Enbridge Inc (ENB) is overvalued and Kinder Morgan Inc (KMI) is slightly undervalued.
Against our estimates of intrinsic value, KMI trades at the wider discount: a margin of safety of +9%, 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 8.4% (average of 3 methods) values the shares at $34.28; the price of $31.27 is 9% below that value, and 79% of that value comes from beyond year five.
Leak Score 43/100 on 10 of 12 signals
| Metric | ENB | KMI |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $47.90 | $31.27 |
| Intrinsic value | $25.31 | $34.28 |
| Margin of safety | -89% | +9% |
| Leak Score | 0/100 (2/12) | 43/100 (10/12) |
| Market cap | $106.5B | $69.6B |
| Revenue growth, 5 years | 10.0% | 7.9% |
| Operating margin | 13.3% | 29.6% |
| Net margin | 6.8% | 19.3% |
| Return on equity | 9.4% | 11.1% |
| Debt to equity | 1.72 | 1.02 |
| P/E | 25.4x | 20.2x |
| Forward P/E | 20.6x | 20.3x |
| P/B | 2.5x | 2.2x |
| Dividend yield | 5.8% | 3.8% |