<p><strong>安橋</strong>(ENB 0.21%) 是一家大型北美中游公司，通過收取資產使用費產生可靠的現金流。它是一家緩慢且乏味的公司，主要吸引力在於高達 5.9% 的股息收益率，以及三十年來的年度股息增長。唯一的問題是——最近的股息增長有些乏力。別擔心；這將會改變。</p>
<h2>安橋的表現並不突出</h2>
<p>在 2023 年，安橋將季度股息提高了 3.2%，這得益於 2022 年公司可分配現金流（DCF）高達 10% 的增長。相對較小的股息增長預示着公司在 2024 年可分配現金流的放緩，預計 DCF 增長僅為 2.7%。2025 年的股息增長為 3.1%。在 2024 年，DCF 增長了 6%，但 2025 年的股息增長僅為 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>圖片來源：Getty Images。</p>
<p>對於 2025 年和 2026 年的股息投資者來説，前景並沒有太大改善。公司繼續支持每年的可分配現金流增長約 3% 的預測，股息也將 “最多” 增加到該水平。2025 年的股息增長已被宣佈，但 2026 年的股息增長可能會再次小幅下降。</p>
<p>公平地説，3% 左右的股息增長大致與長期通脹增長率相符。因此，安橋股息的購買力保持穩定。再加上高額的收益率，對於那些試圖依靠投資組合產生的收入生活的投資者來説，這並不是一個糟糕的選擇。但如果股息的增長速度至少能快於通脹，那麼股息的購買力就能隨着時間的推移而增長，這樣故事就會更好。</p>
<h2>管理層表示耐心的投資者將會得到回報</h2>
<p>目前的問題部分在於，安橋在 2024 年完成了對 <strong>道明能源</strong>(D 0.97%) 的三家受監管天然氣公用事業公司的收購。該交易的估值為 140 億美元。考慮到在 2023 年末交易公告之前，安橋的市值在 700 億美元左右，這是一筆重要的交易。</p>
<p>該公用事業交易涉及 94 億美元的現金支付和約 46 億美元的債務承擔，使總額達到了 140 億美元。安橋需要找到支付方式，並處理額外債務對資產負債表的影響。許多變動因素限制了可分配現金流的增長。根據管理層的 3% DCF 和股息增長預測，這種影響可能會持續一段時間。</p>
<p>但在 2026 年之後，一切都會改變。屆時，安橋預計其 DCF 增長和股息增長將會提升。新的目標是 5%，雖然從絕對值來看，這似乎與 3% 沒有太大變化，但從百分比來看，這是一項 66% 的改善，這是一大步。</p>
<p>支撐這一增長的還有大約 170 億美元的資本投資項目管道。在 2025 年至 2029 年之間，將有項目上線並每年增加現金流。至於如何為這些項目融資，安橋認為它有足夠的能力自籌資金，同時仍有多餘的現金用於股票回購、附加收購或額外的增長支出。</p>
<p>真正的問題似乎只是經歷一個過渡期，在此期間，天然氣公用事業的業務比例迅速從約 12% 上升到 22%。考慮到收益率高達 5.9%，這對股息投資者來説並不是一個不合理的要求。</p>
<h2>在股息增長加速之前買入</h2>
<p>在商業世界中，沒有魔法開關可以瞬間完成艱苦的工作。公司必須每次都經歷這個過程。這正是安橋目前正在做的。吸引人的股息收益率和與通脹水平相當的股息增長，對於大多數長期股息投資者來説，將是相當不錯的補償。</p>
<p>然而，安橋顯然在向華爾街傳達，關於可分配現金流和股息的美好日子即將到來。不要忽視這一指引。如果你現在購買安橋，你將會在增長加速時在場。而且你可能會在投資者可能會因這些關鍵指標的更高增長率而對安橋給予更高估值之前買入。</p>

