Intrinsic value of Celanese Series A - CE

Previous Close

$95.77

  Intrinsic Value

$17.77

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-106%

Previous close

$95.77

 
Intrinsic value

$17.77

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-106%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 13.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.02
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  5,389
  5,648
  5,920
  6,206
  6,508
  6,824
  7,158
  7,508
  7,876
  8,263
  8,670
  9,097
  9,546
  10,018
  10,514
  11,035
  11,582
  12,157
  12,761
  13,395
  14,061
  14,761
  15,496
  16,267
  17,078
  17,929
  18,823
  19,762
  20,747
  21,783
  22,870
Variable operating expenses, $m
 
  5,316
  5,569
  5,834
  6,114
  6,407
  6,716
  7,041
  7,382
  7,741
  8,119
  8,435
  8,852
  9,289
  9,749
  10,232
  10,739
  11,272
  11,832
  12,420
  13,038
  13,687
  14,368
  15,084
  15,835
  16,624
  17,453
  18,324
  19,238
  20,198
  21,205
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,496
  5,316
  5,569
  5,834
  6,114
  6,407
  6,716
  7,041
  7,382
  7,741
  8,119
  8,435
  8,852
  9,289
  9,749
  10,232
  10,739
  11,272
  11,832
  12,420
  13,038
  13,687
  14,368
  15,084
  15,835
  16,624
  17,453
  18,324
  19,238
  20,198
  21,205
Operating income, $m
  893
  331
  351
  372
  394
  417
  441
  467
  494
  522
  551
  662
  695
  729
  765
  803
  843
  885
  929
  975
  1,023
  1,074
  1,128
  1,184
  1,243
  1,305
  1,370
  1,438
  1,510
  1,585
  1,664
EBITDA, $m
  1,188
  668
  700
  734
  770
  807
  846
  888
  931
  977
  1,025
  1,076
  1,129
  1,185
  1,243
  1,305
  1,370
  1,438
  1,509
  1,584
  1,663
  1,746
  1,833
  1,924
  2,020
  2,120
  2,226
  2,337
  2,454
  2,576
  2,705
Interest expense (income), $m
  130
  124
  136
  148
  161
  175
  189
  204
  220
  236
  254
  272
  291
  312
  333
  355
  379
  403
  429
  457
  485
  515
  547
  580
  615
  651
  690
  730
  772
  817
  863
Earnings before tax, $m
  1,030
  207
  215
  224
  233
  242
  252
  263
  274
  285
  297
  390
  403
  417
  432
  448
  464
  481
  499
  518
  538
  559
  581
  604
  628
  653
  680
  708
  738
  768
  801
Tax expense, $m
  122
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  105
  109
  113
  117
  121
  125
  130
  135
  140
  145
  151
  157
  163
  170
  176
  184
  191
  199
  207
  216
Net income, $m
  900
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  285
  294
  305
  315
  327
  339
  351
  364
  378
  393
  408
  424
  441
  458
  477
  497
  517
  538
  561
  585

