Intrinsic value of Celanese Series A - CE

Previous Close

$113.33

  Intrinsic Value

$77.02

stock screener

  Rating & Target

sell

-32%

Previous close

$113.33

 
Intrinsic value

$77.02

 
Up/down potential

-32%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  5,389
  6,993
  7,903
  8,868
  9,887
  10,959
  12,083
  13,258
  14,485
  15,765
  17,096
  18,482
  19,922
  21,419
  22,975
  24,591
  26,271
  28,018
  29,835
  31,725
  33,693
  35,742
  37,877
  40,103
  42,424
  44,847
  47,376
  50,017
  52,777
  55,661
  58,678
Variable operating expenses, $m
 
  5,814
  6,554
  7,338
  8,166
  9,037
  9,951
  10,906
  11,904
  12,943
  14,026
  15,021
  16,192
  17,409
  18,673
  19,987
  21,352
  22,772
  24,249
  25,785
  27,384
  29,050
  30,785
  32,594
  34,481
  36,450
  38,505
  40,652
  42,895
  45,239
  47,691
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
  5,814
  6,554
  7,338
  8,166
  9,037
  9,951
  10,906
  11,904
  12,943
  14,026
  15,021
  16,192
  17,409
  18,673
  19,987
  21,352
  22,772
  24,249
  25,785
  27,384
  29,050
  30,785
  32,594
  34,481
  36,450
  38,505
  40,652
  42,895
  45,239
  47,691
Operating income, $m
  893
  1,179
  1,349
  1,530
  1,721
  1,921
  2,132
  2,352
  2,582
  2,821
  3,071
  3,461
  3,730
  4,010
  4,302
  4,604
  4,919
  5,246
  5,586
  5,940
  6,309
  6,692
  7,092
  7,509
  7,943
  8,397
  8,871
  9,365
  9,882
  10,422
  10,987
EBITDA, $m
  1,188
  1,858
  2,099
  2,356
  2,626
  2,911
  3,210
  3,522
  3,848
  4,188
  4,541
  4,909
  5,292
  5,690
  6,103
  6,532
  6,979
  7,443
  7,925
  8,427
  8,950
  9,494
  10,062
  10,653
  11,270
  11,913
  12,585
  13,286
  14,019
  14,786
  15,587
Interest expense (income), $m
  130
  197
  246
  299
  356
  415
  478
  544
  612
  684
  759
  837
  918
  1,002
  1,089
  1,180
  1,275
  1,373
  1,475
  1,581
  1,692
  1,807
  1,926
  2,051
  2,181
  2,317
  2,458
  2,606
  2,761
  2,922
  3,091
Earnings before tax, $m
  1,030
  982
  1,103
  1,231
  1,365
  1,506
  1,654
  1,808
  1,970
  2,137
  2,312
  2,624
  2,813
  3,009
  3,212
  3,424
  3,644
  3,873
  4,111
  4,359
  4,617
  4,886
  5,166
  5,458
  5,762
  6,080
  6,412
  6,759
  7,121
  7,500
  7,896
Tax expense, $m
  122
  265
  298
  332
  369
  407
  447
  488
  532
  577
  624
  708
  759
  812
  867
  925
  984
  1,046
  1,110
  1,177
  1,247
  1,319
  1,395
  1,474
  1,556
  1,642
  1,731
  1,825
  1,923
  2,025
  2,132
Net income, $m
  900
  717
  805
  898
  996
  1,100
  1,207
  1,320
  1,438
  1,560
  1,688
  1,915
  2,053
  2,196
  2,345
  2,500
  2,660
  2,827
  3,001
  3,182
  3,370
  3,567
  3,771
  3,984
  4,206
  4,438
  4,681
  4,934
  5,198
  5,475
  5,764

