Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Neenah Paper Stays A Few Steps Ahead

Waiting for a better price on the stock of a company you like can work out really well sometimes, but then there are cases like Neenah Paper (NYSE:NP) where the shares just keep marching upward - to the tune of better than 30% move since I last wrote about the company.

I do like the company's focus on value-added specialty papers where there is relatively less competition and less price sensitivity. I also like that management seems focused on identifying future acquisition opportunities, as free cash flow generation over the next few years should be in excess of the company's deleveraging needs. What I still don't like so much is the price you have to pay for all...

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