CE

Celanese has shifted from an execution/recovery story to a deleveraging-and-pricing play where the single critical investment metric is sustainable free‑cash‑flow (management's $700–800M target) and progress on $1B+ divestitures—if FCF targets are met for consecutive quarters and net debt falls meaningfully (>10%), the leverage risk materially declines and the equity rerating gains credibility. The key downside to monitor is failure to sustain FCF/pricing (or delayed/low‑net divestiture proceeds), which would re‑expose refinancing, interest‑expense and impairment risks and likely push the stock back toward prior lows.