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
  10,859
  12,272
  13,771
  15,353
  17,017
  18,762
  20,587
  22,493
  24,479
  26,547
  28,699
  30,935
  33,259
  35,675
  38,185
  40,794
  43,506
  46,327
  49,262
  52,318
  55,500
  58,815
  62,272
  65,876
  69,638
  73,565
  77,666
  81,951
  86,430
  91,114
Adjusted assets (=assets-cash), $m
  7,689
  10,859
  12,272
  13,771
  15,353
  17,017
  18,762
  20,587
  22,493
  24,479
  26,547
  28,699
  30,935
  33,259
  35,675
  38,185
  40,794
  43,506
  46,327
  49,262
  52,318
  55,500
  58,815
  62,272
  65,876
  69,638
  73,565
  77,666
  81,951
  86,430
  91,114
Revenue / Adjusted assets
  0.701
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
  0.644
Average production assets, $m
  3,753
  5,483
  6,196
  6,953
  7,751
  8,592
  9,473
  10,394
  11,357
  12,360
  13,404
  14,490
  15,619
  16,793
  18,012
  19,279
  20,597
  21,966
  23,390
  24,872
  26,415
  28,022
  29,696
  31,441
  33,261
  35,160
  37,143
  39,213
  41,377
  43,638
  46,003
Working capital, $m
  1,395
  105
  119
  133
  148
  164
  181
  199
  217
  236
  256
  277
  299
  321
  345
  369
  394
  420
  448
  476
  505
  536
  568
  602
  636
  673
  711
  750
  792
  835
  880
Total debt, $m
  3,008
  4,559
  5,544
  6,588
  7,691
  8,851
  10,067
  11,339
  12,668
  14,052
  15,493
  16,993
  18,552
  20,172
  21,855
  23,605
  25,423
  27,314
  29,280
  31,326
  33,456
  35,673
  37,984
  40,393
  42,906
  45,528
  48,265
  51,123
  54,110
  57,232
  60,497
Total liabilities, $m
  5,769
  7,569
  8,554
  9,598
  10,701
  11,861
  13,077
  14,349
  15,678
  17,062
  18,503
  20,003
  21,562
  23,182
  24,865
  26,615
  28,433
  30,324
  32,290
  34,336
  36,466
  38,683
  40,994
  43,403
  45,916
  48,538
  51,275
  54,133
  57,120
  60,242
  63,507
Total equity, $m
  2,588
  3,290
  3,718
  4,172
  4,652
  5,156
  5,685
  6,238
  6,815
  7,417
  8,044
  8,696
  9,373
  10,078
  10,809
  11,570
  12,361
  13,182
  14,037
  14,927
  15,852
  16,816
  17,821
  18,868
  19,961
  21,100
  22,290
  23,533
  24,831
  26,188
  27,608
Total liabilities and equity, $m
  8,357
  10,859
  12,272
  13,770
  15,353
  17,017
  18,762
  20,587
  22,493
  24,479
  26,547
  28,699
  30,935
  33,260
  35,674
  38,185
  40,794
  43,506
  46,327
  49,263
  52,318
  55,499
  58,815
  62,271
  65,877
  69,638
  73,565
  77,666
  81,951
  86,430
  91,115
Debt-to-equity ratio
  1.162
  1.390
  1.490
  1.580
  1.650
  1.720
  1.770
  1.820
  1.860
  1.890
  1.930
  1.950
  1.980
  2.000
  2.020
  2.040
  2.060
  2.070
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.170
  2.180
  2.190
  2.190
Adjusted equity ratio
  0.262
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  900
  717
  805
  898
  996
  1,100
  1,207
  1,320
  1,438
  1,560
  1,688
  1,915
  2,053
  2,196
  2,345
  2,500
  2,660
  2,827
  3,001
  3,182
  3,370
  3,567
  3,771
  3,984
  4,206
  4,438
  4,681
  4,934
  5,198
  5,475
  5,764
Depreciation, amort., depletion, $m
  295
  679
  750
  826
  906
  990
  1,078
  1,170
  1,266
  1,366
  1,471
  1,449
  1,562
  1,679
  1,801
  1,928
  2,060
  2,197
  2,339
  2,487
  2,642
  2,802
