{"id":58427,"date":"2023-09-08T07:49:19","date_gmt":"2023-09-08T11:49:19","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/enbridge-best-time-in-3-years-to-buy-this-7-4-yielding-dividend-aristocrat-nyseenb\/"},"modified":"2023-09-08T07:49:34","modified_gmt":"2023-09-08T11:49:34","slug":"enbridge-best-time-in-3-years-to-buy-this-7-4-yielding-dividend-aristocrat-nyseenb","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58427","title":{"rendered":"Enbridge: Best Time In 3 Years To Buy This 7.4% Yielding Dividend Aristocrat (NYSE:ENB)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture><\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<p>I&#8217;m frequently asked to confirm that the thesis for a company remains intact. That&#8217;s understandable, given how volatile stock prices can be.<\/p>\n<p>Sometimes, you&#8217;ll see a blue-chip go up or down 30% in a single day.<\/p>\n<p> <span class=\"table-responsive\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td><strong>Time Frame (Years)<\/strong><\/td>\n<td class=\"paywall-full-content invisible\">\n<p><strong>Total Returns Explained By Fundamentals\/Valuations<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td><strong>1 Day<\/strong><\/td>\n<td><strong>0.02%<\/strong><\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>1 month<\/td>\n<td>0.33%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>3 month<\/td>\n<td>1.0%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>6 months<\/td>\n<td>2.0%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td><strong>1<\/strong><\/td>\n<td><strong>5%<\/strong><\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>2<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>3<\/td>\n<td>15%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>4<\/td>\n<td>28%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>5<\/td>\n<td>36%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>6<\/td>\n<td>47%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>7<\/td>\n<td>58%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>8<\/td>\n<td>68%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>9<\/td>\n<td>79%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>10+<\/td>\n<td>90%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td>20+<\/td>\n<td>91%<\/td>\n<\/tr>\n<tr class=\"paywall-full-content invisible\">\n<td><em><strong>30+<\/strong><\/em><\/td>\n<td><em><strong>97%<\/strong><\/em><\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\" class=\"paywall-full-content invisible\"><\/span><\/span><button class=\"table-enlarge-button paywall-full-content invisible\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible\"><em>(Sources: DK S&amp;P Valuation Tool, JPMorgan, Bank of America, Princeton, RIA)<\/em><\/p>\n<p class=\"paywall-full-content invisible\">Almost all of the time, the daily swings of the market are meaningless. It takes over six years just for fundamentals to drive the most returns.<\/p>\n<p class=\"paywall-full-content invisible\">But naturally, you don&#8217;t want to sit in Sears Kmart or GE for 7+ years waiting for confirmation that the<span class=\"paywall-full-content no-summary-bullets invisible\"> wheels have fallen off the bus.<\/span><\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td><strong>Sector<\/strong><\/td>\n<td>\n<p><strong>% Of Companies That Suffer Permanent 70+% Declines Since 1980<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>Energy<\/td>\n<td>65%<\/td>\n<\/tr>\n<tr>\n<td>Tech<\/td>\n<td>59%<\/td>\n<\/tr>\n<tr>\n<td>Communications<\/td>\n<td>49%<\/td>\n<\/tr>\n<tr>\n<td>Consumer Discretionary<\/td>\n<td>48%<\/td>\n<\/tr>\n<tr>\n<td>Healthcare<\/td>\n<td>48%<\/td>\n<\/tr>\n<tr>\n<td>All Sectors<\/td>\n<td>44%<\/td>\n<\/tr>\n<tr>\n<td>Industrials<\/td>\n<td>39%<\/td>\n<\/tr>\n<tr>\n<td>Materials<\/td>\n<td>38%<\/td>\n<\/tr>\n<tr>\n<td>Financials<\/td>\n<td>29%<\/td>\n<\/tr>\n<tr>\n<td>Utilities<\/td>\n<td>14%<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>(Sources: DK S&amp;P Valuation Tool, JPMorgan)<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Not when up to 65% of an entire sector can poison your portfolio.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Energy investors can be a nervous bunch, and who can blame them?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940077915273693.jpg\" alt=\"x\" width=\"640\" height=\"480\" contenteditable=\"false\" data-width=\"640\" data-height=\"480\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Business Insider<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Since 2008, we&#8217;ve seen 3 of the largest oil crashes in human history, including one in which crude hit -$38.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Well, I just got a request for a confirmation check from several subscribers for one of our favorite midstream Ultra SWANs (sleep-well-at-night), Enbridge (<span class=\"ticker-hover-wrapper\">NYSE:ENB<\/span>).