Sappi's dissolving pulp margins are still holding up better than the paper guys but the rand strength is ea…by @julianreins_jse on $SAP

Sappi's dissolving pulp margins are still holding up better than the paper guys but the rand strength is eating into export revenue, that's the real headwind. At R11.59 you're basically getting the pulp cash generation with the printing paper drag thrown in for free, which feels mispriced if they can actually exit that segment like they keep saying they will.