You are required to develop a valuation report, include a per share estimated price for Enbridge Inc. $($Ticker

symbol $$ ENB.TO$),$ and an overall recommendation $($to invest or not$)$ for that company. In addition, you will have

to select $2$ peer companies from that industry to use in comparing the financial performance of ENB.TO to those

companies; however, you are not required to value the stock of those peer companies.

To assist students in better understanding some of the key sections to include in their report, please refer to the

list of section headings below, which represents a proposed minimum set of section headers for the project that

students can use to structure their reports. Please do not feel restricted to this list, i$.$e$.,$ include additional sections

as deemed appropriate.

PROPOSED MINIMUM LIST OF SECTION HEADERS

$$ Background

o Brief history of company

o Strategy

o Industry, geographic and product coverage

$$ Competitive Analysis relative to industry and peers

o SWOT $($Strength$,$ Weakness, Opportunities, and Threats$)$

o PEST $($Political$,$ Economic, Social, Technological$)$

$$ Financial Ratio Analysis

o Your write$-$up will include both a quantitative assessment of key financial ratios and a qualitative

commentary$/$assessment $($trending and peer group analysis$)$

$0976$ Financial Management

o Use tables$/$charts$/$graphs to assist in your analysis of trending and peer group

o Summary

$$ Valuation Analysis

o Assumptions

o Description of the methodology used, with supporting rationale of why selected $$ e$.$g$.,$ Dividend

Growth, Discounted Cash Flow

o Valuation of target company $($i$.$e$.,$ you are not required to value the peer companies$)$

o Quantitative calculations in table$/$exhibit format $$ e$.$g$.,$ WACC, Discounted CFs$,$ Dividend Growth

Model, etc.

o Qualitative interpretation and summary of quantitative results

o Use tables$/$charts to assist in your analysis of the valuation of your company

$$ Conclusion and Recommendation

o Comparison of calculated value per share to publicly traded share price

o Recommend $$ invest or not and why

o Conclusions and any supporting rationale

Sources of information include:

$$ Company website $$ investor relations, company disclosures

$$ Yahoo Finance

$$ Google Finance

$$ Other

Part $1$ includes:

o A preliminary analysis including Financial Ratio Analysis $($both trending and peer group$)$ and

related commentary $($trending$,$ peer group$),$ and SWOT$/$PEST