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So let&#8217;s look at how to check to see if the market&#8217;s beating on this 7.4% yielding dividend aristocrat is justified or if it&#8217;s the best time in three years to load up on the ultimate &#8220;buy and hold forever&#8221; energy utility.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">What&#8217;s The Matter With Enbridge? Market Nervous About $14 Billion In Deals<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940092652685525.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Ycharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Canadian Midstreams, in general, are suffering while US midstreams are thriving.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Why? The biggest difference between Canadian and US midstreams is regulatory. In recent months, investors have gotten nervous about pipeline giants being able to complete mega projects.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For example, the $23 billion TransMountain expansion project that Kinder Morgan managed to sell to the Canadian government is now delayed.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The pipeline requires a route change through British Columbia, but an indigenous group opposes it and is fighting the change in court.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">TC Energy investors remember its $15 billion loss when Keystone XL was canceled when President Biden pulled the required permit.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">What&#8217;s perhaps surprising to Canadian pipeline investors is the government&#8217;s apparent anti-pipeline stance after it paid $3.3 billion to buy the project from Kinder.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Canadian government appears to be fighting itself on this one, and naturally, that is creating some fear about whether other megaprojects might face costly delays.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And then there&#8217;s the big M&amp;A news that ENB just dropped.<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>Enbridge is acquiring East Ohio Gas Company, Public Service Company of North Carolina, and Questar Gas natural gas distribution utilities for CAD 19 billion (USD 14 billion), including USD 4.6 billion in debt from Dominion Energy.&#8221; &#8211; Morningstar.<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is also issuing $3 billion in new shares in addition to funding the deal with $11 billion in debt, including the debt taken on from Dominion.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">That&#8217;s 4.2% dilution to existing shareholders.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-1694016753261906.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Ycharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB dropped 6% on the news, a mild overreaction to share dilution.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Why is Enbridge buying these three utilities?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-169401694185626.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The deals will mean ENB is about 25% utilities and has 7 million customers, the largest single utility in North America.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management believes these new utilities can help it achieve its goal of 4% to 6% growth, including through green energy investment opportunities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For example, the Public Service Company of North Carolina is working to complete hydrogen blending facilities ENB thinks can be ready next year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">These three utilities also include $1.3 billion in new growth projects which are lower risk than the traditional midstream project. Most utility growth projects are approved ahead of time and even if the costs prove higher than expected, utilities can usually pass on costs, not the case with pipelines.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940173095699363.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is paying 16.5X earnings for these utilities which about average for natural gas utilities right now.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So ENB isn&#8217;t getting a bargain but is buying at a fair price.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In terms of distributable cash flow per share, ENB thinks it will be accretive in the first full year of ownership.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940173887558959.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is getting some good utilities here with around 10% returns on equity, slightly above the national average. But the approved growth projects represent 8% growth in the rate base, and thus revenue from the utility assets its buying.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">These utilities have good relationships with regulators allowing them to rapidly recoup construction costs through higher rates.