` Comparison: ENB, ET - Alpha Spread

ENB
vs
ET

Over the past 12 months, ENB has outperformed ET, delivering a return of +21% compared to the ET's +15% growth.

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ENB
ET
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

ENB Intrinsic Value
70.75 CAD
Undervaluation 13%
Intrinsic Value
Price
ET Intrinsic Value
28.44 USD
Undervaluation 38%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Enbridge Inc
TSX:ENB
61.67 CAD
Energy Transfer LP
NYSE:ET
17.72 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
ENB, ET

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Enbridge Inc
Revenue
Energy Transfer LP
Revenue

All metrics are calculated based on data from the last 10 years.

Profitability Comparison

Free Cash Flow
ENB, ET

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Enbridge Inc
TSX:ENB
Energy Transfer LP
NYSE:ET
What is Free Cash Flow?

Gross Margin

ENB
42.4%
ET
25.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

Operating Margin

ENB
17.2%
ET
11.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

Net Margin

ENB
9.7%
ET
5.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

FCF Margin

ENB
8.2%
ET
9%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

ROE

ENB
8.9%
ET
12.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

ROA

ENB
2.9%
ET
3.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

ROIC

ENB
4.1%
ET
7.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

ROCE

ENB
5.6%
ET
8.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Enbridge Inc
Energy Transfer LP

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
ENB, ET

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Performance Gap
ENB, ET

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ENB
ET
Difference
www.alphaspread.com

Performance By Year
ENB, ET

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