<p><strong>安桥</strong>(ENB 0.21%) 是一家大型北美中游公司，通过收取资产使用费产生可靠的现金流。它是一家缓慢且乏味的公司，主要吸引力在于高达 5.9% 的股息收益率，以及三十年来的年度股息增长。唯一的问题是——最近的股息增长有些乏力。别担心；这将会改变。</p>
<h2>安桥的表现并不突出</h2>
<p>在 2023 年，安桥将季度股息提高了 3.2%，这得益于 2022 年公司可分配现金流（DCF）高达 10% 的增长。相对较小的股息增长预示着公司在 2024 年可分配现金流的放缓，预计 DCF 增长仅为 2.7%。2025 年的股息增长为 3.1%。在 2024 年，DCF 增长了 6%，但 2025 年的股息增长仅为 3%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIyNjYvMjNfMTBfMzEtYS1wb3N0LWl0LW5vdGUtd2l0aC10aGUtd29yZC1kaXZpZGVuZHMtb24taXQtbmV4dC10by1hLXJvbGwtb2YtY2FzaC1fbWYtZGxvYWQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIyNjYvMjNfMTBfMzEtYS1wb3N0LWl0LW5vdGUtd2l0aC10aGUtd29yZC1kaXZpZGVuZHMtb24taXQtbmV4dC10by1hLXJvbGwtb2YtY2FzaC1fbWYtZGxvYWQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>对于 2025 年和 2026 年的股息投资者来说，前景并没有太大改善。公司继续支持每年的可分配现金流增长约 3% 的预测，股息也将 “最多” 增加到该水平。2025 年的股息增长已被宣布，但 2026 年的股息增长可能会再次小幅下降。</p>
<p>公平地说，3% 左右的股息增长大致与长期通胀增长率相符。因此，安桥股息的购买力保持稳定。再加上高额的收益率，对于那些试图依靠投资组合产生的收入生活的投资者来说，这并不是一个糟糕的选择。但如果股息的增长速度至少能快于通胀，那么股息的购买力就能随着时间的推移而增长，这样故事就会更好。</p>
<h2>管理层表示耐心的投资者将会得到回报</h2>
<p>目前的问题部分在于，安桥在 2024 年完成了对 <strong>道明能源</strong>(D 0.97%) 的三家受监管天然气公用事业公司的收购。该交易的估值为 140 亿美元。考虑到在 2023 年末交易公告之前，安桥的市值在 700 亿美元左右，这是一笔重要的交易。</p>
<p>该公用事业交易涉及 94 亿美元的现金支付和约 46 亿美元的债务承担，使总额达到了 140 亿美元。安桥需要找到支付方式，并处理额外债务对资产负债表的影响。许多变动因素限制了可分配现金流的增长。根据管理层的 3% DCF 和股息增长预测，这种影响可能会持续一段时间。</p>
<p>但在 2026 年之后，一切都会改变。届时，安桥预计其 DCF 增长和股息增长将会提升。新的目标是 5%，虽然从绝对值来看，这似乎与 3% 没有太大变化，但从百分比来看，这是一项 66% 的改善，这是一大步。</p>
<p>支撑这一增长的还有大约 170 亿美元的资本投资项目管道。在 2025 年至 2029 年之间，将有项目上线并每年增加现金流。至于如何为这些项目融资，安桥认为它有足够的能力自筹资金，同时仍有多余的现金用于股票回购、附加收购或额外的增长支出。</p>
<p>真正的问题似乎只是经历一个过渡期，在此期间，天然气公用事业的业务比例迅速从约 12% 上升到 22%。考虑到收益率高达 5.9%，这对股息投资者来说并不是一个不合理的要求。</p>
<h2>在股息增长加速之前买入</h2>
<p>在商业世界中，没有魔法开关可以瞬间完成艰苦的工作。公司必须每次都经历这个过程。这正是安桥目前正在做的。吸引人的股息收益率和与通胀水平相当的股息增长，对于大多数长期股息投资者来说，将是相当不错的补偿。</p>
<p>然而，安桥显然在向华尔街传达，关于可分配现金流和股息的美好日子即将到来。不要忽视这一指引。如果你现在购买安桥，你将会在增长加速时在场。而且你可能会在投资者可能会因这些关键指标的更高增长率而对安桥给予更高估值之前买入。</p>

安桥

<p>安桥（Enbridge，股票代码：ENB）是一家主要的北美中游公司，拥有 5.9% 的股息收益率，并且有着年度增长的历史。然而，近期的股息增长较为温和，预计 2025 年和 2026 年的可分配现金流（DCF）和股息增长为 3%。在完成 140 亿美元的天然气公用事业收购后，安桥预计在 2026 年后将实现 5% 的增长，这一增长将得到 170 亿美元资本投资项目的支持。投资者被鼓励现在购买，以便从未来的股息和现金流增长中受益</p>

<p><strong>Enbridge</strong>(ENB 0.21%) is a giant North American midstream company, generating reliable cash flows from the fees it charges for the use of its assets. It is a slow and boring company with a lofty 5.9% dividend yield being the main draw. That and three decades' worth of annual dividend increases. There's just one problem -- dividend growth has been a bit anemic of late. Don't worry; that's going to change.</p>
<div class="lb-trans"><p><strong>安桥</strong>(ENB 0.21%) 是一家大型北美中游公司，通过收取资产使用费产生可靠的现金流。它是一家缓慢且乏味的公司，主要吸引力在于高达 5.9% 的股息收益率，以及三十年来的年度股息增长。唯一的问题是——最近的股息增长有些乏力。别担心；这将会改变。</p>
</div><h2>Enbridge hasn't been hitting it out of the park</h2>
<div class="lb-trans"><h2>安桥的表现并不突出</h2>