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-1694017540123053.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">After this deal closes ENB estimates its growth backlog will be $18 billion and it will get almost half of cash flow from utilities and renewables.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">That&#8217;s a pretty smart move since natural gas demand is expected to keep rising through at least 2050 while oil demand is expected to peak in 2030 before gradually declining.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This utility buy seems a natural fit for ENB as it works to make itself even more utility like.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940177218547835.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB will now have utility businesses in five states or provinces, including rapidly growing markets such as North Carolina.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940178075392425.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB has been consolidating natural gas utilities for decades. This is actually the 11th gas utility that ENB has bought since 1994. That means, on average, ENB buys a gas utility every three years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB estimates that it will be able to recoup the $3.7 billion in growth spending on those utility projects within 3 years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940179707862473.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB has a goal to grow at 5%, a steady utility like rate. The liquid business, consisting of oil pipelines, is a slow growth industry. Utilities are a relatively faster growth market because utilities have to invest in the green energy transition.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>the more utilities invest in new capacity the faster they are allowed to pass on costs to consumers<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">TC Energy is spinning off its liquids business to focus on natural gas and renewables. ENB isn&#8217;t going that far, yet, but is definitely focused on the growthiest and safest part of its markets.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">And Here&#8217;s Why Wall Street Is A Bit Upset<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940181502765498.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is going to be issuing shares to fund part of this deal and it says it is open to issuing more shares in the future to buy more utilities (or possibly even other midstreams).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This harkens back to the bad old days when midstream ran hot payout ratios of nearly 100% and funded growth with cheap debt and overvalued stock.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Remember when oil was $100 between 2010 and 2014? Remember when Kinder Morgan was paying out 93% DCF and promising 10% annual dividend growth&#8230;right until it slashed its dividend 75%?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Remember the midstream winter? Years of bear market and payout cuts, sometimes more than one from the same midstream?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940183854146872.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Ycharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">REITs, utilities, yieldCos, and from time to time, midstream, all issue shares to fund growth.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Midstream has mostly gone fully self-funding in recent years, funding growth with safe amounts of debt and retained cash flow.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Now ENB is going back to the old ways, selling new shares if it has to. That&#8217;s a riskier strategy than a pure free cash flow self-funding model like what EPD has.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BUT that doesn&#8217;t necessarily mean it&#8217;s a bad one.<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>While we think Enbridge (ENB) paid a reasonable price and see the long-term merits of the deal (cash flow diversification, enhanced stability of cash flows), high leverage and a funding gap could act as overhangs.&#8221; &#8211; Seeking Alpha<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is adding $13 billion in debt to its balance and gaining about $850 million in EBITDA. That means leverage will rise a bit, as Wells Fargo notes in its recent downgrade.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">What does ENB&#8217;s leverage go from? From 4.6 to 5.4X debt\/EBITDA.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Rating agencies want to see 5X or less leverage in this industry. So it&#8217;s not surprising that S&amp;P has downgraded its outlook to negative, implying a 33% chance of a cut to BBB in the next two years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940188851009235.