EEP Impresses

THEODORE DURBIN, Goldman Sachs (07/29/2010)
"Enbridge reported 2Q10 EPS of $0.62, above our estimate of $0.52 and consensus of $0.58. Key variances versus our estimate [demonstrated] stronger Liquids Pipeline Segment results and upside from Sponsored Investments, particularly EEP. We increase our 2010 EPS estimate by $0.05 largely on 2Q carryover and maintain our estimates for 2011 and beyond, which imply a 10% EPS CAGR over the next five years. . .As discussed in our June 27 note, Enbridge Management Trip Takeaways, we remain impressed with the company's strong long-term shareholder and asset returns and ability to generate incremental growth via multiple smaller-scale projects."

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