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Celanese Corp Class A CE

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Raising Our Celanese Fair Value Estimate to $111 on Higher Near-Term Outlook; Shares Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Celanese's fourth-quarter results showed the company's businesses are recovering from the COVID-19-related economic slowdown. Operating profit roughly tripled year on year during the quarter led by the Acetyl Chain segment. Management expects the recovery to continue in 2021, guiding to an adjusted EPS range of $9.50 to $10.00, which would be roughly 25% to 30% growth versus 2020. Given the encouraging fourth-quarter results, we see an accelerated recovery in all segments in 2021 and think the guidance is achievable, albeit at the lower end of the range.

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Company Profile

Business Description

Celanese Corp 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, 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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 7,658