安橋

<p>安橋（Enbridge，股票代碼：ENB）是一家主要的北美中游公司，擁有 5.9% 的股息收益率，並且有着年度增長的歷史。然而，近期的股息增長較為温和，預計 2025 年和 2026 年的可分配現金流（DCF）和股息增長為 3%。在完成 140 億美元的天然氣公用事業收購後，安橋預計在 2026 年後將實現 5% 的增長，這一增長將得到 170 億美元資本投資項目的支持。投資者被鼓勵現在購買，以便從未來的股息和現金流增長中受益</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>安橋</strong>(ENB 0.21%) 是一家大型北美中游公司，通過收取資產使用費產生可靠的現金流。它是一家緩慢且乏味的公司，主要吸引力在於高達 5.9% 的股息收益率，以及三十年來的年度股息增長。唯一的問題是——最近的股息增長有些乏力。別擔心；這將會改變。</p>
</div><h2>Enbridge hasn't been hitting it out of the park</h2>
<div class="lb-trans"><h2>安橋的表現並不突出</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，安橋將季度股息提高了 3.2%，這得益於 2022 年公司可分配現金流（DCF）高達 10% 的增長。相對較小的股息增長預示着公司在 2024 年可分配現金流的放緩，預計 DCF 增長僅為 2.7%。2025 年的股息增長為 3.1%。在 2024 年，DCF 增長了 6%，但 2025 年的股息增長僅為 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>圖片來源：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>對於 2025 年和 2026 年的股息投資者來説，前景並沒有太大改善。公司繼續支持每年的可分配現金流增長約 3% 的預測，股息也將 “最多” 增加到該水平。2025 年的股息增長已被宣佈，但 2026 年的股息增長可能會再次小幅下降。</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>公平地説，3% 左右的股息增長大致與長期通脹增長率相符。因此，安橋股息的購買力保持穩定。再加上高額的收益率，對於那些試圖依靠投資組合產生的收入生活的投資者來説，這並不是一個糟糕的選擇。但如果股息的增長速度至少能快於通脹，那麼股息的購買力就能隨着時間的推移而增長，這樣故事就會更好。</p>
</div><h2>Patient investors will be rewarded, according to management</h2>
<div class="lb-trans"><h2>管理層表示耐心的投資者將會得到回報</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>目前的問題部分在於，安橋在 2024 年完成了對 <strong>道明能源</strong>(D 0.97%) 的三家受監管天然氣公用事業公司的收購。該交易的估值為 140 億美元。考慮到在 2023 年末交易公告之前，安橋的市值在 700 億美元左右，這是一筆重要的交易。</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>該公用事業交易涉及 94 億美元的現金支付和約 46 億美元的債務承擔，使總額達到了 140 億美元。安橋需要找到支付方式，並處理額外債務對資產負債表的影響。許多變動因素限制了可分配現金流的增長。根據管理層的 3% DCF 和股息增長預測，這種影響可能會持續一段時間。</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 年之後，一切都會改變。屆時，安橋預計其 DCF 增長和股息增長將會提升。新的目標是 5%，雖然從絕對值來看，這似乎與 3% 沒有太大變化，但從百分比來看，這是一項 66% 的改善，這是一大步。</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>支撐這一增長的還有大約 170 億美元的資本投資項目管道。在 2025 年至 2029 年之間，將有項目上線並每年增加現金流。至於如何為這些項目融資，安橋認為它有足夠的能力自籌資金，同時仍有多餘的現金用於股票回購、附加收購或額外的增長支出。</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>真正的問題似乎只是經歷一個過渡期，在此期間，天然氣公用事業的業務比例迅速從約 12% 上升到 22%。考慮到收益率高達 5.9%，這對股息投資者來説並不是一個不合理的要求。</p>
</div><h2>Buy before dividend growth picks up</h2>
<div class="lb-trans"><h2>在股息增長加速之前買入</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>在商業世界中，沒有魔法開關可以瞬間完成艱苦的工作。公司必須每次都經歷這個過程。這正是安橋目前正在做的。吸引人的股息收益率和與通脹水平相當的股息增長，對於大多數長期股息投資者來説，將是相當不錯的補償。</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，安橋顯然在向華爾街傳達，關於可分配現金流和股息的美好日子即將到來。不要忽視這一指引。如果你現在購買安橋，你將會在增長加速時在場。而且你可能會在投資者可能會因這些關鍵指標的更高增長率而對安橋給予更高估值之前買入。</p>
</div>

今天購買安橋，以受益於未來更高的股息增長