Intrinsic value of Vista Outdoor - VSTO

Previous Close

$13.69

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$13.69

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of VSTO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,355
  2,409
  2,471
  2,540
  2,617
  2,702
  2,794
  2,893
  3,001
  3,116
  3,239
  3,370
  3,510
  3,659
  3,817
  3,984
  4,161
  4,349
  4,546
  4,755
  4,976
  5,208
  5,453
  5,711
  5,983
  6,270
  6,571
  6,888
  7,222
  7,572
Variable operating expenses, $m
  2,571
  2,627
  2,692
  2,764
  2,844
  2,932
  3,027
  3,131
  3,242
  3,362
  3,365
  3,501
  3,647
  3,801
  3,965
  4,139
  4,323
  4,518
  4,723
  4,940
  5,169
  5,411
  5,665
  5,933
  6,216
  6,513
  6,826
  7,156
  7,502
  7,867
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,571
  2,627
  2,692
  2,764
  2,844
  2,932
  3,027
  3,131
  3,242
  3,362
  3,365
  3,501
  3,647
  3,801
  3,965
  4,139
  4,323
  4,518
  4,723
  4,940
  5,169
  5,411
  5,665
  5,933
  6,216
  6,513
  6,826
  7,156
  7,502
  7,867
Operating income, $m
  -216
  -219
  -221
  -224
  -227
  -230
  -234
  -237
  -242
  -246
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -193
  -202
  -212
  -222
  -233
  -244
  -255
  -268
  -281
  -294
EBITDA, $m
  -38
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -123
Interest expense (income), $m
  0
  49
  51
  53
  55
  57
  59
  62
  65
  68
  72
  76
  80
  84
  89
  93
  99
  104
  110
  116
  122
  129
  136
  144
  152
  160
  169
  179
  189
  199
  210
Earnings before tax, $m
  -266
  -269
  -274
  -278
  -284
  -289
  -296
  -303
  -310
  -318
  -202
  -211
  -220
  -231
  -242
  -253
  -266
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -393
  -413
  -434
  -456
  -480
  -504
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -266
  -269
  -274
  -278
  -284
  -289
  -296
  -303
  -310
  -318
  -202
  -211
  -220
  -231
  -242
  -253
  -266
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -393
  -413
  -434
  -456
  -480
  -504

