $90.1 $100.2 $134.3 $195.6 $263.2 $275.0 $393.0 49.34% <-Total Growth 10 Distributable Cash ENBIF
Distributions $74.90 $83.70 $83.70 18.12% <-IRR #YR-> 10 Distributable Cash ENBIF
ECT Preferred Distributions $58.8 $80.8 $116.1 $125.6 31.43% <-IRR #YR-> 5 Distributable Cash ENBIF These were classified as a Liability from 2015
Trust Units Cash Distributions $53.5 $73.6 $105.8 $114.4 $213.0 ENBIF
$112.3 $154.4 $221.9 $240.0 $213.0
Payout Ratio 82.13% 92.90% 83.53% 83.62% 78.94% 84.32% 87.27% 54.20% 83.58% <-Median-> 8 Payout Ratio ENBIF
*Cash available for distribution
EPS Basic ENBIF $0.30 $0.44 $1.02 $0.61 $0.63 $0.38 $0.36 $0.78 $1.43 $1.21 $1.88 $0.63 43.12% <-Total Growth 10 EPS Basic ENBIF
EPS* $0.30 $0.44 $1.02 $0.61 $0.63 $0.38 $0.36 $0.78 $1.43 $1.21 $1.88 $0.63 42.79% <-Total Growth 10 EPS Diluted ENBIF
Increase -3.23% 46.67% 131.82% -40.20% 3.28% -39.68% -4.17% 113.21% 84.78% -15.72% 55.27% -66.53% 3.63% <-IRR #YR-> 10 Earnings per Share ENBIF
Earnings Yield 2.15% 3.04% 7.73% 5.95% 6.08% 2.86% 2.01% 3.86% 5.95% 5.11% 4.65% 2.24% 11.52% <-IRR #YR-> 5 Earnings per Share ENBIF
5 year Running Average $0.54 $0.60 $0.62 $0.60 $0.55 $0.72 $0.83 $1.13 $1.19 10.43% <-IRR #YR-> 8 5 yr Running Average ENBIF
10 year Running Average $0.63 $0.72 $0.87 $0.89 14.55% <-IRR #YR-> 5 5 yr Running Average ENBIF
* ESP per share E/P 10 Yrs 4.88% 5Yrs 4.65%
ECT preferred unit distributions $32.7 $34.6 $35.2 $36.5 $39.2 $43.8 $43.8 $58.8 Until 2011 Bef Earnings ENBIF
ECT preferred unit distributions $80.8 $116.1 $125.6 $0.0 ENBIF
Distributions Unit Holders $29.8 $31.5 $32.1 $33.1 $35.7 $39.6 $39.9 $53.5 $73.6 $105.8 $114.4 $213.0 576.19% <-Total Growth 10 Dividends ENBIF
Payout Ratio ENBIF's Earnings 286.5% 207.2% 90.9% 156.9% 163.0% 304.6% 316.7% 140.1% 175.9% 278.1% 160.0% 177.5% 169.43% <-Median-> 10 DPR EPS ENBIF
Payout Ratio CF 40.8% 37.4% 37.1% 41.1% 36.4% 42.0% 59.2% 28.4% 57.9% 85.3% 74.4% 41.8% 41.94% <-Median-> 10 DPR CF ENBIF
Payout Ratio CF NC 38.3% 36.7% 35.6% 39.4% 35.2% 39.1% 38.3% 28.9% 53.2% 81.0% 68.6% 54.2% 39.21% <-Median-> 10 DPR CF NC ENBIF
Payout 175.85% 57.89% 54.20% 23.40% <-IRR #YR-> 9 Dividends Paid ENBIF
Last Div Inc ---> $114.4 $213.0 86.2% 39.79% <-IRR #YR-> 5 Dividends Paid ENBIF
Long Term Debt ENBIF $2,615 $2,555 Debt ENBIF
Ratio to Market Cap 0.81 0.48 0.64 <-Median-> 2 % of Market C. ENBIF
Goodwill & Intangibles ENBIF $57.70 $56.30 $55.10 $0.00 Intangibles Goodwill ENBIF
Ratio to Market Cap 0.04 0.04 0.02 0.00 0.03 <-Median-> 4 % of Market C. ENBIF
Market Cap $482.7 $501.4 $457.1 $354.9 $359.1 $460.5 $626.3 $988.9 $1,476.8 $1,560.9 $3,224.0 $5,353.7 $7,267.3 $7,267.3 $7,267.3 9.68 <-Total Growth 10 Market Cap ENBIF Since ENF has the same number of
$561.00 <-12 mths 10.22% Shares in the Fund as it has shares
