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CE

Celanese Corporation
$42.85SellTarget $8.17Report: Jan 15, 2026Basic MaterialsChemicalsTurnaround Candidate

Price History

Pelican View
Current$42.85-80.9%
Rec: SellConviction: Low
Entry Target
N/A
N/A
Fair Value
$8.17
(81% below current)
Stop Loss
N/A
N/A
Position Size
None
Time Horizon
N/A

Key Metrics

Market Data
52 Week High$70.51
52 Week Low$35.13
Avg. 3 Month Volume2.10M
Efficiency
LTM Gross Margin21.3%
LTM EBITDA Margin-13.6%
LTM EBIT Margin-21.6%
LTM Operating Margin-23.9%
LTM ROA-13.5%
LTM ROE-63.2%
LTM ROIC-9.1%
LTM ROCE-10.4%
Capital Structure
Market Cap (MM)$6.4B
Enterprise Value (MM)$18.1B
Shares Outstanding109.57M
Total Debt (MM)$13.13B
Cash & Equivalents (MM)$1.44B
LTM Net Debt (MM)$11.69B
LTM Net Debt/EBITDA-8.9x
Growth
TTM Rev. Growth-7.3%
Last 3-Yr Rev. CAGR0.4%
Last 3-Yr EBITDA CAGRN/A
Last 3-Yr EPS CAGRN/A
Valuation
Street Target Price$54.75
LTM EV/Revenue1.9x
LTM EV/Gross Profit8.8x
LTM EV/EBIT-8.7x
LTM EV/EBITDA-13.8x
LTM P/E-2.1x
LTM EV/FCF17.7x
LTM P/FCF6.3x
LTM P/TB0.4x
LTM P/B1.6x
Dividend YieldN/A
Payout Ratio-0.3%
About the Company

Celanese Corporation is a global chemical and specialty materials company. It is a global producer of high performance engineered polymers used in a variety of high-value applications, as well as one of the world's largest producers of acetyl products, which are intermediate chemicals for nearly all major industries. The company engineers and manufacture a wide variety of products essential to everyday living, with a broad product portfolio serving diverse end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications and textiles. The company operates principally through two business segments: Engineered Materials and the Acetyl Chain.

Revenue Generation

Celanese generates revenue through two primary segments. The Engineered Materials segment is a project-based business where growth is driven by increasing new project commercializations from a pipeline model. Revenue is generated by developing, producing, and supplying a broad portfolio of high performance specialty polymers for automotive, medical, industrial, and consumer electronics applications. Pricing in this segment is primarily based on value-in-use and is generally independent of raw material cost changes. The Acetyl Chain segment operates as an integrated business, producing and supplying acetyl products like acetic acid and vinyl acetate monomer (VAM). This segment leverages its ability to sell chemicals externally to end-use markets or downstream to its own businesses (such as acetate tow, emulsion polymers, and EVA polymers), with decisions based on market demand, trade flows, and maximizing the value of its chemicals. The company's products enjoy leading global positions and serve a large and diverse global customer base.

Investment Thesis
Executive SummarySituation: Celanese is facing a severe solvency crisis following the catastrophic $11 billion Mobility & Materials (M&M) acquisition, which has left the company with $12.6 billion in debt and a negative tangible book value of -$35.29 per share. Debate: Management is promoting a 'coiled spring' recovery narrative based on $120 million in cost cuts, while the credit markets have downgraded the company to junk status (S&P: BB) due to persistent demand weakness in automotive and construction end-markets. Conclusion: Our analysis suggests the equity is significantly impaired; with a probability-weighted fair value of $8.17, the current market price fails to account for the high risk of a zero-recovery outcome in a failed turnaround.

Recent Activity

2025-11-07+14.37%
Celanese Corporation reported Q3 2025 adjusted earnings per share of $1.34 despite $1.5 billion non-cash impairment charge.
2025-10-28-6.02%
Celanese announced intent to cease manufacturing operations at its Lanaken acetate tow facility during the second half of 2026.
2025-08-12-13.07%
Celanese established new $1.75B revolving credit facility and amended term loan agreement.

Valuation Table

MethodImplied ValueWeightWeighted Value
DCF$4.4856%$2.52
NLV$12.9244%$5.65
Total Weighted$8.16