Celanese Reports Decent 2016 Results; Maintaining $62 Fair Value Estimate
Celanese reported decent 2016 results, with full-year adjusted earnings per share up roughly 10% to $6.61. While revenue declined about 5% as a result of lower pricing, lower costs helped drive adjusted EBIT margins up 190 basis points to 23.7%. We are maintaining our $62 per share fair value estimate and narrow moat rating.The advanced engineered materials segment's operating EBITDA increased 15% to $571 million, as strong volume growth (up 11%) more than offset declines in prices (down 2%) du...
Celanese is a holding company. Through its subsidiaries, the company is a chemical and specialty materials company. The company is a producer of engineered polymers and a producer of acetyl products, which are intermediate chemicals. The company's segments are: Engineered Materials, which develops, produces and supplies a portfolio of specialty polymers for automotive and medical applications, as well as industrial products and consumer electronics; Acetate Tow, which is a producer and supplier of acetate tow and acetate flake, primarily used in filter products applications; and Acetyl Chain, which includes the chain of intermediate chemistry, emulsion polymers and ethylene vinyl acetate polymers businesses.
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