# of Share in Millions ENBIF 34.63 34.63 34.63 34.63 34.63 34.63 34.600 49.200 61.200 66.0 79.9 191 217.0 217.0 217.0 18.62% <-IRR #YR-> 10 Shares ENBIF It is logical that the value of ENBIF shares are the same as for ENF
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.07% 42.20% 24.39% 7.84% 21.06% 139.05% 13.61% 0.00% 0.00% 40.73% <-IRR #YR-> 5 Shares ENBIF
CF fr Op $M $73.0 $84.2 $86.5 $80.6 $98.1 $94.2 $67.4 $188.4 $266.7 $260.1 $322.6 $509 504.51% <-Total Growth 10 Cash Flow ENBIF
Increase 100.55% 15.34% 2.73% -6.82% 21.71% -3.98% -28.45% 179.53% 41.56% -2.47% 24.03% 57.78% S Issued ENBIF
5 year Running Average $72.1 $84.5 $88.7 $85.4 $105.7 $143.0 $175.4 $221.0 $309 266.19% <-Total Growth 8 CF 5 Yr Running ENBIF
CFPS $2.11 $2.43 $2.50 $2.33 $2.83 $2.72 $1.95 $3.83 $4.36 $3.94 $4.04 $2.66 9.59% <-Total Growth 10 Cash Flow per Share ENBIF
Increase 100.55% 15.34% 2.73% -6.82% 21.71% -3.98% -28.40% 96.58% 13.80% -9.57% 2.45% -34.00% 19.71% <-IRR #YR-> 10 Cash Flow ENBIF
5 year Running Average $2.08 $2.44 $2.56 $2.47 $2.73 $3.14 $3.36 $3.62 $3.77 49.83% <-IRR #YR-> 5 Cash Flow ENBIF
P/CF on Med Price 5.83 5.41 4.88 4.78 3.60 4.33 7.74 4.74 5.11 6.22 7.94 13.26 0.92% <-IRR #YR-> 10 Cash Flow per Share ENBIF
P/CF on Closing Price 6.61 5.95 5.28 4.40 3.66 4.89 9.29 5.25 5.54 6.00 9.99 10.52 6.47% <-IRR #YR-> 5 Cash Flow per Share ENBIF
6.40% <-IRR #YR-> 7 CFPS 5 yr Running ENBIF
Excl.Working Capital CF ENBIF $4.80 $1.70 $3.70 $3.50 $3.40 $7.20 $36.7 -$3.2 $23.4 $13.8 $27.5 -$116 8.84% <-IRR #YR-> 5 CFPS 5 yr Running ENBIF
CF fr Op $M WC $77.8 $85.9 $90.2 $84.1 $101.5 $101.4 $104.1 $185.2 $290.1 $273.9 $350.1 $393 357.51% <-Total Growth 10 Cash Flow less WC ENBIF
Increase 58.13% 10.41% 5.01% -6.76% 20.69% -0.10% 2.66% 77.91% 56.64% -5.58% 27.82% 12.25% 16.42% <-IRR #YR-> 10 Cash Flow less WC ENBIF
5 year Running Average $77.4 $87.9 $92.6 $96.3 $115.3 $156.5 $190.9 $240.7 $298 30.43% <-IRR #YR-> 5 Cash Flow less WC ENBIF
CFPS Excl. WC $2.25 $2.48 $2.61 $2.43 $2.93 $2.93 $3.01 $3.76 $4.74 $4.15 $4.38 $2.06 19.08% <-IRR #YR-> 7 CF less WC 5 Yr Run ENBIF
Increase 58.13% 10.41% 5.01% -6.76% 20.69% -0.10% 2.74% 25.11% 25.93% -12.45% 5.58% -53.04% 25.40% <-IRR #YR-> 5 CF less WC 5 Yr Run ENBIF
5 year Running Average $2.24 $2.54 $2.67 $2.78 $3.01 $3.47 $3.72 $4.01 $3.82 -1.85% <-IRR #YR-> 10 CF - Less WC ENBIF
P/CF on Med Price 5.47 5.30 4.68 4.58 3.48 4.02 5.01 4.82 4.69 5.90 7.31 17.18 -7.32% <-IRR #YR-> 5 CF - Less WC ENBIF
P/CF on Closing Price 6.20 5.84 5.07 4.22 3.54 4.54 6.02 5.34 5.09 5.70 9.21 13.62 6.01% <-IRR #YR-> 7 5 yr Running ENBIF
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 4.99 5 yr 6.22 P/CF Med 10 yr 4.76 5 yr 5.90 -100.00% Diff M/C 6.55% <-IRR #YR-> 5 5 yr Running ENBIF
OPM ENBIF 30.44% 33.82% 35.25% 29.76% 33.03% 29.92% 20.54% 47.99% 68.45% 64.51% 77.60% 170.81% 405.11% <-Total Growth 10 OPM ENBIF
Increase 5.38% 11.08% 4.24% -15.56% 10.98% -9.41% -31.35% 133.60% 42.65% -5.76% 20.30% 120.10% Should increase or be stable. ENBIF