  2,970
  3,144
  3,326
  3,516
  3,714
  3,921
  4,138
  4,364
  4,600
Funds from operations, $m
  775
  1,396
  1,555
  1,724
  1,902
  2,089
  2,285
  2,490
  2,704
  2,927
  3,158
  3,364
  3,615
  3,876
  4,146
  4,428
  4,720
  5,024
  5,340
  5,669
  6,012
  6,369
  6,740
  7,128
  7,532
  7,954
  8,395
  8,855
  9,336
  9,839
  10,364
Change in working capital, $m
  -118
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
Cash from operations, $m
  893
  1,383
  1,542
  1,710
  1,887
  2,073
  2,268
  2,472
  2,685
  2,907
  3,138
  3,344
  3,593
  3,853
  4,123
  4,403
  4,695
  4,998
  5,313
  5,641
  5,982
  6,338
  6,708
  7,095
  7,498
  7,918
  8,357
  8,816
  9,295
  9,796
  10,319
Maintenance CAPEX, $m
  0
  -482
  -548
  -620
  -695
  -775
  -859
  -947
  -1,039
  -1,136
  -1,236
  -1,340
  -1,449
  -1,562
  -1,679
  -1,801
  -1,928
  -2,060
  -2,197
  -2,339
  -2,487
  -2,642
  -2,802
  -2,970
  -3,144
  -3,326
  -3,516
  -3,714
  -3,921
  -4,138
  -4,364
New CAPEX, $m
  -246
  -666
  -713
  -756
  -799
  -840
  -881
  -922
  -962
  -1,003
  -1,044
  -1,086
  -1,129
  -1,174
  -1,220
  -1,267
  -1,317
  -1,370
  -1,424
  -1,482
  -1,543
  -1,607
  -1,674
  -1,745
  -1,820
  -1,899
  -1,983
  -2,071
  -2,164
  -2,262
  -2,365
Cash from investing activities, $m
  -439
  -1,148
  -1,261
  -1,376
  -1,494
  -1,615
  -1,740
  -1,869
  -2,001
  -2,139
  -2,280
  -2,426
  -2,578
  -2,736
  -2,899
  -3,068
  -3,245
  -3,430
  -3,621
  -3,821
  -4,030
  -4,249
  -4,476
  -4,715
  -4,964
  -5,225
  -5,499
  -5,785
  -6,085
  -6,400
  -6,729
Free cash flow, $m
  454
  235
  280
  333
  393
  458
  528
  603
  684
  769
  858
  917
  1,015
  1,118
  1,224
  1,335
  1,450
  1,569
  1,692
  1,820
  1,952
  2,090
  2,232
  2,380
  2,534
  2,693
  2,858
  3,031
  3,210
  3,396
  3,591
Issuance/(repayment) of debt, $m
  -7
  918
  985
  1,044
  1,103
  1,160
  1,216
  1,272
  1,328
  1,385
  1,441
  1,499
  1,559
  1,620
  1,684
  1,750
  1,818
  1,891
  1,966
  2,046
  2,130
  2,218
  2,311
  2,409
  2,513
  2,622
  2,737
  2,859
  2,987
  3,122
  3,265
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
  918
  985
  1,044
  1,103
  1,160
  1,216
  1,272
  1,328
  1,385
  1,441
  1,499
  1,559
  1,620
  1,684
  1,750
  1,818
  1,891
  1,966
  2,046
  2,130
  2,218
  2,311
  2,409
  2,513
  2,622
  2,737
  2,859
  2,987
  3,122
  3,265
Total cash flow (excl. dividends), $m
  -128
  1,153
  1,265
  1,378
  1,495
  1,618
  1,744
  1,876
  2,012
  2,153
  2,300
  2,416
  2,574
  2,738
  2,908
  3,084
  3,268
  3,459
  3,658
  3,866
  4,082
  4,308
  4,543
  4,789
  5,046
  5,315
  5,595
  5,889
  6,197
  6,518
  6,855
Retained Cash Flow (-), $m
  -210
  -403
  -428
  -454
  -479
  -504
  -529
  -553
  -577
  -602
  -627
  -652
  -678
  -704
  -732
  -761
  -791
  -822
  -855
  -889
  -926
  -964
  -1,005
  -1,047
  -1,092
  -1,140
  -1,190
  -1,243
  -1,298
  -1,357
  -1,419
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  49
  56
  63
  71
  79
  88
  97
  106
  116
  126
  137
  148
  159
  171
  184
  197
  210
  224
  239
  254
  270
  286
  303
  321
  339
  359
  379
  400
  422
  445
Cash available for distribution, $m
 
