Intrinsic value of Celanese Series A - CE

Previous Close

$105.66

  Intrinsic Value

$30.40

stock screener

  Rating & Target

str. sell

-71%

Previous close

$105.66

 
Intrinsic value

$30.40

 
Up/down potential

-71%

 
Rating

str. 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

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 14.3

 

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
  18.40
  17.06
  15.85
  14.77
  13.79
  12.91
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.78
  8.41
  8.07
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
Revenue, $m
  5,389
  6,381
  7,469
  8,653
  9,931
  11,301
  12,760
  14,307
  15,939
  17,655
  19,455
  21,337
  23,301
  25,347
  27,478
  29,694
  31,998
  34,393
  36,881
  39,467
  42,155
  44,949
  47,856
  50,880
  54,028
  57,307
  60,724
  64,286
  68,001
  71,878
  75,925
Variable operating expenses, $m
 
  5,996
  7,005
  8,103
  9,288
  10,558
  11,911
  13,345
  14,859
  16,450
  18,119
  19,784
  21,605
  23,503
  25,479
  27,534
  29,670
  31,890
  34,197
  36,595
  39,087
  41,678
  44,373
  47,177
  50,097
  53,137
  56,305
  59,608
  63,052
  66,647
  70,400
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
  5,996
  7,005
  8,103
  9,288
  10,558
  11,911
  13,345
  14,859
  16,450
  18,119
  19,784
  21,605
  23,503
  25,479
  27,534
  29,670
  31,890
  34,197
  36,595
  39,087
  41,678
  44,373
  47,177
  50,097
  53,137
  56,305
  59,608
  63,052
  66,647
  70,400
Operating income, $m
  893
  385
  464
  550
  643
  743
  849
  962
  1,080
  1,205
  1,336
  1,553
  1,696
  1,845
  2,000
  2,161
  2,329
  2,503
  2,684
  2,872
  3,068
  3,271
  3,483
  3,703
  3,932
  4,170
  4,419
  4,678
  4,948
  5,231
  5,525
EBITDA, $m
  1,188
  755
  883
  1,023
  1,174
  1,336
  1,509
  1,692
  1,885
  2,088
  2,301
  2,523
  2,756
  2,998
  3,250
  3,512
  3,784
  4,067
  4,362
  4,667
  4,985
  5,316
  5,659
  6,017
  6,389
  6,777
  7,181
  7,603
  8,042
  8,500
  8,979
Interest expense (income), $m
  130
  124
  169
  218
  271
  329
  391
  457
  526
  600
  677
  758
  843
  932
  1,024
  1,120
  1,220
  1,324
  1,432
  1,544
  1,661
  1,782
  1,908
  2,039
  2,175
  2,317
  2,465
  2,619
  2,780
  2,947
  3,122
Earnings before tax, $m
  1,030
  260
  295
  332
  372
  414
  458
  505
  554
  605
  659
  794
  852
  913
  976
  1,041
  1,108
  1,179
  1,252
  1,328
  1,407
  1,489
  1,575
  1,664
  1,756
  1,853
  1,954
  2,059
  2,169
  2,283
  2,403
Tax expense, $m
  122
  70
  80
  90
  100
  112
  124
  136
  150
  163
  178
  214
  230
  246
  263
  281
  299
  318
  338
  359
  380
  402
  425
  449
  474
  500
  528
  556
  586
  617
  649
Net income, $m
  900
  190
  215
  242
  271
  302
  334
  369
  404
  442
  481
  580
  622
  666
  712
  760
  809
  861
  914
  969
  1,027
  1,087
  1,150
  1,215
  1,282
  1,353
  1,426
  1,503
  1,583
  1,667
  1,754