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,667
  2,728
  2,798
  2,877
  2,964
  3,060
  3,164
  3,277
  3,398
  3,529
  3,668
  3,817
  3,976
  4,144
  4,323
  4,512
  4,713
  4,925
  5,149
  5,385
  5,635
  5,898
  6,176
  6,468
  6,776
  7,100
  7,442
  7,801
  8,178
  8,576
Adjusted assets (=assets-cash), $m
  2,667
  2,728
  2,798
  2,877
  2,964
  3,060
  3,164
  3,277
  3,398
  3,529
  3,668
  3,817
  3,976
  4,144
  4,323
  4,512
  4,713
  4,925
  5,149
  5,385
  5,635
  5,898
  6,176
  6,468
  6,776
  7,100
  7,442
  7,801
  8,178
  8,576
Revenue / Adjusted assets
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
Average production assets, $m
  998
  1,021
  1,048
  1,077
  1,110
  1,146
  1,185
  1,227
  1,272
  1,321
  1,373
  1,429
  1,488
  1,551
  1,618
  1,689
  1,764
  1,844
  1,928
  2,016
  2,110
  2,208
  2,312
  2,422
  2,537
  2,658
  2,786
  2,920
  3,062
  3,211
Working capital, $m
  737
  754
  773
  795
  819
  846
  874
  906
  939
  975
  1,014
  1,055
  1,099
  1,145
  1,195
  1,247
  1,302
  1,361
  1,423
  1,488
  1,557
  1,630
  1,707
  1,788
  1,873
  1,962
  2,057
  2,156
  2,260
  2,370
Total debt, $m
  942
  975
  1,012
  1,054
  1,101
  1,152
  1,208
  1,268
  1,333
  1,402
  1,477
  1,556
  1,641
  1,731
  1,826
  1,928
  2,035
  2,148
  2,268
  2,394
  2,527
  2,668
  2,816
  2,972
  3,136
  3,310
  3,492
  3,684
  3,885
  4,098
Total liabilities, $m
  1,424
  1,457
  1,494
  1,536
  1,583
  1,634
  1,690
  1,750
  1,815
  1,884
  1,959
  2,038
  2,123
  2,213
  2,308
  2,410
  2,517
  2,630
  2,749
  2,876
  3,009
  3,150
  3,298
  3,454
  3,618
  3,792
  3,974
  4,166
  4,367
  4,579
Total equity, $m
  1,243
  1,271
  1,304
  1,341
  1,381
  1,426
  1,474
  1,527
  1,584
  1,644
  1,709
  1,779
  1,853
  1,931
  2,014
  2,103
  2,196
  2,295
  2,399
  2,510
  2,626
  2,749
  2,878
  3,014
  3,158
  3,309
  3,468
  3,635
  3,811
  3,996
Total liabilities and equity, $m
  2,667
  2,728
  2,798
  2,877
  2,964
  3,060
  3,164
  3,277
  3,399
  3,528
  3,668
  3,817
  3,976
  4,144
  4,322
  4,513
  4,713
  4,925
  5,148
  5,386
  5,635
  5,899
  6,176
  6,468
  6,776
  7,101
  7,442
  7,801
  8,178
  8,575
Debt-to-equity ratio
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
Adjusted equity ratio
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -266
  -269
  -274
  -278
  -284
  -289
  -296
  -303
  -310
  -318
  -202
  -211
  -220
  -231
  -242
  -253
  -266
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -393
  -413
  -434
  -456
  -480
  -504
Depreciation, amort., depletion, $m
  178
  180
  181
  183
  184
  186
  188
  191
  193
  196
  73
  76
  80
  83
  87
  90
  94
  99
  103
  108
  113
  118
  124
  129
  136
  142
  149
  156
  164
  172
Funds from operations, $m
  -88
  -90
  -93
  -96
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -180
  -190
  -199
  -210
  -221
  -232
  -245
  -257
  -271
  -285
  -300
  -316
  -332
Change in working capital, $m
  14
  17
  19
  22
  24
  26
  29
  31
  34
  36
  39
  41
  44
  47
  49
  52
  55
  59
  62
  65
  69
  73
  77
  81
  85
  90
  94
  99
  104
  110
Cash from operations, $m
  -102
  -107
  -112
  -118
  -123
  -130
  -136
  -143
  -151
  -158
  -167
  -175
  -185
  -194
  -205
  -215
  -227
  -239
  -251
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -379
  -399
  -420
  -442
Maintenance CAPEX, $m
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -66
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -129
  -136
  -142
  -149
  -156
  -164
New CAPEX, $m
  -20
  -23
  -26
  -29
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -93
  -99
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
Cash from investing activities, $m
  -72
  -76
  -81
  -85
  -91
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -135
  -143
  -150
  -158
  -165
  -173
  -183
  -192
  -201
  -212
  -222
  -233
  -244
  -257
  -270
  -283
  -297
  -313
Free cash flow, $m
  -174
  -183
  -193
  -203
  -214
  -225
  -236
  -249
  -262
  -275
  -290
  -305
  -320
  -337
  -355
  -373
  -392
  -413
  -434
  -456
  -480
  -505
  -531
  -558
  -587
  -617
  -649
  -683
  -718
  -755
Issuance/(repayment) of debt, $m
  27
  33
  37
  42
  47
  51
  56
  60
  65
  70
  75
  79
  85
  90
  95
  101
  107
  113
  120
  126
  133
  141
  148
  156
  164
  173
  182
  192
  202
  212
Issuance/(repurchase) of shares, $m
  291
  298
  306
  315
  324
  334
  344
  355
  367
  379
  267
  280
  294
  309
  325
  342
  359
  378
  397
  417
  439
  462
  485
  510
  536
  564
  593
  624
  656
  689
Cash from financing (excl. dividends), $m  
  318
  331
  343
  357
  371
  385
  400
  415
  432
  449
  342
  359
  379
  399
  420
  443
  466
  491
  517
  543
  572
  603
  633
  666
  700
  737
  775
  816
  858
  901
Total cash flow (excl. dividends), $m
  144
  148
  151
  154
  157
  160
  163
  167
  170
  173
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  114
  120
  126
  133
  139
  147
Retained Cash Flow (-), $m
  -291
  -298
  -306
  -315
  -324
  -334
  -344
  -355
  -367
  -379
  -267
  -280
  -294
  -309
  -325
  -342
  -359
  -378
  -397
  -417
  -439
  -462
  -485
  -510
  -536
  -564
  -593
  -624
  -656
  -689
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -147
  -150
  -155
  -161
  -167
  -174
  -181
  -189
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -314
  -330
  -347
  -364
  -383
  -402
  -423
  -444
  -467
  -491
  -516
  -543
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  -138
  -132
  -127
  -121
  -115
  -108
  -102
  -95
  -87
  -80
  -72
  -65
  -57
  -50
  -43
  -37
  -31
  -25
  -21
  -16
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  74.5
  55.5
  41.3
  30.7
  22.8
  17.0
  12.6
  9.4
  7.0
  5.2
  4.2
  3.4
  2.8
  2.2
  1.8
  1.5
  1.2
  0.9
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

Vista Outdoor Inc. is a designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. The Company operates through two segments: Shooting Sports and Outdoor Products. Its Shooting Sports segment designs, develops, produces and sources ammunition and firearms for the hunting and sport shooting enthusiast markets, as well as ammunition for local law enforcement, the United States Government and international markets. Its Outdoor Products segment product lines include archery/hunting accessories, global eyewear and sport protection, golf, hydration products, optics, shooting accessories, tactical products and water sports. The Company serves the outdoor sports and recreation markets through a diverse portfolio of over 40 brands. It serves a range of end consumers, including outdoor enthusiasts, hunters and recreational shooters, athletes, as well as law enforcement and military professionals. It offers cooking solutions through Camp Chef brand.