</div><p>In 2023 Enbridge increased its quarterly dividend by 3.2%, backed by a lofty 10% increase in the company's distributable cash flow (DCF) in 2022. The relatively small dividend hike was a precursor to a slowdown in the company's distributable cash flow in 2024, with DCF growth of just 2.7%. The dividend hike for 2025 was 3.1%. In 2024, DCF increased by 6%, but the dividend hike for 2025 was just 3%.</p>
<div class="lb-trans"><p>在 2023 年，安桥将季度股息提高了 3.2%，这得益于 2022 年公司可分配现金流（DCF）高达 10% 的增长。相对较小的股息增长预示着公司在 2024 年可分配现金流的放缓，预计 DCF 增长仅为 2.7%。2025 年的股息增长为 3.1%。在 2024 年，DCF 增长了 6%，但 2025 年的股息增长仅为 3%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIyNjYvMjNfMTBfMzEtYS1wb3N0LWl0LW5vdGUtd2l0aC10aGUtd29yZC1kaXZpZGVuZHMtb24taXQtbmV4dC10by1hLXJvbGwtb2YtY2FzaC1fbWYtZGxvYWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812266%2F23_10_31-a-post-it-note-with-the-word-dividends-on-it-next-to-a-roll-of-cash-_mf-dload.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>The outlook for 2025 and 2026 isn't much better for dividend investors. The company continues to back its roughly 3% DCF growth projection for each year, with dividends increasing &#34;up to&#34; that amount. The dividend increase for 2025 has been announced, but there's a chance that 2026's dividend growth will inch down again.</p>
<div class="lb-trans"><p>对于 2025 年和 2026 年的股息投资者来说，前景并没有太大改善。公司继续支持每年的可分配现金流增长约 3% 的预测，股息也将 “最多” 增加到该水平。2025 年的股息增长已被宣布，但 2026 年的股息增长可能会再次小幅下降。</p>
</div><p>To be fair, 3% or so dividend growth is roughly in line with the long-term growth rate of inflation. So the buying power of Enbridge's dividend is holding steady. Add in the lofty yield and this isn't a bad choice for investors trying to live off of the income their portfolio generates. But the story would be much better if the dividend was growing at least a little bit faster than inflation so that the buying power of the dividend could grow over time.</p>
<div class="lb-trans"><p>公平地说，3% 左右的股息增长大致与长期通胀增长率相符。因此，安桥股息的购买力保持稳定。再加上高额的收益率，对于那些试图依靠投资组合产生的收入生活的投资者来说，这并不是一个糟糕的选择。但如果股息的增长速度至少能快于通胀，那么股息的购买力就能随着时间的推移而增长，这样故事就会更好。</p>
</div><h2>Patient investors will be rewarded, according to management</h2>
<div class="lb-trans"><h2>管理层表示耐心的投资者将会得到回报</h2>
</div><p>Part of the problem right now is that Enbridge completed the acquisition of three regulated natural gas utilities from <strong>Dominion Energy</strong>(D 0.97%) in 2024. The transaction was valued at $14 billion. That was a material transaction for Enbridge, given that its market cap prior to the announcement of the late 2023 deal was in the $70 billion range.</p>
<div class="lb-trans"><p>目前的问题部分在于，安桥在 2024 年完成了对 <strong>道明能源</strong>(D 0.97%) 的三家受监管天然气公用事业公司的收购。该交易的估值为 140 亿美元。考虑到在 2023 年末交易公告之前，安桥的市值在 700 亿美元左右，这是一笔重要的交易。</p>
</div><p>The utility transaction involved $9.4 billion in cash payments and the assumption of around $4.6 billion of debt, which brought the tally up to the $14 billion figure. Enbridge needed to find a way to pay for that and deal with the balance sheet impact of the additional debt. There were a lot of moving parts that limited distributable cash-flow growth. And the impact is, based on management's 3% DCF and dividend growth projections, likely to linger for a bit longer.</p>
