Cardinal Update – December 2017

RESEARCH PROCESS IN FOCUS: ENBRIDGE – Enbridge (ENB) shares have underperformed this year. The shares have declined by 12%, while the TSX is up 5%. Shares were as low as $44, but have shown recent strength at $49.50/sh. after some company announcements including a 10% dividend increase for 2018. We continue to see excellent value in ENB in its ability to support and raise its dividend, which is yielding over 5%. Our confidence is driven by our assessment of three perceived issues as well as our evaluation of the strength of ENB’s business model.

COMPANY FOCUS: SIMON PROPERTY GROUP – Simon Property Group (“Simon”) is the world’s largest retail real estate investment trust (“REIT”) with ownership of properties including the Premium Outlets and Mills branded centers,  and iconic shopping centers such as The Forum Shops at Caesars.

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