Diff from Median -26.9% -18.7% -15.3% -28.5% -20.6% -28.1% -50.6% 15.3% 64.5% 55.0% 86.5% 310.4% 0.00 <-Median-> 10 OPM ENBIF
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 41.62% 5 Yrs 68.45% should be zero, it is a check on calculations ENBIF
Current Assets ENBIF $41.90 $44.40 $44.90 $47.50 $56.10 $56.10 $76.4 $160.3 $253.1 $89.3 $115.8 $545.0 $952.0 Liquidity ratio of 1.5 and up, best ENBIF
Current Liabilities $68.60 $60.00 $60.90 $71.10 $183.50 $114.50 $112.5 $177.7 $277.2 $419.6 $168.5 $423.0 $600.0 0.68 <-Median-> 10 Ratio ENBIF
Liquidity Ratio 0.61 0.74 0.74 0.67 0.31 0.49 0.68 0.90 0.91 0.21 0.69 1.29 1.59 0.90 <-Median-> 5 Ratio ENBIF
Liq. with CF aft div 1.67 2.14 2.16 1.80 0.84 1.31 1.28 1.20 1.20 0.54 1.07 1.66 1.59
Curr Long Term Debt
Liquidity Less CLTD
Assets ENBIF $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 $2,635.0 $3,400.0 Debt Ratio of 1.5 and up, best
Liabilities $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 $2,648.0 $3,129.0 1.20 <-Median-> 10 Ratio ENBIF
Debt Ratio 1.19 1.19 1.19 1.18 1.16 1.14 1.33 1.35 1.21 1.25 1.28 1.00 1.09 1.25 <-Median-> 5 Ratio ENBIF
Book Value ENBIF $310.40 $294.10 $297.30 $279.10 $261.90 $240.50 $489.40 $893.90 $543.4 $559.7 $901.5 -$13.0 $271.0 $271.00 $271.00 -104.37% <-Total Growth 10 Book Value ENBIF
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 ENBIF
Preferred Units $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 $5,266.0 $0.0 $0.0
Trust Units $6,855.0 $6,855.0 $6,855.0
Book Value $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 -$5,279.0 -$6,584.0 $271.0 $271.0 -1875.65% <-Total Growth 10 Book Value ENBIF
Book Value per share $8.96 $8.49 $8.59 $8.06 $7.56 $6.95 -$2.73 $1.75 -$17.63 -$17.07 -$32.51 -$27.64 -$30.34 $1.25 $1.25 -421.89% <-Total Growth 10 Book Value per Share ENBIF
Change -5.88% -5.25% 1.09% -6.12% -6.16% -8.17% -139.24% -164.06% -1109.72% -3.18% 90.45% -14.97% 9.78% -104.12% 0.00% -6936.73% P/B Ratio Current/10 Year Median ENBIF
P/B Ratio (Median) 0.04 0.04 0.04 0.04 0.04 0.05 -0.16 0.21 -0.02 -0.02 -0.01 -0.01 0.00 0.04 P/B Ratio Historical Median ENBIF
P/B Ratio (Close) 1.56 1.70 1.54 1.27 1.37 1.91 -6.64 11.51 -1.37 -1.39 -1.24 -1.01 -1.10 #NUM! <-IRR #YR-> 10 Book Value per Share ENBIF -1894.97%
Change 14.90% 9.63% -9.82% -17.28% 7.82% 39.67% -446.83% 273.35% -111.89% -1.23% 10.41% 18.30% -8.84% 58.93% <-IRR #YR-> 5 Book Value per Share ENBIF -5498.09%
Leverage (A/BK) 6.13 6.27 6.25 6.66 7.10 7.96 4.04 3.88 5.76 4.93 4.53 -202.69 12.55 5.35 <-Median-> 10 A/BV ENBIF
Debt/Equity Ratio 5.13 5.27 5.25 5.66 6.10 6.96 3.04 2.88 4.76 3.93 3.53 -203.69 11.55 4.35 <-Median-> 10 Debt/Eq Ratio ENBIF
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 0.02 5 yr Med -0.01 -6936.73% Diff M/C
-$87.90 <-12 mths -299.77%