<div class="lb-trans"><p>该公用事业交易涉及 94 亿美元的现金支付和约 46 亿美元的债务承担，使总额达到了 140 亿美元。安桥需要找到支付方式，并处理额外债务对资产负债表的影响。许多变动因素限制了可分配现金流的增长。根据管理层的 3% DCF 和股息增长预测，这种影响可能会持续一段时间。</p>
</div><p>But that all changes in the post-2026 world. At that point, Enbridge is calling for a step up in its DCF growth and its dividend growth. The new target is 5% for both, which may not seem like a huge change on an absolute basis from 3%. However, on a percentage basis it is a 66% improvement, and that is a big step up.</p>
<div class="lb-trans"><p>但在 2026 年之后，一切都会改变。届时，安桥预计其 DCF 增长和股息增长将会提升。新的目标是 5%，虽然从绝对值来看，这似乎与 3% 没有太大变化，但从百分比来看，这是一项 66% 的改善，这是一大步。</p>
</div><p>Backing that increase in growth is a roughly $17 billion pipeline of capital investment projects. There are projects that will be coming online and adding to cash flow each year between 2025 and 2029. As for paying for those projects, Enbridge believes it has enough capacity to self-fund these investments while still having excess cash left over for stock buybacks, bolt-on acquisitions, or additional growth spending.</p>
<div class="lb-trans"><p>支撑这一增长的还有大约 170 亿美元的资本投资项目管道。在 2025 年至 2029 年之间，将有项目上线并每年增加现金流。至于如何为这些项目融资，安桥认为它有足够的能力自筹资金，同时仍有多余的现金用于股票回购、附加收购或额外的增长支出。</p>
</div><p>The real issue appears to be simply working through the transition period in which natural gas utilities have quickly gone from around 12% of the business to 22%. That's not an unreasonable request to make of dividend investors given that the yield is a lofty 5.9%.</p>
<div class="lb-trans"><p>真正的问题似乎只是经历一个过渡期，在此期间，天然气公用事业的业务比例迅速从约 12% 上升到 22%。考虑到收益率高达 5.9%，这对股息投资者来说并不是一个不合理的要求。</p>
</div><h2>Buy before dividend growth picks up</h2>
<div class="lb-trans"><h2>在股息增长加速之前买入</h2>
</div><p>There's no magic switch to flip in the business world that just gets hard work instantly completed. Companies have to work through the process each and every time. That's what Enbridge is doing right now. An attractive dividend yield and inflation-level dividend growth will be pretty good compensation for most long-term dividend investors.</p>
<div class="lb-trans"><p>在商业世界中，没有魔法开关可以瞬间完成艰苦的工作。公司必须每次都经历这个过程。这正是安桥目前正在做的。吸引人的股息收益率和与通胀水平相当的股息增长，对于大多数长期股息投资者来说，将是相当不错的补偿。</p>
</div><p>However, Enbridge is clearly telling Wall Street that there are better days to come with regard to distributable cash flow and the dividend. Don't ignore the guidance. If you buy Enbridge now you'll be there when growth ticks higher. And you'll likely have bought in before investors probably affix a higher valuation on Enbridge given its higher growth rate on these key metrics.</p>
<div class="lb-trans"><p>然而，安桥显然在向华尔街传达，关于可分配现金流和股息的美好日子即将到来。不要忽视这一指引。如果你现在购买安桥，你将会在增长加速时在场。而且你可能会在投资者可能会因这些关键指标的更高增长率而对安桥给予更高估值之前买入。</p>
</div>

今天购买安桥，以受益于未来更高的股息增长