Raising Our Celanese FVE to $93 on Higher Near-Term Profit Outlook
Celanese reported solid first-quarter earnings growth as higher prices and volumes in the engineered materials and acetyl chain segments drove year-on-year EBITDA growth of 37% to $553 million. We’re raising our fair value estimate to $93 per share from $88 due to an increased near-term profit outlook for the acetyl intermediates business and to account for the time value of money. Our narrow-moat rating based on the company’s cost-advantaged acetic acid production is unchanged.In the acetyl in...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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