Comprehensive Income ENBIF $21.00 $18.50 $18.50 -$3.60 $27.70 $95.70 $86.70 $132.50 $44.00 109.52% <-Total Growth 8 Comprehensive Income ENBIF
ROE 7.5% 7.1% 7.7% -0.7% 3.1% 17.6% 15.5% 14.7% -338.5% 14.7% <-Median-> 5 Comprehensive Income ENBIF
5Yr Median 7.1% 7.1% 7.7% 14.7% 14.7% 9.69% <-IRR #YR-> 8 Comprehensive Income ENBIF 109.52%
% Difference from NI -0.5% -15.5% 42.3% -128.6% -27.5% 9.0% 8.6% -11.7% -63.3% #NUM! <-IRR #YR-> 5 Comprehensive Income ENBIF 1322.22%
Median Values Diff 5, 10 yr -11.7% -11.7%
Return on Assets ENBIF 0.5% 0.8% 1.9% 1.1% 1.2% 0.7% 0.6% 1.1% 2.8% 2.9% 3.7% 4.6% Net Income/Assets ROA ENBIF
5Yr Median 0.5% 0.5% 0.7% 0.8% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 2.8% 2.9% 2.9% <-Median-> 5 ROA ENBIF
Return on Equity ENBIF 3.4% 5.2% 11.9% 7.6% 8.4% 5.4% 2.6% 4.3% 16.2% 14.3% 16.6% -923.1% Net Inc/ Shareholders' equity ROE ENBIF
5Yr Median 3.3% 3.4% 4.3% 5.2% 7.6% 7.6% 7.6% 5.4% 5.4% 5.4% 14.3% 14.3% 14.3% <-Median-> 5 ROE ENBIF
$228.50 <-12 mths 90.42%
Net Income ENBIF $10.40 $15.20 $35.30 $21.10 $21.90 $13.00 $12.6 $38.2 $87.8 $79.8 $150.0 $120.0 689.47% <-Total Growth 10 Net Income ENBIF
Increase -2.80% 46.15% 132.24% -40.23% 3.79% -40.64% -3.08% 203.17% 129.84% -9.11% 87.97% -20.00% EPS/CF Ratio should not be higher than 1.00 ENBIF
5 Yr Running Average $18.5 $20.8 $21.3 $20.8 $21.4 $34.7 $46.3 $73.7 $95.2 22.95% <-IRR #YR-> 10 Net Income ENBIF
Operating Cash Flow $73.0 $84.2 $86.5 $80.6 $98.1 $94.2 $67.4 $188.4 $266.7 $260.1 $322.6 $509.0 56.95% <-IRR #YR-> 5 Net Income ENBIF
Investment Cash Flow -$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 -$3,995.0 22.69% <-IRR #YR-> 8 5 Yr Running Average ENBIF
Total Accruals -$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 $3,606.0 35.57% <-IRR #YR-> 5 5 Yr Running Average ENBIF
Total Assets $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 $2,635.0 Balance Sheet Assets ENBIF
Accruals Ratio -2.52% -2.92% -7.03% 0.63% -0.68% -2.09% 2.66% 33.90% 36.87% -3.18% 40.02% 136.85% 36.87% <-Median-> 5 Ratio ENBIF
EPS/CF Ratio 0.13 0.18 0.39 0.25 0.21 0.13 0.12 0.21 0.30 0.29 0.43 0.31 0.27 <-Median-> 10 EPS/CF Ratio ENBIF
Financial Cash Flow ENBIF $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 $3,457.0 C F Statement Financial CF ENBIF
Total Accruals -$119.0 $18.9 -$130.0 $23.8 $19.3 $12.7 $8.8 -$14.4 -$28.2 $240.4 $149.5 $149.0 Accruals ENBIF
Accruals Ratio -6.25% 1.03% -6.99% 1.28% 1.04% 0.66% 0.45% -0.41% -0.90% 8.72% 3.66% 5.65% 3.66% <-Median-> 5 Ratio ENBIF
Cash ENBIF $14.70 $17.30 $17.60 $21.4 $91.4 $189.6 $29.0 $29.5 $0.0 $0.0 Cash ENBIF
Cash per Share $0.42 $0.50 $0.51 $0.62 $1.86 $3.10 $0.44 $0.37 $0.00 $0.00 $0.44 <-Median-> 5 Cash per Share ENBIF
ENF
October 8, 2016.Last estimates were for 2015, 2016 and 2017 of $140M, $188M and $234M for Revenue, $1.66, $1.89 and $1.95 for EPS, $1.86 and $1.50 for CFPS for 2015 and 2016 and $84.2M and 82.9M for Net Income