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
  9,102
  10,655
  12,344
  14,167
  16,121
  18,203
  20,409
  22,738
  25,186
  27,753
  30,437
  33,239
  36,159
  39,199
  42,360
  45,647
  49,063
  52,612
  56,301
  60,135
  64,122
  68,268
  72,582
  77,073
  81,751
  86,625
  91,706
  97,006
  102,536
  108,310
Adjusted assets (=assets-cash), $m
  7,689
  9,102
  10,655
  12,344
  14,167
  16,121
  18,203
  20,409
  22,738
  25,186
  27,753
  30,437
  33,239
  36,159
  39,199
  42,360
  45,647
  49,063
  52,612
  56,301
  60,135
  64,122
  68,268
  72,582
  77,073
  81,751
  86,625
  91,706
  97,006
  102,536
  108,310
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
  4,441
  5,198
  6,023
  6,912
  7,865
  8,881
  9,958
  11,094
  12,288
  13,541
  14,850
  16,217
  17,642
  19,125
  20,667
  22,271
  23,937
  25,669
  27,469
  29,340
  31,285
  33,308
  35,412
  37,604
  39,886
  42,264
  44,743
  47,329
  50,027
  52,844
Working capital, $m
  1,395
  1,002
  1,173
  1,359
  1,559
  1,774
  2,003
  2,246
  2,502
  2,772
  3,054
  3,350
  3,658
  3,980
  4,314
  4,662
  5,024
  5,400
  5,790
  6,196
  6,618
  7,057
  7,513
  7,988
  8,482
  8,997
  9,534
  10,093
  10,676
  11,285
  11,920
Total debt, $m
  3,008
  3,929
  5,070
  6,312
  7,652
  9,088
  10,618
  12,240
  13,951
  15,751
  17,637
  19,610
  21,670
  23,816
  26,050
  28,374
  30,789
  33,300
  35,909
  38,620
  41,438
  44,368
  47,416
  50,587
  53,888
  57,326
  60,908
  64,643
  68,538
  72,603
  76,847
Total liabilities, $m
  5,769
  6,690
  7,831
  9,073
  10,413
  11,849
  13,379
  15,001
  16,712
  18,512
  20,398
  22,371
  24,431
  26,577
  28,811
  31,135
  33,550
  36,061
  38,670
  41,381
  44,199
  47,129
  50,177
  53,348
  56,649
  60,087
  63,669
  67,404
  71,299
  75,364
  79,608
Total equity, $m
  2,588
  2,412
  2,824
  3,271
  3,754
  4,272
  4,824
  5,408
  6,025
  6,674
  7,355
  8,066
  8,808
  9,582
  10,388
  11,225
  12,096
  13,002
  13,942
  14,920
  15,936
  16,992
  18,091
  19,234
  20,424
  21,664
  22,956
  24,302
  25,707
  27,172
  28,702
Total liabilities and equity, $m
  8,357
  9,102
  10,655
  12,344
  14,167
  16,121
  18,203
  20,409
  22,737
  25,186
  27,753
  30,437
  33,239
  36,159
  39,199
  42,360
  45,646
  49,063
  52,612
  56,301
  60,135
  64,121
  68,268
  72,582
  77,073
  81,751
  86,625
  91,706
  97,006
  102,536
  108,310
Debt-to-equity ratio
  1.162
  1.630
  1.800
  1.930
  2.040
  2.130
  2.200
  2.260
  2.320
  2.360
  2.400
  2.430
  2.460
  2.490
  2.510
  2.530
  2.550
  2.560
  2.580
  2.590
  2.600
  2.610
  2.620
  2.630
  2.640
  2.650
  2.650
  2.660
  2.670
  2.670
  2.680
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
  190
  215
  242
  271
  302
  334
  369
  404
  442
  481
  580
  622
  666
  712
  760
  809
  861
  914
  969
  1,027
  1,087
  1,150
  1,215
  1,282
  1,353
  1,426
  1,503
  1,583
  1,667
  1,754
Depreciation, amort., depletion, $m
  295
  370
  419
  473
  531
  594
  660
  730
  805
  883
  965
  971
  1,060
  1,153
  1,250
  1,351
  1,456
  1,565
  1,678
  1,795
  1,918
  2,045
  2,177
  2,315
  2,458
  2,607
  2,762
  2,924
  3,093
  3,270
  3,454
Funds from operations, $m
  775
  560
  635
  716
  803
  896
  995
  1,099
  1,209
  1,325
  1,446
  1,550
  1,682
  1,819
  1,962
  2,111
  2,265
  2,425
  2,592
  2,765
  2,945
  3,132
  3,326
  3,529
  3,740
  3,960
  4,189
  4,428
  4,677
  4,937
  5,208
Change in working capital, $m
  -118
  156
  171
  186
  201
  215
  229
  243
  256
  269
  282
  295
  308
  321
  335
  348
  362
  376
  391
  406
  422
  439
  456
  475
  494
  515
  536
  559
  583
  609
  635
Cash from operations, $m
  893
  404
  464
  530
  602
  681
  765
  856
  953
  1,055
  1,163
  1,255
  1,374
  1,498
  1,628
  1,763
  1,903
  2,049
  2,201
  2,359
  2,523
  2,693
  2,870
  3,054
  3,246
  3,445
  3,652
  3,868
  4,093
  4,328
  4,573
Maintenance CAPEX, $m
  0
  -245
  -290
  -340
  -394
  -452
  -514
  -580
  -651
  -725
  -803
  -885
  -971
  -1,060
  -1,153
  -1,250
  -1,351
  -1,456
  -1,565
  -1,678
  -1,795
  -1,918
  -2,045
  -2,177
  -2,315
  -2,458
  -2,607
  -2,762
  -2,924
  -3,093
  -3,270
New CAPEX, $m
  -246
  -688
  -758
  -824
  -889
  -953
  -1,016
  -1,077
  -1,136
  -1,195
  -1,252
  -1,310
  -1,367
  -1,425
  -1,483
  -1,543
  -1,604
  -1,667
  -1,732
  -1,800
  -1,871
  -1,945
  -2,023
  -2,105
  -2,191
  -2,282
  -2,378
  -2,479
  -2,586
  -2,698
  -2,817
Cash from investing activities, $m
  -439
  -933
  -1,048
  -1,164
  -1,283
  -1,405
  -1,530
  -1,657
  -1,787
  -1,920
  -2,055
  -2,195
  -2,338
  -2,485
  -2,636
  -2,793
  -2,955
  -3,123
  -3,297
  -3,478
  -3,666
  -3,863
  -4,068
  -4,282
  -4,506
  -4,740
  -4,985
  -5,241
  -5,510
  -5,791
  -6,087
Free cash flow, $m
  454
  -529
  -584
  -634
  -681
  -724
  -764
  -801
  -834
  -865
  -892
  -940
  -964
  -987
  -1,008
  -1,030
  -1,051
  -1,073
  -1,095
  -1,119
  -1,143
  -1,170
  -1,198
  -1,228
  -1,260
  -1,295
  -1,333
  -1,373
  -1,417
  -1,464
  -1,514
Issuance/(repayment) of debt, $m
  -7
  1,039
  1,141
  1,242
  1,340
  1,436
  1,530
  1,622
  1,711
  1,800
  1,887
  1,973
  2,059
  2,146
  2,234
  2,324
  2,416
  2,511
  2,609
  2,711
  2,818
  2,930
  3,047
  3,171
  3,301
  3,438
  3,582
  3,735
  3,895
  4,065
  4,244
Issuance/(repurchase) of shares, $m
  -494
  184
  196
  205
  212
  216
  217
  216
  213
  207
  199
  132
  120
  107
  93
  78
  62
  45
  27
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -558
  1,223
  1,337
  1,447
  1,552
  1,652
  1,747
  1,838
  1,924
  2,007
  2,086
  2,105
  2,179
  2,253
  2,327
  2,402
  2,478
  2,556
  2,636
  2,719
  2,818
  2,930
  3,047
  3,171
  3,301
  3,438
  3,582
  3,735
  3,895
  4,065
  4,244
Total cash flow (excl. dividends), $m
  -128
  694
  753
  813
  871
  927
  983
  1,037
  1,090
  1,142
  1,193
  1,165
  1,216
  1,267
  1,319
  1,372
  1,426
  1,482
  1,540
  1,601
  1,675
  1,761
  1,850
  1,943
  2,041
  2,143
  2,250
  2,362
  2,479
  2,601
  2,730
Retained Cash Flow (-), $m
  -210
  -374
  -411
  -448
  -483
  -518
  -552
  -585
  -617
  -649
  -680
  -711
  -742
  -774
  -805
  -838
  -871
  -905
  -941
  -978
  -1,016
  -1,056
  -1,099
  -1,143
  -1,190
  -1,240
  -1,292
  -1,347
  -1,404
  -1,466
  -1,530
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
 
