Enbridge stock forecast
Enbridge’s weighted forecast reaches C$60.54 in October 2027, including dividends. It hinges on project delivery, cash growth per share and financing.
Where could Enbridge’s shares be in October 2029?
Enbridge’s weighted forecast reaches C$60.54 in October 2027 and C$61.54 in October 2029, including dividends; it hinges on project delivery, cash growth per share and financing.
The probability-weighted forecast is below today’s price in the first two years and only modestly ahead after three years, including dividends. From today’s C$66.51, the weighted value is C$60.54 in October 2027, C$60.66 in October 2028 and C$61.54 in October 2029, producing returns of negative 3%, positive 3% and positive 11%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28 % | 42.59 (-30 %) | 35.08 (-36 %) | 29.85 (-38 %) |
| Base | 55 % | 64.07 (+2 %) | 65.07 (+10 %) | 66.10 (+18 %) |
| Bull | 17 % | 78.67 (+24 %) | 88.50 (+46 %) | 99.00 (+68 %) |
| Weighted | 100 % | 60.54 (-3 %) | 60.66 (+3 %) | 61.54 (+11 %) |
What has to go right or wrong for Enbridge?
That choice reflects adjusted EBITDA rising from C$14,001 million in 2021 to C$19,952 million in 2025, alongside management’s 2026 guidance midpoint of C$20,500 million. Mainline competition, project delays and leverage above the 4.5–5.0 target range justify the bear path, while high utilization, gas demand and projects entering service support the bull case.
How much cash does Enbridge really make after stock pay?
Common dividends paid were C$8,220 million. DCF therefore left roughly C$4,234 million before growth spending, while free cash flow after total capital spending was only C$3,051 million. The difference had to come from borrowing, partners, asset sales or equity. Cash distributions from joint ventures can help, but their repeatability must be tested rather than assumed.
| Year to Dec 2025 | Year to Dec 2024 | Year to Dec 2023 | Year to Dec 2022 | Year to Dec 2021 | |
|---|---|---|---|---|---|
| Free cash flow (calculated) | 3,051 | 5,657 | 9,308 | ||
| Stock-based pay | 285 | 186 | 154 | 260 | 157 |
| Real free cash flow (after stock pay) (calculated) | 2,766 | 5,471 | 9,154 | ||
| Free cash flow left for shareholders (calculated) | 2,389 | 5,138 | 8,791 | ||
| Free cash flow per share (calculated) | 1.40 | 2.62 | 4.52 | ||
| Real free cash flow per share (calculated) | 1.27 | 2.54 | 4.45 |
What does an investor pay today for Enbridge?
Enbridge owns pipelines, gas utilities and other energy infrastructure. A share is therefore a claim on the cash those assets produce after costs and financing. Market capitalization values the common shares. Enterprise value estimates what the whole operating business costs by adding debt and preferred shares, then subtracting cash. Enbridge’s enterprise value exceeds its equity value by C$110,120 million, showing how much financing sits alongside common shareholders.
| Today (Oct 9, 2026) | |
|---|---|
| Share price | 66.51 |
| Market value (calculated) | 148,240.39 |
| Enterprise value (calculated) | 258,360.39 |
| P/E, last 12 months (calculated) | 25.7x |
| P/E, next 12 months (calculated) | 20.9x |
| Dividend yield (calculated) | 5.8% |