October 9, 2015.Last estimates were for 2014, 2015 and 2016 of $456M, $468M and $480M for Revenue, $1.43, $1.34 and $1.50 for EPS, $1.86,$1.86 and $1.50 for CFPS, $91.9M, $84.2M and $82.9M for Net Income.
September 21, 2014.Last estimates were for 2013, 2014 and 2014 of $432.4M $440.7M and $418.0M for Revenue, $1.40, $1.30 and $1.36 for EPS, $2.02,, $$2.06 and $1.35 for CFPS.
June 30, 2012.Last estimates were for 2010 and 2011 of $0.66 and 0.53 for EPS.As far as I can see, company is now EIFH not EIF
Book value does not make much sense.Their reorganizations seems to affect it greatly. But if you owned ENF.UN in 20110, you now own ENF in 2011.
Dec 28, 2010. When I last looked at this stock, I got earnings estimates for 2009 and 2010 of $.37 and $.40.This company has restructed into a Corporation.
Dividends were briefly changed to quarterly in 2011 and then back to monthly.
Symbol changed from ENF.UN to ENF.After restructuring was done on 17 December 2010, the dividends will be paid at the same rate, but quarterly, rather than monthly.First one due on 15 April, 2011.
Would I buy this company and Why.
What I hate about reviewing this stock is that I have to fight my way through their accounting.You cannot just look at the accounting for this stock, but you must also look at the Enbridge Income Fund to get the whole picture.††
When accounting gets complicated, I do not want to invest.It is too easy to make a mistake in my analysis.It is too easy to miss some problem that would affect the viability of this stock.I would not personally invest in this stock.
Dividends ENF
Dividends are paid month.The dividends are declared for one month and paid in the following month.
For example, the dividend declared on February 10, 2014 is for shareholders of record of February 28, 2014 and is payable on March 17, 2014.
Why am I following this stock. ENF
I have followed this stock for some time but I have not owned it.I do own Enbridge Inc. (TSX-ENB, NYSE-ENB).
You would not want to invest in both this stock and Enbridge Inc. as Enbridge Inc. is invested in the fund this stock is invested in.
How they make their money. ENF
Enbridge Income Fund Holdings Inc. is a publicly traded corporation. The Company, through its investment in Enbridge Income Fund, holds high quality, low risk energy
infrastructure assets. The Fund's assets include a 50% interest in the Canadian segment of the Alliance Pipeline, a 100% interest in the various pipelines comprising the
Saskatchewan System, and interests in more than 400 megawatts of renewable and alternative power generation capacity.
Enbridge Income Fund ENF
Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund, holds energy infrastructure assets
As at February 11, 2013, 51,723,000 common shares and 1 special voting share of the Company were issued and outstanding.
