DCF Tool

CE

Celanese Corp – All Other Basic Organic Chemical Manufacturing
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Its two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese's global chemistry, technology and business expertise to create value for its customers and the corporation. As Celanese partners with its customers to solve their most critical business needs, the company strives to make a positive impact on its communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion.
Analysis Results
Intrinsic Value $406.64
Latest Price $90.34
Relative Value 78% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 9.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 1.43 1.35
2023 1.56 1.39
2024 1.71 1.44
2025 1.87 1.48
2026 2.04 1.52
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 52.2 billion. This corresponds to a present value of 36.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.18 billion. Adding in the terminal value gives a total present value of 44.1 billion.

There are presently 108.0 million outstanding shares, so the intrinsic value per share is 406.64.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 7,614,000,000
Current Cash 1,092,000,000
Current Liabilities 5,010,000,000
Current Debt 1,582,000,000
Non-Cash Working Capital (NCWC) 3,094,000,000
Change in NCWC 2,296,000,000
EBIT 4,168,000,000
Tax Provision 660,000,000
Depreciation and Amortization 756,000,000
Capital Expenditure -934,000,000
Unlevered Free Cash Flow 5,674,149,466
Current Assets 3,763,000,000
Current Cash 1,488,000,000
Current Liabilities 1,973,000,000
Current Debt 496,000,000
Non-Cash Working Capital (NCWC) 798,000,000
Change in NCWC -206,000,000
EBIT 849,000,000
Tax Provision 247,000,000
Depreciation and Amortization 356,000,000
Capital Expenditure -364,000,000
Unlevered Free Cash Flow 541,840,071
Current Assets 2,765,000,000
Current Cash 503,000,000
Current Liabilities 1,754,000,000
Current Debt 496,000,000
Non-Cash Working Capital (NCWC) 1,004,000,000
Change in NCWC -182,000,000
EBIT 1,214,000,000
Tax Provision 124,000,000
Depreciation and Amortization 356,000,000
Capital Expenditure -370,000,000
Unlevered Free Cash Flow 865,635,627
Current Assets 2,874,000,000
Current Cash 470,000,000
Current Liabilities 1,779,000,000
Current Debt 561,000,000
Non-Cash Working Capital (NCWC) 1,186,000,000
Change in NCWC 235,000,000
EBIT 1,563,000,000
Tax Provision 292,000,000
Depreciation and Amortization 349,000,000
Capital Expenditure -337,000,000
Unlevered Free Cash Flow 1,507,750,993
Current Assets 2,792,000,000
Current Cash 608,000,000
Current Liabilities 1,559,000,000
Current Debt 326,000,000
Non-Cash Working Capital (NCWC) 951,000,000
Change in NCWC 106,000,000
EBIT 1,150,000,000
Tax Provision 213,000,000
Depreciation and Amortization 310,000,000
Capital Expenditure -267,000,000
Unlevered Free Cash Flow 1,071,139,534
Current Assets 2,472,000,000
Current Cash 668,000,000
Current Liabilities 1,077,000,000
Current Debt 118,000,000
Non-Cash Working Capital (NCWC) 845,000,000
Change in NCWC 92,000,000
EBIT 1,057,000,000
Tax Provision 122,000,000
Depreciation and Amortization 295,000,000
Capital Expenditure -246,000,000
Unlevered Free Cash Flow 1,072,801,941
Current Assets 2,787,000,000
Current Cash 997,000,000
Current Liabilities 1,550,000,000
Current Debt 513,000,000
Non-Cash Working Capital (NCWC) 753,000,000
Change in NCWC 68,000,000
EBIT 863,000,000
Tax Provision 201,000,000
Depreciation and Amortization 363,000,000
Capital Expenditure -232,000,000
Unlevered Free Cash Flow 706,543,032
Current Assets 2,698,000,000
Current Cash 812,000,000
Current Liabilities 1,338,000,000
Current Debt 137,000,000
Non-Cash Working Capital (NCWC) 685,000,000
Change in NCWC -104,000,000
EBIT 998,000,000
Tax Provision 314,000,000
Depreciation and Amortization 298,000,000
Capital Expenditure -678,000,000
Unlevered Free Cash Flow 180,979,808
Current Assets 3,182,000,000
Current Cash 1,025,000,000
Current Liabilities 1,545,000,000
Current Debt 177,000,000
Non-Cash Working Capital (NCWC) 789,000,000
Change in NCWC 149,000,000
EBIT 1,117,000,000
Tax Provision 508,000,000
Depreciation and Amortization 319,000,000
Capital Expenditure -377,000,000
Unlevered Free Cash Flow 855,336,233
Current Assets 2,839,000,000
Current Cash 1,012,000,000
Current Liabilities 1,355,000,000
Current Debt 168,000,000
Non-Cash Working Capital (NCWC) 640,000,000
Change in NCWC -76,000,000
EBIT 774,000,000
Tax Provision 48,000,000
Depreciation and Amortization 320,000,000
Capital Expenditure -410,000,000
Unlevered Free Cash Flow 551,452,054

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