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">S&amp;P<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">S&amp;P estimates that next year&#8217;s new growth projects coming online will bring leverage down to 4.9X, but if there is any unexpected disruption in cash flow, that ratio could cross 5X.<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>There is approximately US$6.5 billion to be funded before close in 2024. The company has indicated it will rely on a number of avenues to fund the remainder of the purchase price including noncore asset sales, hybrid capital, dividend reinvestment plan, at-the-market program, and debt. Although Enbridge has superior market access, given a significant portion of the cash consideration still requires funding, we believe that execution risk remains in the short-to-medium term.&#8221; &#8211; S&amp;P<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The market is perhaps a bit worried that ENB is taking on $11 billion in debt at a time of high interest rates.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is moving back to a growth focus in an age when energy investors, traumatized by a lost decade, want dividends and buybacks and no talk of growth or ATM (sell shares into the market to fund growth) programs.<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>We could lower our rating on Enbridge if the company is unable to successfully raise additional funds through asset sales or other means such that adjusted debt to EBITDA is at or above 5x for a prolonged period.<\/p>\n<p>We could revise the outlook to stable if the company is able to raise a substantial portion of the remainder of the capital to fund the acquisition and reduce debt to EBITDA closer to 4.75x during the next 12-18 months.&#8221; &#8211; S&amp;P<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management says its 4.5X to 5X leverage target remains in effect. S&amp;P doesn&#8217;t necessarily not believe them, just thinks there is some risk given that Canada&#8217;s government has been stricter on the regulatory front in recent months.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>significant cost overruns at TRP have rating agencies worried that ENB&#8217;s leverage ratio might go higher than planned<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940192886917214.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB remains committed to a strong balance sheet and a 65% payout ratio.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940193638434079.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">FactSet Research Terminal<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The bond market believes ENB with the 1 day default risk rising by just 2.5% to 1.25% or so for the next decade.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>implied 3.75% 30-year default risk = BBB+ rating<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Bond investors are not worried about ENB&#8217;s big new load of debt.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940194819675221.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">FactSet Research Terminal<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">When the US treasury tries to sell a 40 year bond, the bond market laughs.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">When ENB tries to sell a 100 year bond, maturing in 2112 at 4.1% interest rates, investors back up the truck.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Today ENB&#8217;s 100 year bonds yield 6.1%, lower than many 40 year corporate bonds from investment grade rated companies.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Why You Can Trust Management Knows What It&#8217;s Doing<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management says this is a good deal, a sound part of a master long-term plan to get ENB through the energy transition.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">It&#8217;s a plan the bond market loves enough to buy 100 year ENB bonds, something no other energy company can claim.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Wall Street is initially skeptical, having been traumatized by years of shareholder dilution and high debt funded deals back when oil was $100.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">S&amp;P believes management but is watching closely.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Bond investors believe ENB.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So far Wall Street is skeptical.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Who should we believe? I&#8217;m siding with management and here&#8217;s why.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940199637295506.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB boasts the longest dividend growth streak in the industry, at 28 years.