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  668
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,357
  8,057
  8,445
  8,853
  9,283
  9,735
  10,210
  10,710
  11,235
  11,788
  12,368
  12,978
  13,618
  14,291
  14,999
  15,742
  16,522
  17,342
  18,204
  19,109
  20,059
  21,057
  22,105
  23,206
  24,362
  25,576
  26,852
  28,191
  29,597
  31,074
  32,624
Adjusted assets (=assets-cash), $m
  7,689
  8,057
  8,445
  8,853
  9,283
  9,735
  10,210
  10,710
  11,235
  11,788
  12,368
  12,978
  13,618
  14,291
  14,999
  15,742
  16,522
  17,342
  18,204
  19,109
  20,059
  21,057
  22,105
  23,206
  24,362
  25,576
  26,852
  28,191
  29,597
  31,074
  32,624
Revenue / Adjusted assets
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
Average production assets, $m
  3,753
  3,931
  4,120
  4,320
  4,529
  4,750
  4,982
  5,225
  5,482
  5,751
  6,034
  6,332
  6,644
  6,973
  7,318
  7,680
  8,061
  8,461
  8,882
  9,323
  9,787
  10,274
  10,785
  11,322
  11,886
  12,479
  13,101
  13,754
  14,440
  15,161
  15,917
Working capital, $m
  1,395
  887
  929
  974
  1,022
  1,071
  1,124
  1,179
  1,237
  1,297
  1,361
  1,428
  1,499
  1,573
  1,651
  1,733
  1,818
  1,909
  2,003
  2,103
  2,208
  2,317
  2,433
  2,554
  2,681
  2,815
  2,955
  3,103
  3,257
  3,420
  3,591
Total debt, $m
  3,008
  3,161
  3,446
  3,746
  4,062
  4,394
  4,744
  5,111
  5,497
  5,903
  6,329
  6,777
  7,248
  7,743
  8,263
  8,809
  9,383
  9,986
  10,619
  11,284
  11,982
  12,716
  13,486
  14,295
  15,145
  16,038
  16,975
  17,959
  18,993
  20,078
  21,218
Total liabilities, $m
  5,769
  5,922
  6,207
  6,507
  6,823
  7,155
  7,505
  7,872
  8,258
  8,664
  9,090
  9,538
  10,009
  10,504
  11,024
  11,570
  12,144
  12,747
  13,380
  14,045
  14,743
  15,477
  16,247
  17,056
  17,906
  18,799
  19,736
  20,720
  21,754
  22,839
  23,979
Total equity, $m
  2,588
  2,135
  2,238
  2,346
  2,460
  2,580
  2,706
  2,838
  2,977
  3,124
  3,277
  3,439
  3,609
  3,787
  3,975
  4,172
  4,378
  4,596
  4,824
  5,064
  5,316
  5,580
  5,858
  6,150
  6,456
  6,778
  7,116
  7,471
  7,843
  8,235
  8,645
Total liabilities and equity, $m
  8,357
  8,057
  8,445
  8,853
  9,283
  9,735
  10,211
  10,710
  11,235
  11,788
  12,367
  12,977
  13,618
  14,291
  14,999
  15,742
  16,522
  17,343
  18,204
  19,109
  20,059
  21,057
  22,105
  23,206
  24,362
  25,577
  26,852
  28,191
  29,597
  31,074
  32,624
Debt-to-equity ratio
  1.162
  1.480
  1.540
  1.600
  1.650
  1.700
  1.750
  1.800
  1.850
  1.890
  1.930
  1.970
  2.010
  2.040
  2.080
  2.110
  2.140
  2.170
  2.200
  2.230
  2.250
  2.280
  2.300
  2.320
  2.350
  2.370
  2.390
  2.400
  2.420
  2.440
  2.450
Adjusted equity ratio
  0.262
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  900
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  285
  294
  305
  315
  327
  339
  351
  364
  378
  393
  408
  424
  441
  458
  477
  497
  517
  538
  561
  585
Depreciation, amort., depletion, $m
  295
  337
  349
  362
  376
  390
  405
  421
  438
  455
  474
  414
  434
  456
  478
  502
  527
  553
  580
  609
  640
  671
  705
  740
  777
  816
  856
  899
  944
  991
  1,040
Funds from operations, $m
  775
  488
  506
  525
  546
  567
  589
  613
  638
  664
  691
  698
  729
  760
  794
  829
  866
  904
  945
  988
  1,032
  1,079
  1,129
  1,181
  1,235
  1,293
  1,353
  1,416
  1,482
  1,552
  1,625
Change in working capital, $m
  -118
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  163
  171
Cash from operations, $m
  893
  447
  463
  480
  498
  517
  537
  558
  580
  603
  627
  631
  658
  686
  716
  747
  780
  814
  850
  888
  928
  970
  1,014
  1,060
  1,108
  1,159
  1,212
  1,269
  1,327
  1,389
  1,454
Maintenance CAPEX, $m
  0
  -245
  -257
  -269
  -282
  -296
  -310
  -326
  -342
  -358
  -376
  -394
  -414
  -434
  -456
  -478
  -502
  -527
  -553
  -580
  -609
  -640
  -671
  -705
  -740
  -777
  -816
  -856
  -899
  -944
  -991
New CAPEX, $m
  -246
  -178
  -189
  -199
  -210
  -221
  -232
  -244
  -256
  -269
  -283
  -298
  -313
  -328
  -345
  -363
  -381
  -400
  -420
  -441
  -464
  -487
  -511
  -537
  -564
  -592
  -622
  -653
  -686
  -721
  -757
Cash from investing activities, $m
  -439
  -423
  -446
  -468
  -492
  -517
  -542
  -570
  -598
  -627
  -659
  -692
  -727
  -762
  -801
  -841
  -883
  -927
  -973
  -1,021
  -1,073
  -1,127
  -1,182
  -1,242
  -1,304
  -1,369
  -1,438
  -1,509
  -1,585
  -1,665
  -1,748
Free cash flow, $m
  454
  24
  17
  12
  6
  1
  -5
  -11
  -18
  -25
  -32
  -61
  -68
  -76
  -85
  -94
  -103
  -113
  -123
  -134
  -145
  -157
  -169
  -182
  -196
  -210
  -225
  -241
  -258
  -275
  -293
Issuance/(repayment) of debt, $m
  -7
  271
  285
  300
  316
  332
  349
  367
  386
  406
  426
  448
  471
  495
  520
  546
  574
  603
  633
  665
  698
  734
  770
  809
  850
  892
  937
  984
  1,034
  1,085
  1,140
Issuance/(repurchase) of shares, $m
  -494
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -558
  271
  285
  300
  316
  332
  349
  367
  386
  406
  426
  448
  471
  495
  520
  546
  574
  603
  633
  665
  698
  734
  770
  809
  850
  892
  937
  984
  1,034
  1,085
  1,140
Total cash flow (excl. dividends), $m
  -128
  294
  302
  312
  322
  333
  344
  356
  368
  381
  395
  388
  403
  418
  435
  452
  471
  490
  510
  531
  553
  577
  601
  627
  654
  682
  712
  743
  776
  810
  847
Retained Cash Flow (-), $m
  -210
  -97
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -278
  -292
  -306
  -322
  -338
  -355
  -373
  -391
  -411
Prev. year cash balance distribution, $m
 
