Enbridge Inc (ENB) is overvalued and Targa Resources Corp (TRGP) is overvalued.
Both trade above our estimate of their intrinsic value. ENB is the closer of the two: -89%, against -127% for TRGP.
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 9.0% (average of 3 methods) values the shares at $124.35; the price of $282.15 is 127% above that value, and 76% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | ENB | TRGP |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $47.90 | $282.15 |
| Intrinsic value | $25.31 | $124.35 |
| Margin of safety | -89% | -127% |
| Leak Score | 0/100 (2/12) | 45/100 (10/12) |
| Market cap | $106.5B | $60.5B |
| Revenue growth, 5 years | 10.0% | 15.8% |
| Operating margin | 13.3% | 24.8% |
| Net margin | 6.8% | 13.2% |
| Return on equity | 9.4% | 72.2% |
| Debt to equity | 1.72 | 5.35 |
| P/E | 25.4x | 26.9x |
| Forward P/E | 20.6x | 22.9x |
| P/B | 2.5x | 16.6x |
| Dividend yield | 5.8% | 1.8% |