Intrinsic value of Celanese Series A - CE

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$93.76

  Intrinsic Value

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  Value-price divergence*

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$93.76

 
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*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 13.3

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,389
  5,497
  5,623
  5,768
  5,930
  6,110
  6,307
  6,522
  6,754
  7,005
  7,274
  7,561
  7,868
  8,195
  8,542
  8,911
  9,301
  9,714
  10,152
  10,613
  11,101
  11,616
  12,158
  12,730
  13,333
  13,968
  14,636
  15,339
  16,080
  16,858
  17,677
Variable operating expenses, $m
 
  5,176
  5,294
  5,428
  5,578
  5,745
  5,928
  6,127
  6,342
  6,575
  6,824
  7,011
  7,296
  7,598
  7,920
  8,262
  8,624
  9,007
  9,413
  9,841
  10,293
  10,770
  11,273
  11,804
  12,363
  12,951
  13,571
  14,223
  14,909
  15,632
  16,391
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
  5,176
  5,294
  5,428
  5,578
  5,745
  5,928
  6,127
  6,342
  6,575
  6,824
  7,011
  7,296
  7,598
  7,920
  8,262
  8,624
  9,007
  9,413
  9,841
  10,293
  10,770
  11,273
  11,804
  12,363
  12,951
  13,571
  14,223
  14,909
  15,632
  16,391
Operating income, $m
  893
  320
  330
  340
  352
  365
  379
  395
  412
  430
  450
  550
  573
  596
  622
  648
  677
  707
  739
  772
  808
  845
  885
  926
  970
  1,016
  1,065
  1,116
  1,170
  1,227
  1,286
EBITDA, $m
  1,188
  650
  665
  682
  701
  723
  746
  771
  799
  828
  860
  894
  930
  969
  1,010
  1,054
  1,100
  1,149
  1,201
  1,255
  1,313
  1,374
  1,438
  1,505
  1,577
  1,652
  1,731
  1,814
  1,902
  1,994
  2,091
Interest expense (income), $m
  130
  124
  129
  135
  141
  149
  157
  166
  175
  186
  197
  209
  222
  236
  251
  266
  283
  301
  319
  339
  360
  382
  405
  429
  455
  482
  511
  541
  573
  606
  641
Earnings before tax, $m
  1,030
  196
  201
  205
  211
  216
  223
  229
  237
  244
  253
  341
  350
  360
  371
  382
  394
  406
  419
  433
  448
  464
  480
  497
  515
  534
  554
  575
  597
  621
  645
Tax expense, $m
  122
  53
  54
  55
  57
  58
  60
  62
  64
  66
  68
  92
  95
  97
  100
  103
  106
  110
  113
  117
  121
  125
  130
  134
  139
  144
  150
  155
  161
  168
  174
Net income, $m
  900
  143
  146
  150
  154
  158
  163
  167
  173
  178
  184
  249
  256
  263
  271
  279
  287
  297
  306
  316
  327
  338
  350
  363
  376
  390
  404
  420
  436
  453
  471

