<p>安桥（TSX:ENB）在过去一个月中持续下跌，尽管其长期总回报记录依然强劲。这种脱节自然引发了人们对近期下跌是否过度的质疑。</p>
<p>查看我们对安桥的最新分析。</p>
<p>在过去一个月中，30 天的股价回报为负 5.98%，与安桥的一年和多年总股东回报形成鲜明对比，这表明短期情绪已经降温，即使长期收益故事依然完好。</p>
<p>如果安桥让你更广泛地思考稳健的现金生成者，现在可能是探索高内部持股的快速增长股票的明智时机。</p>
<p>安桥的交易价格低于分析师目标，但仍能提供稳健的长期回报，近期的疲软是否暗示着一个被低估的分红巨头，还是市场已经将未来管道驱动的增长全部考虑在内？</p>
<h2>最受欢迎的叙述：9.5% 被低估</h2>
<p>安桥最近收盘价为 64.30 加元，而叙述的公允价值接近 71.07 加元，这个故事指向基于持久现金流的适度上行空间。</p>
<blockquote>
<p><em>有纪律的资本配置、不断增长的有保障项目积压以及更高风险调整回报的稳定资产负债表管理，将推动可预测的分红增长和每股自由现金流的增加，解决当前的低估问题，同时增强未来收益的可见性。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>想看看平坦的收入、上升的利润率和溢价的收益倍数如何仍然能加起来形成上行潜力吗？叙述逐步阐述了现金流数学、收益桥接和支持这一目标的估值框架，而不依赖于英雄般的增长假设。</p>
<p><strong>结果：公允价值为 71.07 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，监管障碍或比预期更快的脱碳可能会对管道利用率施加压力，挤压新项目的回报，并削弱分红增长的叙述。</p>
<p>了解这一安桥叙述的关键风险。</p>
<h2>估值的另一种视角</h2>
<p>在收益方面，情况就不那么宽容。安桥的市盈率约为 25.1 倍，而公允比率为 20.6 倍，加拿大石油和天然气的平均市盈率为 14.1 倍。这表明投资者已经为稳定性支付了溢价，如果增长不如预期，留给错误的空间就更小。</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4435b67b-5094-421b-a719-277427aea8c1/chart/pe-multiple-vs-industry?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://images.simplywall.st/company/4435b67b-5094-421b-a719-277427aea8c1/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 TSX:ENB 市盈率</p>
<h2>构建你自己的安桥叙述</h2>
<p>如果你对这个故事有不同的看法，或者想自己深入数字，你可以在几分钟内构建个性化的视图：按你的方式进行。</p>
<p>你对安桥研究的一个很好的起点是我们的分析，强调了 2 个关键奖励和 4 个可能影响你投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>在继续之前，考虑扫描我们筛选器中的聚焦股票想法，以免错过潜在机会。</p>
<ul>
<li>探索这 13 只收益率超过 3% 的分红股票的收入潜力，这可能有助于在市场波动时增强你的投资组合现金流。</li>
<li>关注这 24 只处于新兴人工智能趋势前沿的 AI 便士股票。</li>
<li>使用这些 913 只基于现金流的被低估股票，审查那些被定价为潜在机会的公司，待更广泛的市场完全注意到之前。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

安桥

<p>安桥 (TSX:ENB) 最近一个月股价下跌了 5.98%，尽管其长期回报表现强劲。分析师认为该股票被低估，合理价值为 71.07 加元，而当前价格为 64.30 加元。预计公司将实现可预测的股息增长和自由现金流的增加。然而，监管障碍和更快的脱碳进程可能带来风险。安桥的市盈率高于行业平均水平，表明投资者为稳定性支付了溢价。Simply Wall St 提供了详细的分析和估值拆解</p>