  750
  837
  924
  1,016
  1,113
  1,216
  1,323
  1,435
  1,551
  1,673
  1,765
  1,896
  2,033
  2,176
  2,324
  2,478
  2,637
  2,804
  2,976
  3,156
  3,344
  3,539
  3,742
  3,954
  4,175
  4,406
  4,647
  4,898
  5,161
  5,436
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  701
  728
  741
  747
  744
  733
  712
  684
  648
  605
  547
  497
  445
  393
  340
  290
  243
  200
  161
  127
  98
  74
  55
  39
  27
  19
  12
  8
  5
  3
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 (Celanese) is a technology and specialty materials company. The Company's segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company's engineered materials business and certain affiliates. The Consumer Specialties segment includes the Company's cellulose derivatives and food ingredients businesses, which serve consumer-driven applications. The Industrial Specialties segment includes the Company's emulsion polymers and ethylene vinyl acetate (EVA) polymers businesses. The Acetyl Intermediates segment includes the Company's intermediate chemistry business, which produces and supplies acetyl products, including acetic acid, vinyl acetate monomer (VAM), acetic anhydride and acetate esters. The Company has operations in North America, Europe and Asia. As of December 31, 2016, the Company had 30 global production facilities.

FINANCIAL RATIOS  of  Celanese Series A (CE)

Valuation Ratios
P/E Ratio 17.7
Price to Sales 3
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 24.6
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 $6140 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 13.9% 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 6.9%, 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 83.4%.

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 5.4% 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 0.8%.

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 78.4%.

Life of production assets of 10 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 1.5%. 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 - $2887 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 138 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 $15.6 billion.

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COMPANY NEWS

▶ Celanese: 2Q Earnings Snapshot   [Jul-19-18 04:51PM  Associated Press]
▶ Celanese's Earnings Roundup   [08:18AM  Benzinga]
▶ Celanese Announces Acetic Acid Price Increases in Asia   [Jul-17-18 06:00PM  Business Wire]
▶ 5 ROE Stocks to Buy as Proposed Auto Tariffs Rattle Markets   [Jul-02-18 10:33AM  InvestorPlace]
▶ 4 Top Earnings Growth Stocks to Boost Your Portfolio   [Jun-22-18 12:47PM  InvestorPlace]
▶ Celanese Announces Acetyl Intermediates Price Increases   [Jun-20-18 06:00PM  Business Wire]
▶ Celanese Announces Acetaldehyde Price Increase in Europe   [Jun-07-18 06:00PM  Business Wire]
▶ Does Celanese Corporations (NYSE:CE) PE Ratio Warrant A Buy?   [Jun-01-18 05:46PM  Simply Wall St.]
▶ Celanese Announces Emulsions, VAM Product Price Increases   [May-30-18 06:00PM  Business Wire]
▶ Celanese Announces Acetyl Intermediates Price Increases   [May-23-18 06:00PM  Business Wire]
▶ Celanese Announces Acetyl Intermediates Price Increases   [May-03-18 06:00PM  Business Wire]
▶ 3 Top Value Stocks to Buy Now   [02:30PM  InvestorPlace]
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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