Key Takeaways ENB's EBITDA is 98% backed by regulated or take-or-pay contracts, insulating cash flows.ENB is investing in renewables, while EPD remains focused on fossil fuels and petrochemicals.ENB trades at a higher EV/EBITDA than EPD and has seen 2025 earnings estimates revised upward.Enbridge Inc. (ENB) and Enterprise Products Partners (EPD) are two midstream energy giants. Given the nature of their business model, where shippers utilize their oil and gas storage and transportation assets, the players a ...

行业概况 - 中游能源巨头Enbridge Inc (ENB)和Kinder Morgan Inc (KMI)的业务模式对大宗商品价格波动敏感性较低 因客户需使用其油气储存和运输资产 [2] - 过去一年ENB股价上涨35.7% 跑赢行业35.4%的涨幅 但落后于KMI 51.5%的飙升 [3] 商业模式对比 - ENB的98% EBITDA来自受监管或照付不议合同 超过80%利润来自可自动提价的活动 现金流稳定性显著 [5][6] - KMI约三分之二EBITDA来自长期照付不议合同 现金流稳定性低于ENB [8] - ENB连续30年提高股息 成为能源领域股息贵族 KMI采取更保守股息政策 2023年一季度环比增2% 但2015年曾削减股息 [9][11] 财务指标 - ENB当前企业价值/EBITDA为15.05倍 高于KMI的14.54倍 反映市场溢价 [12] - ENB债务资本化比率达59.13% 显示较高债务风险 [13] 增长前景 - ENB预计到2030年可实现约5%的年均业务增长 支撑未来现金流和股息支付能力 [10] - 尽管KMI同样产生稳定收费收入 但ENB股东可能获得更高收益 [16]