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Research Alert: Enb: Modest Earnings Beat In Q1

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

ENB posted Q1 adjusted EPS of CAD0.98, beating consensus by CAD0.04, while adjusted EBITDA of CAD5.8B was flat Y/Y and operating cash flow declined 23% to CAD2.3B. Distributable cash flow of CAD3.9B rose 2% Y/Y, demonstrating resilient cash generation despite operational headwinds. The company's diversified portfolio showed mixed segment performance, with Gas Transmission and Gas Distribution & Storage segments posting EBITDA growth of CAD79M and CAD109M, respectively, offsetting Liquids Pipelines segment decline of CAD318M due to higher Mainline earnings sharing and lower Line 9 tolls. Management reaffirmed CY 2026 guidance for adjusted EBITDA of CAD20.2B-CAD20.8B and DCF per share of CAD5.70-CAD6.10, with 5% annual growth expected beyond 2026. Project backlog expanded to CAD40B, up CAD1B, supporting growth capex of CAD10B-CAD11B annually, while recent project sanctions include the Tres Palacios expansion and Vector Pipeline expansion.

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Research Alert: CFRA Maintains Hold Rating On Shares Of Warner Bros. Discovery, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our $30 target price uses a forward TEV/EBITDA of 11.8x our 2026 EBITDA estimate as a going concern. Due to merger costs in Q1 2026, we lower our 2026 estimate to a loss per share of -$1.00 from prior -$0.06 and reduce 2027's by $0.05 to $0.05. Our revenue projections are $37.0B in 2026 and $38.0B in 2027. Netflix declined to raise its offer for WBD, and WBD's Board of Directors determined that PSKY's offer was a "superior proposal." Thus, WBD will be moving forward with getting the necessary approvals from regulators after shareholder approvals. We think the path to getting antitrust approvals from the DoJ and the EU provides deal risk due to a lengthy approval process, but one that we think is more doable than NFLX acquiring WBD. So, PSKY's approved acquisition of WBD could either transform PSKY into a media powerhouse or burden it with unsustainable leverage and integration challenges. The timeline to close before October 1 and obtain the necessary regulatory approvals remains uncertain, in our view.

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Oil & Energy

Weekly US Natural Gas Slips on Mixed Fundamentals Despite Below-Forecast Storage Injection

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Research Alert: CFRA Reiterates Buy Opinion On Shares Of Warner Music Group

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