FINANCIAL RATIOS  of  Vista Outdoor (VSTO)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 0.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 10.7
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 116.7%
Cap. Spend. - 3 Yr. Gr. Rate 17.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 87.5%
Total Debt to Equity 90%
Interest Coverage 0
Management Effectiveness
Return On Assets -9.3%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital -11.7%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity -18.9%
Return On Equity - 3 Yr. Avg. -1.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 26.3%
Gross Margin - 3 Yr. Avg. 26.3%
EBITDA Margin -6.2%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin -8.1%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin -9.9%
Pre-Tax Margin - 3 Yr. Avg. 2.7%
Net Profit Margin -10.8%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate -9.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.7%
Payout Ratio 0%

VSTO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VSTO stock intrinsic value calculation we used $2308.463 million for the last fiscal year's total revenue generated by Vista Outdoor. The default revenue input number comes from 0001 income statement of Vista Outdoor. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VSTO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.4%, whose default value for VSTO is calculated based on our internal credit rating of Vista Outdoor, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Vista Outdoor.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VSTO stock the variable cost ratio is equal to 109.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VSTO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Vista Outdoor.

Corporate tax rate of 27% is the nominal tax rate for Vista Outdoor. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VSTO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VSTO are equal to 42.4%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Vista Outdoor operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VSTO is equal to 31.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1217.49 million for Vista Outdoor - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.528 million for Vista Outdoor is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Vista Outdoor at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ The 7 Best Stocks to Buy Now That Jeff Sessions Is Gone   [Nov-08-18 12:16PM  InvestorPlace]
▶ [$$] Vista Outdoor Narrows Loss   [Nov-01-18 11:36AM  The Wall Street Journal]
▶ Vista Outdoor: Fiscal 2Q Earnings Snapshot   [07:59AM  Associated Press]
▶ 3 Reasons Firearms Stocks Are Soaring Again   [Sep-08-18 07:20AM  Motley Fool]
▶ Why Vista Outdoor Inc's Shares Jumped 13.7% Last Month   [Sep-07-18 06:48AM  Motley Fool]
▶ 3 Top Stocks Wall Street Is Overlooking   [Aug-21-18 12:15PM  Motley Fool]
▶ Vista Outdoor Stock Soars on Q1 Earnings Results   [Aug-09-18 12:42PM  InvestorPlace]
▶ Vista Outdoor: Fiscal 1Q Earnings Snapshot   [07:55AM  Associated Press]
▶ [$$] Vista Outdoor to Sell Eyewear Brands to Private Equity   [Jul-10-18 01:26PM  The Wall Street Journal]
▶ How I Set Off The Alarm At NRA Headquarters   [May-28-18 03:40PM  Forbes]
▶ Vista Outdoor to sell its gun-making business, focus on ammo instead   [08:01AM  American City Business Journals]
▶ [$$] Vista Outdoor Aims to Exit Several Brands, Including Firearms   [May-01-18 05:45PM  The Wall Street Journal]
▶ Closing Bell: LIVE MARKETS BLOG   [04:03PM  TheStreet.com]
▶ Vista Outdoor to get rid of firearms business   [01:37PM  Associated Press]
▶ Why Vista Outdoor Inc. Stock Fell Tuesday   [11:33AM  Motley Fool]
▶ Vista Outdoor: Fiscal 4Q Earnings Snapshot   [08:20AM  Associated Press]
▶ Top 10 Rifle Manufacturers in 2018   [Apr-30-18 11:47PM  Insider Monkey]
▶ Vista Outdoor Q4 Earnings Preview   [02:44PM  Benzinga]
▶ Bank of America Corp Isnt Ready for Upcoming Challenges   [Apr-23-18 12:15PM  InvestorPlace]
▶ Yahoo Finance Live: Market Movers - Apr 18th, 2018   [07:20AM  Yahoo Finance Video]
▶ Dow to open in the red, Bitcoin soars past $11K   [Mar-05-18 08:32AM  Yahoo Finance]
▶ What Happened in the Stock Market Today   [Mar-02-18 05:13PM  Motley Fool]
▶ Why Vista Outdoor Shares Plunged Today   [01:10PM  Motley Fool]
▶ Dick's Sporting Goods will stop selling assault-style guns   [Feb-28-18 01:27PM  Yahoo Finance Video]

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