<p>Enbridge (TSX:ENB) has been grinding lower over the past month, even though its long term total return track record remains strong. That disconnect naturally raises the question of whether the recent dip is overdone.</p>
<div class="lb-trans"><p>安桥（TSX:ENB）在过去一个月中持续下跌，尽管其长期总回报记录依然强劲。这种脱节自然引发了人们对近期下跌是否过度的质疑。</p>
</div><p>See our latest analysis for Enbridge.</p>
<div class="lb-trans"><p>查看我们对安桥的最新分析。</p>
</div><p>Over the past month the 30 day share price return of negative 5.98 percent contrasts sharply with Enbridge's 1 year and multi year total shareholder returns, suggesting short term sentiment has cooled even as the long term income story remains intact.</p>
<div class="lb-trans"><p>在过去一个月中，30 天的股价回报为负 5.98%，与安桥的一年和多年总股东回报形成鲜明对比，这表明短期情绪已经降温，即使长期收益故事依然完好。</p>
</div><p>If Enbridge has you thinking more broadly about resilient cash generators, it could be a smart moment to explore fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果安桥让你更广泛地思考稳健的现金生成者，现在可能是探索高内部持股的快速增长股票的明智时机。</p>
</div><p>With Enbridge trading below analyst targets yet still delivering solid long term returns, is the recent weakness signaling an undervalued dividend giant, or is the market already baking in all the future pipeline driven growth?</p>
<div class="lb-trans"><p>安桥的交易价格低于分析师目标，但仍能提供稳健的长期回报，近期的疲软是否暗示着一个被低估的分红巨头，还是市场已经将未来管道驱动的增长全部考虑在内？</p>
</div><h2>Most Popular Narrative: 9.5% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：9.5% 被低估</h2>
</div><p>With Enbridge last closing at CA$64.30 against a narrative fair value near CA$71.07, the story points to modest upside built on durable cash flows.</p>
<div class="lb-trans"><p>安桥最近收盘价为 64.30 加元，而叙述的公允价值接近 71.07 加元，这个故事指向基于持久现金流的适度上行空间。</p>
</div><blockquote>
<p><em>Disciplined capital allocation, a growing secured project backlog with higher risk adjusted returns, and stable balance sheet management are set to drive predictable dividend growth and increasing free cash flow per share, addressing any current undervaluation as future earnings visibility strengthens.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>有纪律的资本配置、不断增长的有保障项目积压以及更高风险调整回报的稳定资产负债表管理，将推动可预测的分红增长和每股自由现金流的增加，解决当前的低估问题，同时增强未来收益的可见性。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see how flat revenues, rising margins, and a premium earnings multiple can still add up to upside potential? The narrative walks through the cash flow math, the earnings bridge, and the valuation framework that supports this target, step by step, without relying on heroic growth assumptions.</p>
<div class="lb-trans"><p>想看看平坦的收入、上升的利润率和溢价的收益倍数如何仍然能加起来形成上行潜力吗？叙述逐步阐述了现金流数学、收益桥接和支持这一目标的估值框架，而不依赖于英雄般的增长假设。</p>
</div><p><strong>Result: Fair Value of $71.07 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 71.07 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, regulatory setbacks or faster than expected decarbonization could pressure pipeline utilization, squeeze returns on new projects, and weaken the dividend growth narrative.</p>
<div class="lb-trans"><p>然而，监管障碍或比预期更快的脱碳可能会对管道利用率施加压力，挤压新项目的回报，并削弱分红增长的叙述。</p>
</div><p>Find out about the key risks to this Enbridge narrative.</p>
<div class="lb-trans"><p>了解这一安桥叙述的关键风险。</p>
</div><h2>Another Lens On Valuation</h2>
<div class="lb-trans"><h2>估值的另一种视角</h2>
</div><p>On earnings, the picture is less forgiving. Enbridge trades on about 25.1 times earnings versus a fair ratio of 20.6 times and a Canadian Oil and Gas average of 14.1 times. This suggests investors are already paying up for stability, leaving less room for error if growth underwhelms.</p>
<div class="lb-trans"><p>在收益方面，情况就不那么宽容。安桥的市盈率约为 25.1 倍，而公允比率为 20.6 倍，加拿大石油和天然气的平均市盈率为 14.1 倍。这表明投资者已经为稳定性支付了溢价，如果增长不如预期，留给错误的空间就更小。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4435b67b-5094-421b-a719-277427aea8c1/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/4435b67b-5094-421b-a719-277427aea8c1/chart/pe-multiple-vs-industry"/></p>
<p>TSX:ENB PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 TSX:ENB 市盈率</p>
</div><h2>Build Your Own Enbridge Narrative</h2>
<div class="lb-trans"><h2>构建你自己的安桥叙述</h2>
</div><p>If you see the story differently or want to dig into the numbers yourself, you can build a personalized view in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你对这个故事有不同的看法，或者想自己深入数字，你可以在几分钟内构建个性化的视图：按你的方式进行。</p>
</div><p>A great starting point for your Enbridge research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>你对安桥研究的一个很好的起点是我们的分析，强调了 2 个关键奖励和 4 个可能影响你投资决策的重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Before you move on, consider scanning focused stock ideas from our screener so you are not leaving potential opportunities on the table.</p>
<div class="lb-trans"><p>在继续之前，考虑扫描我们筛选器中的聚焦股票想法，以免错过潜在机会。</p>
</div><ul>
<li>Explore income potential with these 13 dividend stocks with yields &gt; 3% that may help strengthen your portfolio cash flow when markets turn choppy.</li>
<li>Look into these 24 AI penny stocks positioned at the forefront of emerging artificial intelligence trends.</li>
<li>Review companies priced for potential opportunity using these 913 undervalued stocks based on cash flows before the broader market fully takes notice.</li>
</ul>
<div class="lb-trans"><ul>
<li>探索这 13 只收益率超过 3% 的分红股票的收入潜力，这可能有助于在市场波动时增强你的投资组合现金流。</li>
<li>关注这 24 只处于新兴人工智能趋势前沿的 AI 便士股票。</li>
<li>使用这些 913 只基于现金流的被低估股票，审查那些被定价为潜在机会的公司，待更广泛的市场完全注意到之前。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

在近期股价疲软之后，评估安桥（TSX:ENB）的估值