1 mes más tarde, pero algo más de información acerca de CE.
"CE is a diversified chemical/materials company with over 100 years of history. They have a very high dividend growth rate, and a low payout ratio at approximately 27-28% currently. Additionally, although cyclical, the management has proven to be prudent with allocating capital and has been buying back shares aggressively. This increases overall capital returned to shareholders and increases FCF/share available to common holders.
They have been further diversifying their product lines in the past decade and increasing production of advanced plastics/polymer materials, food additives, and ethanol among others. I believe that management is being prudent in diversifying the product lines and sectors they are in to become more stable and less reliant on any one product sector (such as, say, perhaps Cigarette Filters from Cellulose).
Currently, it has been trading at a P/FCF of about 6.
So I have been increasing my position due to that. I feel it is extremely undervalued based upon cash flow."
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" You might also want to check out the annual report and note the CEO’s comments:
- “Celanese has a long history of judicious capital stewardship. We utilize defined methodologies across the corporation to analyze all deployment
opportunities against established return thresholds. This prudence is critical as our businesses are generating increasingly strong operating cash flow. The entirety of our cash generation will be devoted to high‐return investments and to returning cash to our stockholders. We will not keep cash and do not need to reduce current leverage levels.
Our priorities are clear:
• Dividends: We are committed to a healthy dividend. We have increased our dividend ten years in a row and intend to continue.
• Organic Investments: Our most capital‐efficient and high‐return investments are organic. We are stepping up our capex for the next few years with several exciting investments in EM and AC that will provide productivity savings and prepare us for growth.
• M&A: Our acquisitions over the last few years have added critical products, technology, and capacity to our businesses at attractive returns.
We will continue to be exceptionally disciplined in pursuing M&A opportunities.
• Share Repurchases: Celanese shares are an attractive investment. In 2019, we repurchased $1 billion or 7% of shares outstanding. All residual cash flow will be devoted to share repurchases. "
investors.celanese.com/…”
[…]
"CE is looking to further diversify their business into more high margin and growing businesses.
Their Acetate Tow segment has been declining due to lower demand for cigarette filters. It was at about 15% of revenue last year, I believe.
So what management has been saying, basically, is “We generate more cash than we know what to do with, so we are going to be going after only high margin and growing business whether through organic growth or M&A. The rest of the capital we will be returning to shareholders via dividends and buyback program.”
They are trying to get rid of less profitable segments at the same time further diversifying their overall portfolio and lessening reliance upon input costs and product demand. It is an extremely similar situation to AAPL in 2018. They have so much cash flow they are trying to find things to do with it all.
As for the dividend, you are correct, they have not announced an increase for next quarter. My understanding is that they are being prudent with their current cash and would likely focus on buybacks currently with their attractive share price. They will likely increase later on this year. I think they have until 4th quarter to increase in order to maintain their FY dividend growth “streak.”
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No es lo mismo el primer puñetazo que te dan que cuando te han dado 1000… conoces la sensación, el dolor, como recuperarte mejor, etc. Que conste que a mi no me han dado nunca ninguno 
