Where Will Enbridge Stock Be in 1, 3, and 5 Years?
Where Will Enbridge Stock Be in 1, 3, and 5 Years?
Enbridge's most recent performance has signalled that overall revenue growth remains intact, with 5.2% growth seen over the past year. Given that Enbridge's stock price has increased more than 28% over the past year while its revenue has grown just 5%, it's clear that some amount of multiple expansion is driving a great deal of the near-term price action in this stock.For investors looking to capture the upside of cyclical sectors in this volatile environment, picking and choosing specific companies within given sectors can be the way to go. Indeed, not all energy stocks are even close to being the same. You've got producers, refiners, pipeline players such as Enbridge (TSX:ENB), and a host of other companies in the marketing and midstream space as well.
對於希望在這種波動環境中捕捉週期性板塊上漲的投資者來說，選擇給定板塊內的特定公司可能是一種方式。事實上，並非所有能源股票都相似。您可以選擇生產商、精煉商、像恩橋（tsx:ENB）這樣的管道運營商，以及市場營銷和中游空間中的許多其他公司。
In my view, investing in energy infrastructure companies like Enbridge is something worth considering. Pipeline operators tend to have very stable cash flows over very long periods of time, and companies like Enbridge continue to pay out a significant percentage of these cash flows back to investors over time. If you like capital return and high dividend yields over prolonged periods of time, this is a sector where investors can certainly find what they're looking for.
在我看來，投資於能源製造行業公司，比如恩橋，是值得考慮的。管道運營商往往在很長一段時間內擁有非常穩定的現金流，像恩橋這樣的公司繼續將這些現金流的重大部分回報給投資者。如果您喜歡資本回報和長期高分紅派息，這是一個投資者肯定可以找到他們想要的板塊。
That said, the question is just how high a stock like Enbridge can fly over the long term. Here are my one, three, and five-year projections for the stock.
話雖如此，問題就在於像恩橋這樣的股票在長期內可以飆升多高。這是我對該股票的一年、三年和五年預測。
One-year outlook
一年前景
Enbridge's most recent performance has signalled that overall revenue growth remains intact, with 5.2% growth seen over the past year. Given that Enbridge's stock price has increased more than 28% over the past year while its revenue has grown just 5%, it's clear that some amount of multiple expansion is driving a great deal of the near-term price action in this stock.
從恩橋最近的表現可以看出，總體營業收入增長仍然保持完整，過去一年增長了5.2%。鑑於恩橋的股價過去一年增長超過28%，而營業收入僅增長了5%，很明顯，某種程度的多重擴張正在推動該股票的短期價格行動。
Thus, I think investors taking a near-term view of Enbridge stock need to consider whether momentum is the factor they want to trade off of. An argument could be made that this stock is fairly valued at present, and there could be some downside risk here. But if momentum is what you're after from a trading perspective, this could be a stock that makes sense.
因此，我認爲採取對恩橋股票持近期觀點的投資者需要考慮動量是否是他們想要進行交易的因素。可以說，目前這支股票的估值是公平的，並且可能存在一些下行風險。但是，如果從交易角度來看，您追求的是動量，這支股票可能是合乎邏輯的選擇。
Three and five-year outlooks
三年和五年展望
Over the medium term, I think Enbridge stock certainly looks more attractive. That's partly due to the fact that Enbridge has traded near this multiple in the past, and 21 times earnings isn't necessarily overly expensive for the quality of cash flows investors gain access to by investing in this pipeline giant.
從中期來看，我認爲恩橋股票肯定更具吸引力。部分原因是恩橋在過去曾接近過這個多重，以及相對於投資於這家管道巨頭所獲得的現金流質量而言，21倍的市盈率並不一定過於昂貴。
I think Enbridge should be able to see some earnings growth acceleration in coming years, particularly if energy prices remain robust and the company's ability to increase prices on its core customer base increases. If that's the case, I think Enbridge stock could easily match this year's annual performance over the next three years, and grow as much as 50% over the next five years. This is a company I think has the potential to roughly double every decade or so (inclusive of dividends). But, of course, plenty of risks will likely materialize over such a long-term journey, making timing any position difficult.
我認爲恩橋未來幾年應該能夠看到營業收入增速加快，特別是如果能源價格保持強勁，並且公司能夠提高核心客戶群體的價格。如果是這種情況，我認爲恩橋股票在接下來的三年內很容易匹配今年的年度表現，並且在接下來的五年內增長多達50%。我認爲這家公司有潛力每十年左右翻一番（包括分紅）。當然，在這樣漫長的旅程中可能會出現許多風險，使得任何頭寸的時機難以把握。
譯文內容由第三人軟體翻譯。
