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Celanese (NR/BBB-/BBB-): 1Q24 Results

BASIC INDUSTRIES

Slightly positive for spreads. Celanese should be on track to deleverage and remain IG. We don’t expect any rating actions at this point (outlook neg at S&P)


• Revenue missed consensus by 3%, while adj. EBITDA beat by 2%.

• Says environment has stabilised but not recovered. Talking up synergy benefits kicking in from 2Q.

• Negative FCF at -$40mn (c. $141mn) stands out although is improved YoY (-$260mn). Working capital effects, interest timing and capex completions were cited as causes. Leverage ticks up to 5.2x from 4.9x but should come down further over the year.

• Call 16.00 London: https://event.choruscall.com/mediaframe/webcast.ht...

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