Enbridge, the holder of the special voting share, is entitled to receive notice of and to attend all annual and special meetings of shareholders and is entitled to elect one director to the Board.
For most ratios, lower is better when looking for a good stock price.However, there are exceptions such as for yield 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.
The Companyís initial equity capitalization was established under the provisions of the Plan pursuant to which all
20,125,000 trust units of the Fund held by public unitholders, together with 5,000,000 trust units of the Fund held
by Enbridge, were exchanged for 25,125,000 common shares of the Company.
During the first three months of 2012, the Company owned 80.7% of the Fundís issued and outstanding trust units (which represents a
30.8% overall economic interest in the Fund, with the balance held by Enbridge Inc.)
ENBIF
Sep 1, 2015.Enbridge Income Partners LP (EIPLP) acquired 100% interests in entities holding certain Canadian liquids pipelines, storage and renewable energy assets from Enbridge Inc.
(Enbridge) and certain of its subsidiaries for aggregate consideration of $30.4 billion plus incentive distribution and performance rights, less working capital adjustments (the 2015 Transaction).
The 2015 Transaction resulted in changes to the Fundís method of accounting for its investments in Enbridge Commercial Trust (ECT) and EIPLP from consolidation accounting to equity method accounting
due to certain ownership and governance changes. These changes were applied prospectively fromSeptember 1, 2015, the closing date of the 2015 Transaction. The results of operations prior to
September 1, 2015 were accounted for on a consolidated basis.
`
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. ENBIF
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 ENBIF
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. Enbridgeís 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.
In 2010, ENF holds 88.1% of the Fundís 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.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Jul-11 2012 Sep 6 2013 Sep 22 2014 Oct 9 2015 Oct 8 2016
Whelen, John Kendall 0.012 0.02% 0.012 0.02% 0.115 0.09%
CEO - Shares - Amount $0.272 $0.464 $3.85
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.00
Opheim, Wanda 0.028 0.03% 0.029 0.02%
CFO - Shares - Amount $0.778 $0.98
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.00
Schuldhaus, Perry Frank 0.006 0.01% 0.006 0.00%
President - Shares - Amount $0.168 $0.21
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.00
Gruending, Colin Kenneth 0.009 0.02% 0.009 0.01% was CFO
Officer- Shares - Amount $0.203 $0.346
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Johnston, Christopher James 0.001 0.00% Only one officer
Officer - Shares - Amount $0.041
Options - percentage 0.000 0.00%
Options - amount $0.000
Auchinleck, Richard H. (Dick) 0.020 0.04% 0.020 0.03%
Director - Shares - Amount $0.468 $0.799
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Bird, John Richard 0.200 0.35% 0.351 0.36% 0.378 0.31%
Director - Shares - Amount $4.730 $9.825 $12.66
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.00
Roberts, Ernest F. H. 0.028 0.04% 0.030 0.03% 0.038 0.03%
Chairman - Shares - Amt $1.110 $0.841 $1.27
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.00
Enbridge Inc. 11.242 19.90% 14.002 14.41% 24.630 19.98%
10% Holder $265.873 $392.476 $824.86
1 special voting share 0.000 0.00%
10% Holder $0.000
Increase in O/S Shares 0.000 0.00% 0.000 0.00% 0.000 0.00% Yes 0
due to SO $0.000 $0.000 $0.000
Book Value $0.000 $0.000 $0.000
Insider Buying -$6.038 -$1.176
Insider Selling $0.000 $0.000
Net Insider Selling $0.000 -$6.038 -$1.176
% of Market Cap 0.00% -0.22% -0.03%
Directors 6 7 6 8
Women 1 17% 1 14% 1 17% 2 25%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 17 16.97% 40 16.23% 40 21.09% 56 21.26% 75 23.98%
Total Shares Held 6.743 13.04% 9.170 16.23% 11.916 16.94% 14.959 21.26% 29.605 24.01%
Increase/Decrease 3 Mths 0.227 3.48% -0.622 -6.35% 0.070 0.59% 0.060 0.40% 0.158 0.54%
Starting No. of Shares 6.516 9.792 11.847 14.898 29.448
Copyright © 2008 Website of SPBrunner. All rights reserved.