In a research note published on October 5, the analyst mentions that the factors behind projections and augmentation that are steady with the models which have been built for the Company and have strengthened BUY rating were given by the yearly analyst days in Toronto and New York for Enbridge held last week.
Furthermore, it seems that perceptibility to an income growth rate more than 10 percent and dividend growth of 12 percent over the coming five-years of time is provided by the abstract points of $18 billion of commercially secured projects ( being up from $9 billion a year ago) in the five-year plan of ENB.
In addition to this, reiterations of target price of $46 and BUY rating for the shares of ENB are done due to pending further information when the company will post EPS of third quarter of 2012 on November 7. On assessment of SoTP that is driven by elevated anticipations of development from liquids sector, target price of $46 is based.
Also, enlargement of the company is greatly levered on the ramp-ups of oil production of North America, particularly Canadian and Bakken crude oil; and the speed of oil infrastructure needed apart from dropping throughputs and margins in the current pipelines might be impacted by a low oil price or constant drop off in drilling activity have been comprised in the risks. Furthermore, estimated historical P/E analysis’ for the years 2012 and 2013 are 25.1 x and 21.7 x, respectively, while for 2011, actual P/E analysis was 21.5, the analyst adds further.
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