Discounted Cash Flow

Enbridge Inc.

ENB · Based on 10 years of SEC filings · Converted from CAD to USD

DCF estimate unavailable — No positive free cash flow in recent history — company has not generated positive FCF

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $34.6b $1.5b $-2.4b 4.3% $1.93
2017 $44.4b (28.4%) $2.1b (38.2%) $-1.2b (48.5%) 4.7% (7.6%)
2018 $21.1b (-52.3%) $2.1b (0.8%) $-3.1b (-152.4%) 9.9% (111.5%)
2019 $19.7b (-6.9%) $4.1b (98.0%) $-2.0b (35.9%) 21.0% (112.6%) $2.64
2020 $18.8b (-4.5%) $2.4b (-41.1%) $-2.1b (-4.1%) 13.0% (-38.3%) $1.48 (-43.9%)
2021 $19.4b (3.3%) $4.5b (84.0%) $-3.9b (-88.0%) 23.1% (78.2%) $2.87 (93.9%)
2022 $23.9b (23.1%) $2.2b (-51.5%) $-1.3b (68.0%) 9.1% (-60.6%) $1.28 (-55.4%)
2023 $24.2b (1.2%) $4.5b (106.2%) $-923.7m (26.2%) 18.5% (103.7%) $2.84 (121.9%)
2024 $25.9b (7.2%) $3.9b (-12.1%) $-1.9b (-102.3%) 15.2% (-18.0%) $2.34 (-17.6%)
2025 $29.3b (13.1%) $5.4b (37.7%) $-2.9b (-57.1%) 18.5% (21.8%) $3.23 (38.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in CAD. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

No positive free cash flow in recent history — company has not generated positive FCF

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.