SWM - Neenah: Hitting The Papers

• Neenah has seen a share price retreat because of the macro environment.
• This comes despite a solid outlook for 2022 being issued amidst this uncertainty.
• The setup is getting more compelling, yet the investment thesis is overshadowed by the lack of a long term track record.
• The purchase by Schweitzer, presented as a merger of equals, alters the investment case again.
• Investors are not too upbeat, but the combination probably offers fair (dividend) value here.

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