  550
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  747
  199
  204
  208
  213
  218
  223
  229
  235
  241
  226
  233
  240
  248
  255
  264
  273
  282
  291
  301
  312
  323
  335
  347
  360
  374
  388
  403
  419
  436
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  706
  177
  169
  161
  152
  142
  132
  122
  112
  102
  84
  75
  66
  58
  50
  43
  36
  30
  24
  20
  15
  12
  9
  7
  5
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company’s Advanced Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics. Its Consumer Specialties segment provides cellulose acetate flakes, films, and tows for use in filter products applications; food protection ingredients, such as potassium sorbate and sorbic acid for food and beverage industry; Sunett, a sweetener for use in various beverages, confections, and dairy products; and Qorus, a sweetener system designed for low-to no-calorie carbonated and non-carbonated beverages, flavored waters, energy drinks, and milk and dairy products. The company’s Industrial Specialties segment offers vinyl acetate-based emulsions for use in paints and coatings, adhesives, construction, glass fiber, textiles, and paper applications; and ethylene vinyl acetate resins and compounds, as well as low-density polyethylene for use in flexible packaging films, lamination film products, hot melt adhesives, automotive parts, and carpeting applications. Its Acetyl Intermediates segment produces and sells acetyl products, including acetic acid, vinyl acetate monomers, acetic anhydride, and acetate esters that are used as starting materials for colorants, paints, adhesives, coatings, and pharmaceuticals. The segment also provides organic solvents and intermediates for use in pharmaceutical, agricultural, and chemical products. The company was founded in 1918 and is headquartered in Irving, Texas.

