Celanese (NYSE:CE), listed as a Fortune 500 firm, employs roughly 12,400 individuals worldwide and reported web gross sales of $10.9 billion in 2023. Buying and selling at a P/E ratio of seven.31 and sustaining a dividend yield of practically 4%, the corporate seems undervalued in keeping with InvestingPro Truthful Worth metrics. Nonetheless, 18 analysts have not too long ago revised their earnings expectations downward for the upcoming interval. The corporate is dedicated to sustainable development and fostering an inclusive work setting.
Edward Galante, a member of the Celanese Board since 2013, has been elected as the brand new Chair of the Board, coinciding with Ryerkerk’s departure.
Celanese, listed as a Fortune 500 firm, employs roughly 12,400 individuals worldwide and reported web gross sales of $10.9 billion in 2023. Buying and selling at a P/E ratio of seven.31 and sustaining a dividend yield of practically 4%, the corporate seems undervalued in keeping with InvestingPro Truthful Worth metrics. Nonetheless, 18 analysts have not too long ago revised their earnings expectations downward for the upcoming interval. The corporate is dedicated to sustainable development and fostering an inclusive work setting.
In an announcement, Richardson expressed his gratitude for the appointment and emphasised his dedication to driving obligatory modifications and capitalizing on the corporate’s potential for long-term worth creation, regardless of at the moment’s challenges.
Lori Ryerkerk, reflecting on her tenure as CEO since 2019, praised Richardson’s experience and expressed confidence in his capability to guide the corporate to larger heights.
The Board’s determination to nominate Richardson is the results of a complete succession planning course of. Kim Rucker, Lead Unbiased (LON:IOG) Director of the Celanese Board, acknowledged Richardson’s caliber as an govt and thanked Ryerkerk for her management and contributions, which have fortified Celanese’s aggressive place in difficult macro environments.
Richardson’s background features a BA in Accounting and an MBA, with earlier roles at American Airways (NASDAQ:AAL) earlier than becoming a member of Celanese. Galante brings intensive expertise from his tenure at Exxon Mobil Company (NYSE:XOM) and involvement with different main corporations.
Celanese, listed as a Fortune 500 firm, employs roughly 12,400 individuals worldwide and reported web gross sales of $10.9 billion in 2023. Buying and selling at a P/E ratio of seven.31 and sustaining a dividend yield of practically 4%, the corporate seems undervalued in keeping with InvestingPro Truthful Worth metrics. Nonetheless, 18 analysts have not too long ago revised their earnings expectations downward for the upcoming interval. The corporate is dedicated to sustainable development and fostering an inclusive work setting.
This management transition relies on a press launch assertion from Celanese Company.
In different current information, Celanese Company has been the topic of a number of analyst downgrades. UBS downgraded the corporate’s ranking from ‘Purchase’ to ‘Impartial’ and lowered the value goal to $97, citing issues about Celanese’s capability to handle its debt. Equally, BMO Capital Markets downgraded its ranking from ‘Market Carry out’ to ‘Underperform’ and slashed the value goal to $76, referencing elevated monetary leverage following the acquisition of M&M and a weaker-than-anticipated macroeconomic setting. Piper Sandler additionally revised its ranking from ‘Impartial’ to ‘Underweight’ and lowered the value goal to $98 because of anticipated monetary and operational pressures within the upcoming quarters.
By way of earnings, Celanese’s third-quarter leads to 2024 have been impacted by market headwinds, notably within the automotive and industrial sectors. The corporate’s fourth-quarter earnings are projected to drop considerably from $2.50 in Q3 to $1.25. In response, Celanese plans to decrease its web debt to EBITDA ratio to 3 instances by lowering its quarterly dividend within the first quarter of 2025.
Different current developments embrace the corporate’s deal with value administration and operational excellence. Celanese has set 4 priorities for 2025: value discount, delivering synergies, enhancing the Engineered Supplies pipeline, and leveraging the Acetyl Chain. Nonetheless, a possible merger with Blackstone (NYSE:BX) for Acetow has been dominated out because of regulatory issues. These developments replicate the corporate’s willpower to navigate ongoing macroeconomic difficulties.
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