Key Points Cash generation and asset sales provide a clear path toward materially lower net debt through 2027 Conservative normalized valuation analysis values CE at USD106 per share, highlighting the substantial upside We...
Key Points Above-consensus Q2’26 EBITDA and EPS. Q3 guidance below consensus primarily on the back of AC segment moderation FY2026 FCF guidance range of USD700-800m reiterated We have an Overweight rating on CE...
Key Points Middle East disruptions tightening acetyls markets, with price hikes expected to flow through results over the coming quarters Refinancings, free cash flow generation, and potential asset sales support deleveraging, while...
Key Points Below-consensus Q1’26 EBITDA and EPS. Q2 guidance above consensus primarily on the back of AC segment strength FY2026 FCF guidance raised to USD700-800m from USD650-750m We have an Overweight rating on...
Key Points Solid FCF conversion despite earnings pressure underscores structural cash resilience Bridge from USD0.67 in Q4 toward USD1.50–2.00 quarterly run-rate as interest, cost saves, and margin normalization flow through Refinancings extend maturities;...
Key Points Below-consensus Q4’25 EBITDA and EPS. Q1 guidance below consensus primarily on the back of tepid demand Cash generation strong with USD252m operating cash flow and USD160m free cash flow We have...
Key Points CE is ~75% off peak and below COVID lows—priced for balance-sheet distress Debt fear fading. Refinancings, USD2 quarterly EPS path, FCF, and asset sales cover maturities We rate Celanese shares Overweight...
Key Points Above-consensus Q3’25 EBITDA and EPS. Q4 guidance below consensus primarily on the back of tepid demand and seasonality Cash generation strong with USD447m operating cash flow and USD375m free cash...