Review of Enbridge Inc.

JAN 15, 2026 - ENB owns regulated assets with contracted, inflation-protected earnings and predictable cash flows that support the balance sheet. The company has maintained a disciplined approach to capital allocation, balancing a strong financial position, growth projects, and capital returns. ENB has increased dividends for 30 consecutive years and represents an attractive investment for wealth preservation and income generation, effectively serving as a “bond proxy” for income investors, which has become increasingly attractive amid declining interest rates. We believe the company will benefit from near-term tailwinds from lower interest expense and improved access to financing to fund growth. The geopolitical noise around Venezuela has pressured ENB’s share price, but we view this as sentiment-driven rather than fundamental. We remain confident in ENB’s long-term prospects. If the company continues to execute well, long-term investors could expect annualized total returns in the range of 10%–12% through a combination of dividends and capital appreciation. We maintain our rating at “B+.”