Intrinsic value of Celanese Series A - CE

Previous Close

$105.29

  Intrinsic Value

$21.84

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

-80%

Previous close

$105.29

 
Intrinsic value

$21.84

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

-80%

*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 14.4

 

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
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  5,389
  6,025
  6,695
  7,398
  8,135
  8,905
  9,708
  10,544
  11,414
  12,319
  13,259
  14,236
  15,252
  16,308
  17,405
  18,546
  19,733
  20,968
  22,254
  23,594
  24,990
  26,447
  27,966
  29,551
  31,207
  32,937
  34,744
  36,634
  38,611
  40,678
  42,843
Variable operating expenses, $m
 
  5,666
  6,287
  6,940
  7,623
  8,336
  9,081
  9,856
  10,663
  11,502
  12,374
  13,200
  14,142
  15,121
  16,138
  17,196
  18,297
  19,442
  20,635
  21,877
  23,172
  24,522
  25,931
  27,401
  28,936
  30,540
  32,216
  33,968
  35,801
  37,718
  39,725
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
  5,666
  6,287
  6,940
  7,623
  8,336
  9,081
  9,856
  10,663
  11,502
  12,374
  13,200
  14,142
  15,121
  16,138
  17,196
  18,297
  19,442
  20,635
  21,877
  23,172
  24,522
  25,931
  27,401
  28,936
  30,540
  32,216
  33,968
  35,801
  37,718
  39,725
Operating income, $m
  893
  359
  408
  459
  512
  568
  627
  688
  751
  817
  885
  1,036
  1,110
  1,187
  1,267
  1,350
  1,436
  1,526
  1,619
  1,717
  1,819
  1,925
  2,035
  2,150
  2,271
  2,397
  2,528
  2,666
  2,810
  2,960
  3,118
EBITDA, $m
  1,188
  713
  792
  875
  962
  1,053
  1,148
  1,247
  1,350
  1,457
  1,568
  1,684
  1,804
  1,929
  2,058
  2,193
  2,334
  2,480
  2,632
  2,790
  2,955
  3,128
  3,307
  3,495
  3,691
  3,895
  4,109
  4,332
  4,566
  4,811
  5,067
Interest expense (income), $m
  130
  124
  153
  183
  215
  248
  283
  319
  357
  396
  437
  479
  523
  569
  617
  666
  717
  771
  827
  885
  945
  1,008
  1,074
  1,142
  1,214
  1,288
  1,366
  1,448
  1,533
  1,622
  1,715
Earnings before tax, $m
  1,030
  235
  255
  276
  298
  320
  344
  369
  394
  421
  449
  557
  587
  618
  650
  684
  719
  755
  793
  832
  874
  917
  961
  1,008
  1,057
  1,109
  1,162
  1,218
  1,277
  1,338
  1,402
Tax expense, $m
  122
  63
  69
  74
  80
  86
  93
  100
  106
  114
  121
  150
  158
  167
  176
  185
  194
  204
  214
  225
  236
  247
  260
  272
  285
  299
  314
  329
  345
  361
  379
Net income, $m
  900
  171
  186
  201
  217
  234
  251
  269
  288
  307
  327
  407
  428
  451
  475
  499
  525
  551
  579
  608
  638
  669
  702
  736
  772
  809
  848
  889
  932
  977
  1,024

