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Celanese Corp Class A - Stock Quote CE

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Morningstar's Celanese Corp Class A Stock Analysis

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Raising Our Celanese FVE to $165 on Improved Near-Term Outlook; Shares Slightly Undervalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Celanese reported strong first-quarter results as operating EBITDA was up 43% year over year versus the prior-year quarter. The growth was driven by double-digit volume and price increases. Given the strong start to the year, we have increased our near-term outlook for Celanese. We expect acetyl chain profits, while still below 2021 levels, will come in higher than we had forecast and expect a slower moderation to midcycle levels. Having updated our model to reflect this change, we're raising our fair value estimate to $165 per share from $150. Our narrow moat rating is unchanged.

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Celanese Corp Class A's 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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 8,529