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
  7,841
  8,022
  8,228
  8,459
  8,716
  8,997
  9,304
  9,635
  9,993
  10,376
  10,786
  11,224
  11,690
  12,186
  12,711
  13,268
  13,858
  14,481
  15,140
  15,836
  16,570
  17,344
  18,160
  19,020
  19,925
  20,879
  21,882
  22,938
  24,049
  25,217
Adjusted assets (=assets-cash), $m
  7,689
  7,841
  8,022
  8,228
  8,459
  8,716
  8,997
  9,304
  9,635
  9,993
  10,376
  10,786
  11,224
  11,690
  12,186
  12,711
  13,268
  13,858
  14,481
  15,140
  15,836
  16,570
  17,344
  18,160
  19,020
  19,925
  20,879
  21,882
  22,938
  24,049
  25,217
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
  3,826
  3,914
  4,014
  4,127
  4,252
  4,390
  4,539
  4,701
  4,875
  5,062
  5,263
  5,476
  5,704
  5,945
  6,202
  6,474
  6,761
  7,065
  7,387
  7,726
  8,084
  8,462
  8,860
  9,280
  9,721
  10,187
  10,676
  11,191
  11,733
  12,303
Working capital, $m
  1,395
  863
  883
  906
  931
  959
  990
  1,024
  1,060
  1,100
  1,142
  1,187
  1,235
  1,287
  1,341
  1,399
  1,460
  1,525
  1,594
  1,666
  1,743
  1,824
  1,909
  1,999
  2,093
  2,193
  2,298
  2,408
  2,524
  2,647
  2,775
Total debt, $m
  3,008
  3,002
  3,135
  3,286
  3,457
  3,645
  3,852
  4,077
  4,321
  4,584
  4,865
  5,167
  5,489
  5,831
  6,195
  6,582
  6,991
  7,425
  7,883
  8,367
  8,878
  9,418
  9,987
  10,587
  11,219
  11,884
  12,585
  13,322
  14,098
  14,915
  15,774
Total liabilities, $m
  5,769
  5,763
  5,896
  6,047
  6,218
  6,406
  6,613
  6,838
  7,082
  7,345
  7,626
  7,928
  8,250
  8,592
  8,956
  9,343
  9,752
  10,186
  10,644
  11,128
  11,639
  12,179
  12,748
  13,348
  13,980
  14,645
  15,346
  16,083
  16,859
  17,676
  18,535
Total equity, $m
  2,588
  2,078
  2,126
  2,180
  2,242
  2,310
  2,384
  2,465
  2,553
  2,648
  2,750
  2,858
  2,974
  3,098
  3,229
  3,368
  3,516
  3,672
  3,838
  4,012
  4,197
  4,391
  4,596
  4,812
  5,040
  5,280
  5,533
  5,799
  6,079
  6,373
  6,683
Total liabilities and equity, $m
  8,357
  7,841
  8,022
  8,227
  8,460
  8,716
  8,997
  9,303
  9,635
  9,993
  10,376
  10,786
  11,224
  11,690
  12,185
  12,711
  13,268
  13,858
  14,482
  15,140
  15,836
  16,570
  17,344
  18,160
  19,020
  19,925
  20,879
  21,882
  22,938
  24,049
  25,218
Debt-to-equity ratio
  1.162
  1.440
  1.470
  1.510
  1.540
  1.580
  1.620
  1.650
  1.690
  1.730
  1.770
  1.810
  1.850
  1.880
  1.920
  1.950
  1.990
  2.020
  2.050
  2.090
  2.120
  2.140
  2.170
  2.200
  2.230
  2.250
  2.270
  2.300
  2.320
  2.340
  2.360
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
  143
  146
  150
  154
  158
  163
  167
  173
  178
  184
  249
  256
  263
  271
  279
  287
  297
  306
  316
  327
  338
  350
  363
  376
  390
  404
  420
  436
  453
  471
Depreciation, amort., depletion, $m
  295
  330
  335
  342
  349
  358
  367
  376
  387
  398
  410
  344
  358
  373
  389
  405
  423
  442
  462
  483
  505
  528
  553
  579
  607
  635
  666
  698
  731
  767
  804
Funds from operations, $m
  775
  473
  482
  492
  503
  515
  529
  544
  560
  577
  595
  593
  614
  636
  659
  684
  711
  739
  768
  799
  832
  867
  903
  942
  982
  1,025
  1,070
  1,118
  1,167
  1,220
  1,275
Change in working capital, $m
  -118
  17
  20
  23
  25
  28
  31
  34
  37
  39
  42
  45
  48
  51
  55
  58
  61
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
Cash from operations, $m
  893
  474
  462
  469
  478
  487
  498
  510
  523
  537
  553
  548
  566
  585
  605
  626
  649
  674
  699
  727
  755
  786
  818
  852
  888
  926
  965
  1,007
  1,051
  1,098
  1,146
Maintenance CAPEX, $m
  0
  -245
  -250
  -256
  -262
  -270
  -278
  -287
  -297
  -307
  -319
  -331
  -344
  -358
  -373
  -389
  -405
  -423
  -442
  -462
  -483
  -505
  -528
  -553
  -579
  -607
  -635
  -666
  -698
  -731
  -767
New CAPEX, $m
  -246
  -73
  -88
  -101
  -113
  -125
  -137
  -149
  -162
  -174
  -187
  -200
  -214
  -227
  -242
  -256
  -272
  -288
  -304
  -321
  -339
  -358
  -378
  -398
  -419
  -442
  -465
  -490
  -515
  -542
  -570
Cash from investing activities, $m
  -439
  -318
  -338
  -357
  -375
  -395
  -415
  -436
  -459
  -481
  -506
  -531
  -558
  -585
  -615
  -645
  -677
  -711
  -746
  -783
  -822
  -863
  -906
  -951
  -998
  -1,049
  -1,100
  -1,156
  -1,213
  -1,273
  -1,337
Free cash flow, $m
  454
  156
  124
  113
  102
  92
  83
  74
  65
  56
  47
  17
  8
  -1
  -10
  -19
  -28
  -37
  -47
  -57
  -67
  -77
  -88
  -99
  -111
  -123
  -135
  -148
  -162
  -176
  -191
Issuance/(repayment) of debt, $m
  -7
  112
  133
  152
  170
  188
  207
  225
  244
  263
  282
  302
  322
  343
  364
  386
  409
  433
  458
  484
  511
  540
  569
  600
  632
  666
  701
  738
  776
  817
  859
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
  112
  133
  152
  170
  188
  207
  225
  244
  263
  282
  302
  322
  343
  364
  386
  409
  433
  458
  484
  511
  540
  569
  600
  632
  666
  701
  738
  776
  817
  859
Total cash flow (excl. dividends), $m
  -128
  268
  256
  264
  272
  281
  290
  299
  308
  318
  329
  318
  330
  342
  354
  368
  382
  396
  412
  428
  445
  462
  481
  501
  521
  543
  566
  589
  614
  641
  668
Retained Cash Flow (-), $m
  -210
  -40
  -48
  -55
  -61
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -124
  -131
  -139
  -148
  -156
  -165
  -175
  -184
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
  -310
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
 