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management has been working on the green energy transition for nearly a quarter century. That&#8217;s why S&amp;P considers it the 2nd best energy transition plan in the industry (behind WMB&#8217;s).<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>ENB&#8217;s long-term risk management (including energy transition plan) is ranked 96th percentile by S&amp;P<\/li>\n<li>top 320 companies on earth<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">What about the future dividend? It is expected to grow slightly slower than cash flow allowing ENB some financial flexibility.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Do you know who has the best judgement about ENB&#8217;s management and corporate culture? The stock market.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As Ben Graham said, over the long-term the market is a weighing mechanism correctly &#8220;weighing the substance of a company&#8221;.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Total Returns Since 1990 (33 Years = 97% Returns From Fundamentals)<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940211593363597.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Portfolio Visualizer Premium<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The stock market has determined with 97% statistical confidence that ENB is a world-beater midstream, running circles around its peers, and even the only other aristocrats in the sector.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940212824536953.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Portfolio Visualizer Premium<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB has been delivering dependable dividend growth and market-beating and peer crushing returns for almost a third of a century.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This 3 utility deal is part of a 100 year plan to continue that dividend growth streak into the 22nd century.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Why Enbridge Is A Very Strong Buy<\/h2>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col>\n<col>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td><strong>Metric<\/strong><\/td>\n<td><strong>Historical Fair Value Multiples (9-Years)<\/strong><\/td>\n<td><strong>2022<\/strong><\/td>\n<td><strong>2023<\/strong><\/td>\n<td><strong>2024<\/strong><\/td>\n<td><strong>2025<\/strong><\/td>\n<td>\n<p><strong>12-Month Forward Fair Value<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>5-Year Average Yield (Pure Industry Bear Market)<\/td>\n<td>6.51%<\/td>\n<td>$39.48<\/td>\n<td>$39.94<\/td>\n<td>$39.94<\/td>\n<td>$43.01<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>13-Year Median Yield<\/td>\n<td>4.48%<\/td>\n<td>$57.37<\/td>\n<td>$58.04<\/td>\n<td>$58.04<\/td>\n<td>$62.50<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>Operating Cash Flow<\/td>\n<td>9.64<\/td>\n<td>$37.21<\/td>\n<td>$43.57<\/td>\n<td>$43.57<\/td>\n<td>$48.68<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>Average<\/td>\n<td> <\/td>\n<td>$43.08<\/td>\n<td>$46.00<\/td>\n<td>$46.00<\/td>\n<td>$50.17<\/td>\n<td><strong>$46.00<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Current Price<\/td>\n<td>$33.28<\/td>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Discount To Fair Value<\/p>\n<\/td>\n<td> <\/td>\n<td>22.75%<\/td>\n<td>27.65%<\/td>\n<td>27.65%<\/td>\n<td>33.67%<\/td>\n<td><strong>27.65%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\n<p>Upside To Fair Value (Including Dividends)<\/p>\n<\/td>\n<td> <\/td>\n<td>29.45%<\/td>\n<td>38.22%<\/td>\n<td>38.22%<\/td>\n<td>50.76%<\/td>\n<td><strong>46.03%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2023 OCF<\/td>\n<td>2024 OCF<\/td>\n<td>2023 Weighted OCF<\/td>\n<td>2024 Weighted OCF<\/td>\n<td>12-Month Forward OCF<\/td>\n<td><strong>12-Month Average Fair Value Forward P\/OCF<\/strong><\/td>\n<td>\n<p><strong>Current Forward P\/OCF<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>$4.52<\/td>\n<td>$4.52<\/td>\n<td>$1.39<\/td>\n<td>$3.13<\/td>\n<td>$4.52<\/td>\n<td>10.2<\/td>\n<td>7.4<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB is historically worth 10X cash flow and trades at an Anti-bubble 7.4 today.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>11.3 EV\/EBITDA = private equity valuation<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">You&#8217;re getting the same level of value as private equity funds like Brookfield and Blackstone are getting.