Celanese Continues Strong 2018; Raising Our FVE to $100 on Higher Near-Term Profit Outlook
Celanese reported strong third-quarter results as operating EBITDA grew 35% year on year to $571 million. This performance was led by the cost-advantaged acetyl chain business, which benefited from price increases in excess of raw materials cost inflation. Over the near term, we expect the business' elevated margins to persist. Having updated our model to reflect higher near-term acetyl chain profits, we increase our fair value estimate to $100 per share from $98. Our narrow-moat rating is uncha...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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