ENB - Enbridge: Get In Now To Enjoy A Multi-Year Bull Run

2025-04-05 03:55:53 ET

Summary

• My earlier EBITDA growth acceleration thesis is playing out nicely, and there are many long term demand-side tailwinds that Enbridge is poised well to benefit from.
• US tariffs on Canadian imports may impact O&G prices but are unlikely to reduce crude oil volumes transported, insulating Enbridge's operations.
• Enbridge is reaping the rewards of a good US Gas Utilities M&A deal via an EBITDA increase in its Gas Distribution and Storage Portfolio.
• Valuations are reasonable as the stock is trading at a lower-than-usual-premium vs peers. Longer-term technicals indicate a multi-year or even decadal bull run ahead.
• EBITDA growth expectations may be priced in, but net upward revisions in projections for FY25 mitigate this concern. Rating: Strong Buy.

Performance Assessment

Enbridge ( ENB ) has outperformed the S&P500 ( SPY ) ( SPX ) ( IVV ) ( VOO ) since my last update at the start of this year. It has been a safe haven, having generated a positive return as well amid broader equity market corrections:...

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