<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td><strong>Rating<\/strong><\/td>\n<td><strong>Margin Of Safety For Very Low-Risk 13\/13 Ultra SWAN Quality Dividend Aristocrat<\/strong><\/td>\n<td><strong>2023 Fair Value Price<\/strong><\/td>\n<td><strong>2024 Fair Value Price<\/strong><\/td>\n<td><strong>12-Month Forward Fair Value<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Potentially Reasonable Buy<\/td>\n<td>0%<\/td>\n<td>$46.00<\/td>\n<td>$46.00<\/td>\n<td>$46.00<\/td>\n<\/tr>\n<tr>\n<td>Potentially Good Buy<\/td>\n<td>5%<\/td>\n<td>$43.70<\/td>\n<td>$43.70<\/td>\n<td>$43.70<\/td>\n<\/tr>\n<tr>\n<td>Potentially Strong Buy<\/td>\n<td>15%<\/td>\n<td>$39.10<\/td>\n<td>$39.10<\/td>\n<td>$39.10<\/td>\n<\/tr>\n<tr>\n<td><strong>Potentially Very Strong Buy<\/strong><\/td>\n<td><strong>25%<\/strong><\/td>\n<td><strong>$32.78<\/strong><\/td>\n<td><strong>$34.50<\/strong><\/td>\n<td><strong>$34.50<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Potentially Ultra-Value Buy<\/td>\n<td>35%<\/td>\n<td>$29.90<\/td>\n<td>$29.90<\/td>\n<td>$29.90<\/td>\n<\/tr>\n<tr>\n<td>Currently<\/td>\n<td>$33.11<\/td>\n<td>28.02%<\/td>\n<td>28.02%<\/td>\n<td><strong>28.02%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Upside To Fair Value (Including Dividends)<\/td>\n<td> <\/td>\n<td>46.78%<\/td>\n<td>46.78%<\/td>\n<td><strong>46.78%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB has about 50% upside potential in the next year to return to historical fair value.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Enbridge 2025 Consensus Total Return Potential<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940086319042928.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">FAST Graphs, FactSet<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Enbridge 2029 Consensus Total Return Potential<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-16940089009361668.png\" alt=\"x\" contenteditable=\"false\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">FAST Graphs, FactSet<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Enbridge 2033 Consensus Total Return Potential<\/strong><\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>7.4% yield<\/li>\n<li>growth: 2.7% to 5% (management guidance 5%)<\/li>\n<li>10-year valuation boost: 3.3% CAGR<\/li>\n<li>10-year consensus total return potential: <strong>13.4% to 15.7% CAGR<\/strong> = <strong>252% to 330% vs 130% S&amp;P<\/strong> <\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">How&#8217;s that for a rich retirement dream machine?<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">What About The Risks? Here&#8217;s Why Enbridge Isn&#8217;t Right For Everyone<\/h2>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>ENB is a Canadian company<\/li>\n<li>15% dividend tax withholding ON TAXABLE ACCOUNTS<\/li>\n<li>NONE on tax-free IRA, 401K, Roth IRA, etc.<\/li>\n<li>tax-credit available for taxable accounts<\/li>\n<li>requires some paperwork unless you own very few international stocks<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">There are no risk-free companies, and no company is right for everyone. You have to be comfortable with the fundamental risk profile.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Risk Profile Summary<\/h2>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>Enbridge&#8217;s biggest challenges are primarily regulatory, legal, and other stakeholder risks related to identifying and executing on projects within its growth portfolio. Challenges over Line 3, 5, and its small stake in the Dakota Access Pipeline offer clear examples of the potentially higher costs and lost earnings involved.<\/p>\n<p>Material ESG exposures create additional risk for midstream investors. In this industry, the most significant exposures are greenhouse gas emissions (from upstream extraction, midstream operations, and downstream consumption), and other emissions, effluents, pipeline spills, and opposition and protests. In addition to the reputational threat, these issues could force climate-conscious consumers away from fossil fuels in greater numbers, resulting in long-term demand erosion. Climate concerns could also trigger regulatory interventions, such as production limits, removal of existing infrastructure, and perhaps even direct taxes on carbon emissions, which already exists in Canada. Notably, Enbridge recently entered a $1 billion sustainability-linked credit facility and $1 billion bond, which links its ESG performance to borrowing costs.&#8221; &#8211; Morningstar<\/p>\n<\/blockquote>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">ENB&#8217;s Risk Profile Includes<\/h4>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Economic cyclicality risk: modest cash flow variability in recessions (up to 19% but larger in oil crashes)<\/li>\n<li>M&amp;A execution risk: from future industry consolidation<\/li>\n<li>regulatory risk: specifically for new project approvals (Keystone XL is a good example of what can go wrong)<\/li>\n<li>failure of the green energy transition plan<\/li>\n<li>talent retention risk in the tightest job market in 54 years<\/li>\n<li>Cyber-security risk: hackers and ransomware (Colonial pipeline hack is an example of what can happen)<\/li>\n<li>currency risk, including the dividend<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">How do we quantify, monitor, and track such a complex risk profile? By doing what big institutions do.