  778
  209
  210
  211
  213
  215
  218
  220
  224
  227
  210
  214
  218
  223
  228
  234
  240
  246
  253
  260
  268
  276
  284
  293
  303
  313
  323
  335
  346
  359
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
 
  736
  185
  174
  163
  151
  140
  129
  118
  107
  96
  78
  69
  60
  52
  45
  38
  32
  26
  21
  17
  13
  10
  8
  6
  4
  3
  2
  1
  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 14.7
Price to Sales 2.4
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 20.4
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 2% 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 $13.3 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] US exporters line up behind tax code overhaul   [06:00AM  at Financial Times]
▶ Celanese Announces Acetic Acid Price Increase in China   [Feb-20-17 06:00PM  Business Wire]
▶ David C. Parry Elected to Celanese Corp. Board of Directors   [Feb-16-17 05:45PM  Business Wire]
▶ Celanese Announces LDPE Polymers Price Increase   [Feb-14-17 06:00PM  Business Wire]
▶ Celanese Announces MIBK and MIBC Price Increases   [Feb-13-17 06:00PM  Business Wire]
▶ Celanese Announces Acetaldehyde Price Increase in Europe   [Jan-30-17 06:00PM  Business Wire]
▶ Celanese Announces Emulsions Price Increase in the Americas   [Jan-27-17 06:00PM  Business Wire]
▶ Celanese Announces MIBK and MIBC Price Increases   [Jan-26-17 06:30PM  Business Wire]
▶ Celanese Announces General Counsel Gjon Nivicas Departure   [Jan-24-17 06:00PM  Business Wire]
▶ Celanese Announces MIBK Price Increase   [Jan-19-17 06:00PM  Business Wire]
Stock chart of CE Financial statements of CE Annual reports 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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