  870
  342
  365
  388
  410
  431
  452
  473
  493
  513
  453
  473
  493
  513
  534
  555
  577
  600
  623
  659
  704
  751
  800
  851
  903
  958
  1,015
  1,074
  1,136
  1,200
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
 
  822
  304
  303
  299
  291
  281
  268
  253
  235
  217
  168
  152
  136
  120
  105
  90
  76
  63
  52
  43
  35
  28
  22
  17
  12
  9
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  98.4
  97.0
  95.7
  94.6
  93.6
  92.8
  92.0
  91.4
  90.8
  90.3
  90.0
  89.8
  89.6
  89.5
  89.3
  89.2
  89.2
  89.2
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1
  89.1

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 2.8
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 23
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 18.4% 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 135.606 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 $14.3 billion.

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COMPANY NEWS

▶ Celanese to Raise 300 Million Euros in Senior Notes   [Dec-11-17 05:20PM  Market Realist]
▶ Celanese Opens Customer Solution Center in Tokyo   [Dec-10-17 06:00PM  Business Wire]
▶ Celanese Announces Acetyl Intermediates Price Increases   [Dec-06-17 06:00PM  Business Wire]
▶ EU mergers and takeovers (Dec 6)   [02:09PM  Reuters]
▶ Celanese Announces Acetaldehyde Price Increase in Europe   [Nov-29-17 06:00PM  Business Wire]
▶ EU mergers and takeovers (Nov 23)   [Nov-23-17 12:21PM  Reuters]
▶ Celanese Raises Acetyl Intermediates Prices in Asia   [Nov-20-17 01:05PM  Market Realist]
▶ Former Celriver plant honored with statues, memorials in Riverwalk community (PHOTOS)   [Nov-08-17 02:15PM  American City Business Journals]
▶ ETFs with exposure to Celanese Corp. : October 30, 2017   [Oct-30-17 11:33AM  Capital Cube]
▶ Celanese Unleashes Capacity Expansions: Cites Higher Demand   [Oct-23-17 09:22AM  Market Realist]
▶ [$$] 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]
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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