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Long-Term Risk Management Analysis: How Large Institutions Measure Total Risk Management<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">DK uses S&amp;P Global&#8217;s global long-term risk-management ratings for our risk rating.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>S&amp;P has spent over 20 years perfecting their risk model<\/li>\n<li>which is based on over 30 major risk categories, over 130 subcategories, and 1,000 individual metrics<\/li>\n<li><strong>50% of metrics are industry-specific<\/strong><\/li>\n<li><strong>This risk rating has been included in every credit rating for decades<\/strong><\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The DK risk rating is based on the global percentile of a company&#8217;s risk management compared to 8,000 S&amp;P-rated companies covering 90% of the world&#8217;s market cap.<\/p>\n<h4 class=\"paywall-full-content invisible no-summary-bullets\">ENB scores 96th Percentile On Global Long-Term Risk Management<\/h4>\n<p class=\"paywall-full-content invisible no-summary-bullets\">S&amp;P&#8217;s risk management scores factor in things like:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>supply chain management<\/li>\n<li>crisis management<\/li>\n<li>cyber-security<\/li>\n<li>privacy protection<\/li>\n<li>efficiency<\/li>\n<li>R&amp;D efficiency<\/li>\n<li>innovation management<\/li>\n<li>labor relations<\/li>\n<li>talent retention<\/li>\n<li>worker training\/skills improvement<\/li>\n<li>occupational health &amp; safety<\/li>\n<li>customer relationship management<\/li>\n<li>business ethics<\/li>\n<li>climate strategy adaptation<\/li>\n<li>sustainable agricultural practices<\/li>\n<li>corporate governance<\/li>\n<li>brand management<\/li>\n<li>interest rate risk management<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>ENB&#8217;s Long-Term Risk Management Is The 33rd Best In The Master List 93rd Percentile In The Master List)<\/strong><\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td><strong>Classification<\/strong><\/td>\n<td><strong>S&amp;P LT Risk-Management Global Percentile<\/strong><\/td>\n<td>\n<p><strong>Risk-Management Interpretation<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Risk-Management Rating<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><em><strong>BTI, ILMN, SIEGY, SPGI, WM, CI, CSCO, WMB, SAP, CL<\/strong><\/em><\/td>\n<td><em><strong>100<\/strong><\/em><\/td>\n<td><em><strong>Exceptional (Top 80 companies in the world)<\/strong><\/em><\/td>\n<td><em><strong>Very Low Risk<\/strong><\/em><\/td>\n<\/tr>\n<tr>\n<td><em><strong>Enbridge<\/strong><\/em><\/td>\n<td><em><strong>96<\/strong><\/em><\/td>\n<td>\n<p><em><strong>Exceptional<\/strong><\/em><\/p>\n<\/td>\n<td>\n<p><em><strong>Very Low Risk<\/strong><\/em><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>Strong ESG Stocks<\/td>\n<td>86<\/td>\n<td>\n<p>Very Good<\/p>\n<\/td>\n<td>\n<p>Very Low Risk<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>Foreign Dividend Stocks<\/td>\n<td>77<\/td>\n<td>\n<p>Good, Bordering On Very Good<\/p>\n<\/td>\n<td>\n<p>Low Risk<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><strong>Ultra SWANs<\/strong><\/td>\n<td><strong>74<\/strong><\/td>\n<td><strong>Good<\/strong><\/td>\n<td><strong>Low Risk<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dividend Aristocrats<\/strong><\/td>\n<td><strong>67<\/strong><\/td>\n<td><strong>Above-Average (Bordering On Good)<\/strong><\/td>\n<td><strong>Low Risk<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Low Volatility Stocks<\/td>\n<td>65<\/td>\n<td>Above-Average<\/td>\n<td>Low Risk<\/td>\n<\/tr>\n<tr>\n<td><strong>Master List average<\/strong><\/td>\n<td><strong>61<\/strong><\/td>\n<td><strong>Above-Average<\/strong><\/td>\n<td><strong>Low Risk<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Dividend Kings<\/strong><\/td>\n<td><strong>60<\/strong><\/td>\n<td><strong>Above-Average<\/strong><\/td>\n<td><strong>Low Risk<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Hyper-Growth stocks<\/td>\n<td>59<\/td>\n<td>Average, Bordering On Above-Average<\/td>\n<td>Medium Risk<\/td>\n<\/tr>\n<tr>\n<td>Dividend Champions<\/td>\n<td>55<\/td>\n<td>Average<\/td>\n<td>Medium Risk<\/td>\n<\/tr>\n<tr>\n<td>Monthly Dividend Stocks<\/td>\n<td>41<\/td>\n<td>Average<\/td>\n<td>Medium Risk<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>(Source: DK Research Terminal)<\/em><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB&#8217;s risk-management consensus is in the top 7% of the world&#8217;s best blue chips and is similar to:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Ecolab (ECL): Super SWAN aristocrat<\/li>\n<li>UnitedHealth Group (UNH): Ultra SWAN<\/li>\n<li>Microsoft (MSFT): Ultra SWAN<\/li>\n<li>Canadian National Railway (CNI): Ultra SWAN aristocrat<\/li>\n<li>Lockheed Martin (LMT): Ultra SWAN<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The bottom line is that all companies have risks, and ENB is exceptional, at managing theirs, according to S&amp;P.