Enbridge Inc (ENB) is overvalued and TC Energy Corp (TRP) is overvalued.
Both trade above our estimate of their intrinsic value. ENB is the closer of the two: -89%, against -121% for TRP.
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 7.3% (average of 3 methods) values the shares at $27.04; the price of $59.78 is 121% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ENB | TRP |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $47.90 | $59.78 |
| Intrinsic value | $25.31 | $27.04 |
| Margin of safety | -89% | -121% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $106.5B | $59.8B |
| Revenue growth, 5 years | 10.0% | 2.6% |
| Operating margin | 13.3% | 46.3% |
| Net margin | 6.8% | 21.6% |
| Return on equity | 9.4% | 13.8% |
| Debt to equity | 1.72 | 2.30 |
| P/E | 25.4x | 24.8x |
| Forward P/E | 20.6x | 21.2x |
| P/B | 2.5x | 3.5x |
| Dividend yield | 5.8% | 4.2% |