Keith Weissman presented his in-depth investment thesis on Vista Outdoor (NYSE: VSTO) at Best Ideas 2017.
Vista Outdoor is a manufacturer of consumer products for outdoor and shooting sports. The company is miscast owing to a series of split offs, the first from Honeywell in 1990 and the second and more recent one in 2015 from Aliant Techsystems. Both companies from which Vista split are focused on defense and trade at lower multiples than consumer product companies. In a matter of years, the company has transformed itself from one focused on shooting sports tracing back to its roots as a defense company, to a branded, consumer products company which carries a very different valuation multiple not yet recognized by the market. Vista is likely to continue acquiring outdoor sport products which should further push valuation levels upward closer to other branded consumer product companies. The acquisitions tilt the company’s profitability more towards the higher margin, less risky part of the business, and as well, add to margins by pushing newly acquired brands through the company’s existing wide distribution network.
About the instructor:
Keith Weissman is a Senior Analyst and Director of Research at Sibilla Capital. He has more than 15 years of experience in equity research and principle investment. His approach to fundamental analysis has been developed over his career having looked at investment opportunities across a variety of sectors from both the perspective of a market-oriented and private equity investor. Prior to joining Sibilla, Mr. Weissman served as a research analyst at CLSA Asia-Pacific Markets covering companies in the aerospace sector. During his time at CLSA, he developed a comprehensive framework for analyzing investment opportunities which serves as the basis for fundamental research performed at Sibilla. Before transitioning to CLSA, he closed over $1 billion in principle investments. In doing so, Mr. Weissman developed deep due diligence and valuation skills that formed the foundation of his approach to investment research. Mr. Weissman holds a Master’s in Business Administration from Columbia Business School and a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania. In addition, he is a CFA charter holder, a CPA license holder and is an adjunct professor in the Gabelli School of Business at Fordham University, the Zicklin School of Business at Baruch College, and the Lubin School of Business at Pace University. He has lectured on topics such as corporate valuation, investment analysis, portfolio management, banking and central bank policy, the securities industry, and risk management.
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