Celanese Reports Decent Second-Quarter Results; Shares Fairly Valued
Celanese's second-quarter results were impacted by falling acetic acid prices and weak demand as operating EBITDA fell 20% year on year to $458 million during the quarter. However, management maintained full-year 2019 guidance for adjusted EPS of $10.50 per share, which we continue to think is achievable. With our outlook largely unchanged, we raise our fair value estimate to $107 per share from $105 due to time value of money effects. Our narrow-moat rating remains unchanged. At current prices,...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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