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">How We Monitor ENB&#8217;s Risk Profile<\/h2>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>18 analysts<\/li>\n<li>four credit rating agencies<\/li>\n<li>22 experts who collectively know this business better than anyone other than management<\/li>\n<li>and the bond market for real-time fundamental risk assessment<\/li>\n<\/ul>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>When the facts change, I change my mind. What do you do, sir?&#8221; &#8211; John Maynard Keynes<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">There are no sacred cows. Wherever the fundamentals lead, we always follow. That&#8217;s the essence of disciplined financial science, the math behind retiring rich and staying rich in retirement.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Bottom Line: Enbridge Isn&#8217;t Broken, It&#8217;s Just A Very Strong Buy<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Enbridge is making a bold move that the market doesn&#8217;t like. But it&#8217;s ultimately a smart move designed to get ENB, the most utility like midstream, and make it even more utility like.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/47572571-169402149951635.jpg\" alt=\"x\" width=\"640\" height=\"363\" contenteditable=\"false\" data-width=\"640\" data-height=\"363\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Investor presentation<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">99% of ENB&#8217;s cash flow is now going to be under long-term take-or-pay contract or regulated.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The most utility like midstream will become even more of a utility.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In fact, 47% of cash flow will now be utilities or renewables.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ENB started out as a pipeline company that invested in renewables and utilities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">It is now on track to become a utility that owns a lot of pipelines by the end of this decade.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Before global demand for oil peaks, ENB will be getting the majority of cash flow from low-risk regulated utility sources.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And the same management team and corporate culture that brought you a 28-year dividend growth streak, with a plan to get to a 50 year streak in 2045 (3 years ahead of EPD), is saying that this will help ENB grow at 5% long-term.<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>7.5% yield + 5% growth = 12% to 13% long-term returns<\/li>\n<li>+ nice value boost of 3.3% per year over 10 years from the 28% discount<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Do I like this deal? Yes. It&#8217;s right up ENB&#8217;s ally.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The market doesn&#8217;t for understandable reasons.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The midstream winter was traumatic but ultimately if you like ENB you trust management.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With the bond market offering its full support to this deal, and S&amp;P reaffirming the BBB+ rating (with an outlook downgrade) I am willing to say I too sign off and support this utility M&amp;A deal from Enbridge.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Is it risky? A bit, but ENB has handled bigger deals than this in the past, in tougher industry conditions (Spectra in 2018).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Is this a screaming bargain? Like what OKE got with MMP? Nope, ENB is paying market prices for these gas utilities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">But is buying &#8220;wonderful companies at fair prices&#8221; a good long-term strategy? Yes, and that&#8217;s what ENB appears to be doing here.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4633694-enbridge-best-time-to-buy-this-dividend-aristocrat?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m frequently asked to confirm that the thesis for a company remains intact. That&#8217;s understandable, given how volatile stock prices can be. Sometimes, you&#8217;ll see a blue-chip go up or down 30% in a single day. Time Frame (Years) Total Returns Explained By Fundamentals\/Valuations 1 Day 0.02% 1 month 0.33% 3 month 1.0% 6 months [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-58427","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Enbridge: Best Time In 3 Years To Buy This 7.4% Yielding Dividend Aristocrat (NYSE:ENB) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"I&#039;m frequently asked to confirm that the thesis for a company remains intact. That&#039;s understandable, given how volatile stock prices can be. 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