Enbridge Inc (ENB) is overvalued and Energy Transfer LP (ET) is undervalued.
Against our estimates of intrinsic value, ET trades at the wider discount: a margin of safety of +40%, against -89% for ENB.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $25.31; the price of $47.90 is 89% above that value, and 83% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $34.14; the price of $20.40 is 40% below that value, and 81% of that value comes from beyond year five.
Leak Score 49/100 on 9 of 12 signals
| Metric | ENB | ET |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $47.90 | $20.40 |
| Intrinsic value | $25.31 | $34.14 |
| Margin of safety | -89% | +40% |
| Leak Score | 0/100 (2/12) | 49/100 (9/12) |
| Market cap | $106.5B | $70.2B |
| Revenue growth, 5 years | 10.0% | 17.0% |
| Operating margin | 13.3% | 9.6% |
| Net margin | 6.8% | 4.7% |
| Return on equity | 9.4% | 15.1% |
| Debt to equity | 1.72 | 1.99 |
| P/E | 25.4x | 14.0x |
| Forward P/E | 20.6x | 12.1x |
| P/B | 2.5x | 2.2x |
| Dividend yield | 5.8% | 6.7% |