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
  8,595
  9,550
  10,554
  11,605
  12,703
  13,848
  15,041
  16,282
  17,573
  18,915
  20,309
  21,758
  23,263
  24,829
  26,456
  28,149
  29,912
  31,746
  33,658
  35,650
  37,727
  39,894
  42,156
  44,518
  46,985
  49,564
  52,260
  55,079
  58,029
  61,117
Adjusted assets (=assets-cash), $m
  7,689
  8,595
  9,550
  10,554
  11,605
  12,703
  13,848
  15,041
  16,282
  17,573
  18,915
  20,309
  21,758
  23,263
  24,829
  26,456
  28,149
  29,912
  31,746
  33,658
  35,650
  37,727
  39,894
  42,156
  44,518
  46,985
  49,564
  52,260
  55,079
  58,029
  61,117
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
  4,193
  4,660
  5,149
  5,662
  6,198
  6,756
  7,338
  7,944
  8,574
  9,228
  9,909
  10,615
  11,350
  12,114
  12,908
  13,734
  14,594
  15,489
  16,421
  17,393
  18,407
  19,464
  20,568
  21,720
  22,924
  24,182
  25,497
  26,873
  28,312
  29,819
Working capital, $m
  1,395
  946
  1,051
  1,162
  1,277
  1,398
  1,524
  1,655
  1,792
  1,934
  2,082
  2,235
  2,395
  2,560
  2,733
  2,912
  3,098
  3,292
  3,494
  3,704
  3,924
  4,152
  4,391
  4,640
  4,899
  5,171
  5,455
  5,752
  6,062
  6,387
  6,726
Total debt, $m
  3,008
  3,556
  4,259
  4,996
  5,769
  6,576
  7,417
  8,294
  9,206
  10,155
  11,141
  12,166
  13,231
  14,337
  15,488
  16,684
  17,929
  19,224
  20,573
  21,977
  23,442
  24,968
  26,561
  28,224
  29,960
  31,773
  33,668
  35,650
  37,722
  39,890
  42,160
Total liabilities, $m
  5,769
  6,317
  7,020
  7,757
  8,530
  9,337
  10,178
  11,055
  11,967
  12,916
  13,902
  14,927
  15,992
  17,098
  18,249
  19,445
  20,690
  21,985
  23,334
  24,738
  26,203
  27,729
  29,322
  30,985
  32,721
  34,534
  36,429
  38,411
  40,483
  42,651
  44,921
Total equity, $m
  2,588
  2,278
  2,531
  2,797
  3,075
  3,366
  3,670
  3,986
  4,315
  4,657
  5,012
  5,382
  5,766
  6,165
  6,580
  7,011
  7,460
  7,927
  8,413
  8,919
  9,447
  9,998
  10,572
  11,171
  11,797
  12,451
  13,134
  13,849
  14,596
  15,378
  16,196
Total liabilities and equity, $m
  8,357
  8,595
  9,551
  10,554
  11,605
  12,703
  13,848
  15,041
  16,282
  17,573
  18,914
  20,309
  21,758
  23,263
  24,829
  26,456
  28,150
  29,912
  31,747
  33,657
  35,650
  37,727
  39,894
  42,156
  44,518
  46,985
  49,563
  52,260
  55,079
  58,029
  61,117
Debt-to-equity ratio
  1.162
  1.560
  1.680
  1.790
  1.880
  1.950
  2.020
  2.080
  2.130
  2.180
  2.220
  2.260
  2.290
  2.330
  2.350
  2.380
  2.400
  2.430
  2.450
  2.460
  2.480
  2.500
  2.510
  2.530
  2.540
  2.550
  2.560
  2.570
  2.580
  2.590
  2.600
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
  171
  186
  201
  217
  234
  251
  269
  288
  307
  327
  407
  428
  451
  475
  499
  525
  551
  579
  608
  638
  669
  702
  736
  772
  809
  848
  889
  932
  977
  1,024
Depreciation, amort., depletion, $m
  295
  354
  384
  416
  450
  485
  521
  559
  599
  640
  683
  648
  694
  742
  792
  844
  898
  954
  1,012
  1,073
  1,137
  1,203
  1,272
  1,344
  1,420
  1,498
  1,581
  1,666
  1,756
  1,850
  1,949
Funds from operations, $m
  775
  525
  570
  617
  667
  719
  772
  828
  887
  947
  1,010
  1,054
  1,122
  1,193
  1,266
  1,343
  1,422
  1,505
  1,591
  1,681
  1,775
  1,872
  1,974
  2,080
  2,191
  2,308
  2,429
  2,556
  2,688
  2,827
  2,973
Change in working capital, $m
  -118
  100
  105
  110
  116
  121
  126
  131
  137
  142
  148
  153
  159
  166
  172
  179
  186
  194
  202
  210
  219
  229
  238
  249
  260
  272
  284
  297
  310
  325
  340
Cash from operations, $m
  893
  425
  465
  507
  551
  598
  646
  697
  750
  805
  863
  901
  963
  1,027
  1,094
  1,164
  1,236
  1,311
  1,389
  1,471
  1,555
  1,644
  1,736
  1,831
  1,932
  2,036
  2,145
  2,259
  2,378
  2,503
  2,633
Maintenance CAPEX, $m
  0
  -245
  -274
  -305
  -337
  -370
  -405
  -442
  -480
  -519
  -560
  -603
  -648
  -694
  -742
  -792
  -844
  -898
  -954
  -1,012
  -1,073
  -1,137
  -1,203
  -1,272
  -1,344
  -1,420
  -1,498
  -1,581
  -1,666
  -1,756
  -1,850
New CAPEX, $m
  -246
  -441
  -466
  -490
  -513
  -536
  -559
  -582
  -606
  -630
  -655
  -680
  -707
  -735
  -764
  -794
  -826
  -860
  -895
  -933
  -972
  -1,013
  -1,057
  -1,104
  -1,152
  -1,204
  -1,258
  -1,315
  -1,376
  -1,439
  -1,506
Cash from investing activities, $m
  -439
  -686
  -740
  -795
  -850
  -906
  -964
  -1,024
  -1,086
  -1,149
  -1,215
  -1,283
  -1,355
  -1,429
  -1,506
  -1,586
  -1,670
  -1,758
  -1,849
  -1,945
  -2,045
  -2,150
  -2,260
  -2,376
  -2,496
  -2,624
  -2,756
  -2,896
  -3,042
  -3,195
  -3,356
Free cash flow, $m
  454
  -261
  -275
  -287
  -298
  -308
  -317
  -326
  -335
  -344
  -352
  -383
  -392
  -401
  -412
  -422
  -434
  -446
  -460
  -474
  -490
  -507
  -525
  -544
  -565
  -587
  -611
  -637
  -664
  -693
  -724
Issuance/(repayment) of debt, $m
  -7
  666
  702
  738
  772
  807
  842
  877
  912
  949
  986
  1,025
  1,065
  1,107
  1,150
  1,196
  1,245
  1,295
  1,349
  1,405
  1,464
  1,527
  1,593
  1,662
  1,736
  1,814
  1,895
  1,982
  2,072
  2,168
  2,269
Issuance/(repurchase) of shares, $m
  -494
  68
  67
  65
  61
  57
  52
  47
  41
  35
  28
  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
  734
  769
  803
  833
  864
  894
  924
  953
  984
  1,014
  1,025
  1,065
  1,107
  1,150
  1,196
  1,245
  1,295
  1,349
  1,405
  1,464
  1,527
  1,593
  1,662
  1,736
  1,814
  1,895
  1,982
  2,072
  2,168
  2,269
Total cash flow (excl. dividends), $m
  -128
  473
  494
  515
  536
  556
  577
  597
  618
  640
  662
  642
  673
  705
  739
  774
  811
  849
  889
  930
  974
  1,020
  1,068
  1,118
  1,171
  1,226
  1,284
  1,345
  1,408
  1,475
  1,545
Retained Cash Flow (-), $m
  -210
  -240
  -253
  -266
  -278
  -291
  -303
  -316
  -329
  -342
  -356
  -369
  -384
  -399
  -415
  -431
  -449
  -467
  -486
  -507
  -528
  -550
  -574
  -599
  -626
  -654
  -683
  -714
  -747
  -782
  -818
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
 
