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Celanese Corp Class A CE

Morningstar Rating
$140.93 +0.93 (0.66%)
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Company Report

Celanese's Specialty Materials and Low-Cost Acetyl Products Should See Long-Term Growth

Celanese is the world's largest producer of acetic acid and its chemical derivatives, including vinyl acetate monomer and emulsions. These products are used in the company’s specialized end products or sold externally. Celanese produces these commodity chemicals in its acetyl chain segment (roughly 65% of 2022 pro forma EBITDA including acquisitions), which primarily serves the automotive, cigarette, coatings, building and construction, and medical end markets. Celanese's Clear Lake, Texas, plant benefits from a cost advantaged feedstock from low-cost U.S. natural gas. The company plans to expand acetic acid production capacity at Clear Lake by roughly 50%, which should benefit segment margins thanks to lower unit production costs relative to other geographies.

Price vs Fair Value

CE is trading at a 12% discount.
Price
$140.93
Fair Value
$712.00
Uncertainty
High
1-Star Price
$845.00
5-Star Price
$57.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Celanese built out its core acetic acid production facilities at a significantly lower capital cost per ton than its competitors thanks to the scale of its facilities (2 million tons versus average 0.5 million tons).

Bears

Celanese's acetyl chain business will face long-term margin pressure from a more narrow spread between Brent oil and U.S. natural gas.

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News

Trading Information

Previous Close Price
$140.00
Day Range
$140.00142.61
52-Week Range
$97.12142.84
Bid/Ask
$140.08 / $141.65
Market Cap
$15.34 Bil
Volume/Avg
1.2 Mil / 925,087

Key Statistics

Price/Earnings (Normalized)
17.36
Price/Sales
1.44
Dividend Yield
1.99%
Dividend Yield (Forward)
1.99%
Total Yield
1.99%

Company Profile

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 is also one of the largest producers of specialty polymers, which are used in the automotive, electronics, medical, building, and consumer end markets. The company also makes cellulose derivatives used in cigarette filters.
Sector
Basic Materials
Industry
Chemicals
Stock Style Box
Mid Value
Total Number of Employees
13,263

Competitors

Valuation

Metric
CE
EMN
DD
Price/Earnings (Normalized)
17.3613.9820.18
Price/Book Value
2.361.851.26
Price/Sales
1.441.072.66
Price/Cash Flow
12.2210.7416.04
Price/Earnings
CE
EMN
DD

Financial Strength

Metric
CE
EMN
DD
Quick Ratio
0.830.611.01
Current Ratio
1.591.362.15
Interest Coverage
1.744.063.73
Quick Ratio
CE
EMN
DD

Profitability

Metric
CE
EMN
DD
Return on Assets (Normalized)
6.88%4.83%3.92%
Return on Equity (Normalized)
30.28%13.56%6.30%
Return on Invested Capital (Normalized)
10.40%8.40%5.12%
Return on Assets
CE
EMN
DD

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