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Celanese Corp Class A CE

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Raising Celanese FVE to $150 on Higher Near-Term Outlook; Shares Slightly Overvalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Celanese reported strong third-quarter results as adjusted EBIT more than doubled from the prior-year quarter. The results were consistent with our outlook for 2021 that Celanese will benefit from strong demand and higher pricing, leading to peak earnings for the commodity chemical acetyl chain business. We have slightly increased our outlook for 2022 as we expect the favorable demand environment will continue into the first half of the year for the acetyl chain segment. Our long-term expectation that the segment's earnings will return to more normalized levels is unchanged.

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Company Profile

Business Description

Celanese is one of the world's largest producers of acetic acid and its downstream derivative chemicals, which are used in various end markets, including coatings and adhesives. The company also produces specialty polymers used in the automotive, electronics, medical, and consumer end markets as well as cellulose derivatives used in cigarette filters.

222 West Las Colinas Boulevard, Suite 900N
Irving, TX, 75039-5421
T +1 972 443-4000
Sector Basic Materials
Industry Chemicals
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 7,658