COMP <GO>

ENB vs SHEL // DIVIDEND YIELD & FCF PAYOUT SAFETY

Enbridge Inc (NYSE) VS. Shell PLC American (NYSE) • 15-METRIC TALLY: ENB 4 — SHEL 3

■ METRIC PARITY

LAST: $49.46 (+0.39%) • MKT CAP: $107.61B

dividend-safety

0.00%

LAST: $108.69 (+0.95%) • MKT CAP: $297.82B

dividend-safety

0.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ENB VS. SHEL) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ENB	SHEL	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	15.40%	3.30%	+12.10	ENB	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety ACTIVE	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	ENB	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.50%	7.00%	-0.50	ENB	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	64.5	69.8	-5.29	SHEL	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.89	1.02	-0.13	SHEL	/macro-sensitivity <GO>
Forward P/E Multiple	27.6x	30.5x	-2.90	ENB	/forward-pe <GO>
Enterprise Scale & Market Cap	$107.61B	$297.82B	-$190.21B	SHEL	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ENB REV	SHEL REV	ENB GROSS %	SHEL GROSS %	ENB FCF	SHEL FCF
INSPECT INDIVIDUAL XBRL MODELS AT ENB FA <GO> AND SHEL FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ENB // BETA 0.89

SHEL // BETA 1.02