  784
  241
  249
  257
  265
  273
  281
  289
  298
  306
  273
  289
  306
  324
  343
  362
  382
  403
  424
  446
  470
  494
  519
  545
  572
  601
  630
  661
  693
  727
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
 
  741
  214
  207
  198
  189
  178
  166
  154
  142
  129
  101
  93
  84
  76
  67
  59
  50
  43
  35
  29
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  99.4
  98.9
  98.4
  98.0
  97.7
  97.4
  97.2
  97.0
  96.9
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8

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 16.5
Price to Sales 2.7
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 22.9
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 11.8% 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 136.633 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 $14.4 billion.

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COMPANY NEWS

▶ [$$] EU Opens Investigation Into Celanese, Blackstone Joint Venture   [Oct-17-17 01:52PM  The Wall Street Journal]
▶ Celanese tops Street 3Q forecasts   [Oct-16-17 04:22PM  Associated Press]
▶ How Celanese Stock Has Performed in 2017   [11:00AM  Market Realist]
▶ Celanese Announces Price Increases Across Asia   [Oct-09-17 06:00PM  Business Wire]
▶ Can Celanese Continue Its Strong Run?   [09:12AM  Market Realist]
▶ Celanese: Analysts Views and Recommendations   [Sep-29-17 02:36PM  Market Realist]
▶ How Is Celanese Handling Its Growing Debt?   [11:11AM  Market Realist]
▶ Why Celanese Corporation (CE) Could Be A Buy   [Sep-28-17 06:55PM  Simply Wall St.]
▶ Celanese Announces Emulsion Polymers Price Increases   [Sep-27-17 06:00PM  Business Wire]
▶ Celanese Has Round of Price Hikes for Acetyl Intermediates   [Sep-25-17 11:36AM  Market Realist]
▶ Celanese Announces Acetyl Intermediates Price Increases   [Sep-21-17 06:00PM  Business Wire]
▶ Celanese Continues to Hike Its Product Prices   [Sep-18-17 04:36PM  Market Realist]
▶ Celanese Announces Product Price Increases   [Sep-13-17 06:00PM  Business Wire]
▶ Celanese Announces More Price Hikes for Acetyl Intermediates   [Sep-05-17 09:07AM  Market Realist]
▶ Celanese Announces Acetyl Intermediates Price Increases   [Aug-30-17 06:16PM  Business Wire]
▶ Celanese Corp. Value Analysis (NYSE:CE) : August 30, 2017   [Aug-29-17 09:43PM  Capital Cube]
▶ 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]
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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