Market SentimentDespite the solid quarter, unchanged 2025/near-term guidance, and positive comments on the call, ENB shares were the worst performer in our coverage universe erasing 4% and ~$5.7B of value.
Tax ImpactHigher cash taxes of ~$1B are expected due to lower bonus depreciation.
ValuationDespite the strong performance and yield, shares are considered fairly valued at the current levels, implying limited upside.