FINANCIAL RATIOS  of  Celanese Series A (CE)

Valuation Ratios
P/E Ratio 15
Price to Sales 2.5
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 20.8
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52.7%
Cap. Spend. - 3 Yr. Gr. Rate -8.2%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 111.7%
Total Debt to Equity 116.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 16.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 36.2%
Return On Equity - 3 Yr. Avg. 23.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 26.1%
Gross Margin - 3 Yr. Avg. 24.4%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 21.5%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 19.1%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 16.7%
Net Profit Margin - 3 Yr. Avg. 10.4%
Effective Tax Rate 11.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 22.3%

CE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CE stock intrinsic value calculation we used $5389 million for the last fiscal year's total revenue generated by Celanese Series A. The default revenue input number comes from 2016 income statement of Celanese Series A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CE stock valuation model: a) initial revenue growth rate of 4.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.8%, whose default value for CE is calculated based on our internal credit rating of Celanese Series A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Celanese Series A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CE stock the variable cost ratio is equal to 94.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for Celanese Series A.

Corporate tax rate of 27% is the nominal tax rate for Celanese Series A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CE are equal to 69.6%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Celanese Series A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CE is equal to 15.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2588 million for Celanese Series A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 141.781 million for Celanese Series A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Celanese Series A at the current share price and the inputted number of shares is $13.6 billion.

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COMPANY NEWS

▶ Celanese Announces Vinyl Acetate Monomer Price Increases   [Aug-14-17 06:00PM  Business Wire]
▶ ETFs with exposure to Celanese Corp. : August 11, 2017   [Aug-11-17 05:07PM  Capital Cube]
▶ Celanese to Present at the Jefferies Industrials Conference   [Jul-28-17 04:15PM  Business Wire]
▶ Celanese beats Street 2Q forecasts   [Jul-24-17 09:29PM  Associated Press]
▶ Inside Celaneses Price Hikes Products   [11:43AM  Market Realist]
▶ Celanese Announces Acetyl Intermediate Price Increases   [Jul-12-17 06:00PM  Business Wire]
▶ Celanese Announces Ethyl Acetate Price Increase in Europe   [Jul-06-17 06:00PM  Business Wire]
▶ Celanese Announces Ethyl Acetate Price Increase in Asia   [Jun-15-17 06:00PM  Business Wire]
▶ Celanese Announces MIBC Price Increase in Europe   [Jun-13-17 06:00PM  Business Wire]
▶ Celanese Announces VAE Emulsions Price Increases in Europe   [Jun-08-17 06:00PM  Business Wire]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-24-17 12:05PM  Investor's Business Daily]
▶ Celanese Increases Product Prices in Europe and Americas   [May-23-17 07:39AM  Market Realist]
▶ Celanese Announces Anhydride Price Increases in Europe   [May-18-17 06:00PM  Business Wire]
▶ Celanese Increases the Price of Acetic Acid   [01:35PM  Market Realist]
▶ Celanese Announces Acetyls Price Increases   [May-09-17 06:00PM  Business Wire]
▶ ETFs with exposure to Celanese Corp. : May 5, 2017   [May-05-17 03:56PM  Capital Cube]
▶ Celanese Announces Ethyl Acetate Price Increases   [May-01-17 06:00PM  Business Wire]
▶ Celanese Earns 2017 ENERGY STAR® Partner of the Year Award   [Apr-06-17 10:05AM  Business Wire]
▶ Celanese Announces Acesulfame Potassium Price Increase   [Mar-23-17 06:00PM  Business Wire]
▶ Celanese Announces Engineered Materials Price Increases   [Mar-21-17 06:00PM  Business Wire]
▶ Celanese Increases Vinyl Acetate Monomer Prices in Asia   [Mar-13-17 05:05PM  Market Realist]
▶ Celanese Announces VAE Emulsions Price Increases in Europe   [Mar-09-17 06:00PM  Business Wire]
▶ Celanese Announces VAM Price Increases in Asia   [Mar-07-17 06:00PM  Business Wire]
▶ Celanese Announces Acetaldehyde Price Increase in Europe   [Mar-02-17 06:00PM  Business Wire]
Stock chart of CE Financial statements of CE
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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