Intrinsic value of Fastenal - FAST

Previous Close

$58.34

  Intrinsic Value

$33.03

stock screener

  Rating & Target

sell

-43%

Previous close

$58.34

 
Intrinsic value

$33.03

 
Up/down potential

-43%

 
Rating

sell

We calculate the intrinsic value of FAST 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.40
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  3,962
  4,865
  5,362
  5,883
  6,425
  6,991
  7,580
  8,193
  8,830
  9,492
  10,179
  10,894
  11,637
  12,410
  13,213
  14,049
  14,919
  15,826
  16,770
  17,755
  18,782
  19,853
  20,972
  22,140
  23,361
  24,637
  25,971
  27,367
  28,828
  30,357
  31,958
Variable operating expenses, $m
 
  3,887
  4,285
  4,700
  5,134
  5,586
  6,057
  6,546
  7,055
  7,584
  8,133
  8,705
  9,298
  9,915
  10,557
  11,225
  11,921
  12,645
  13,399
  14,186
  15,006
  15,863
  16,756
  17,690
  18,665
  19,685
  20,751
  21,866
  23,034
  24,255
  25,534
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  3,166
  3,888
  4,286
  4,701
  5,135
  5,587
  6,058
  6,547
  7,056
  7,585
  8,134
  8,706
  9,299
  9,916
  10,558
  11,226
  11,922
  12,646
  13,400
  14,188
  15,008
  15,865
  16,758
  17,692
  18,667
  19,687
  20,753
  21,868
  23,036
  24,257
  25,536
Operating income, $m
  796
  977
  1,077
  1,181
  1,290
  1,404
  1,522
  1,646
  1,774
  1,907
  2,045
  2,188
  2,338
  2,493
  2,655
  2,823
  2,997
  3,180
  3,369
  3,567
  3,774
  3,989
  4,214
  4,449
  4,694
  4,950
  5,218
  5,499
  5,793
  6,100
  6,422
EBITDA, $m
  901
  1,076
  1,186
  1,301
  1,421
  1,547
  1,677
  1,813
  1,954
  2,100
  2,252
  2,411
  2,575
  2,746
  2,924
  3,109
  3,302
  3,502
  3,711
  3,929
  4,157
  4,394
  4,642
  4,900
  5,170
  5,453
  5,748
  6,057
  6,381
  6,719
  7,074
Interest expense (income), $m
  6
  22
  27
  32
  37
  43
  49
  54
  61
  67
  74
  80
  88
  95
  103
  111
  119
  128
  137
  147
  156
  167
  177
  189
  200
  213
  225
  239
  253
  267
  283
Earnings before tax, $m
  790
  954
  1,050
  1,149
  1,253
  1,361
  1,474
  1,591
  1,713
  1,840
  1,971
  2,108
  2,250
  2,398
  2,552
  2,712
  2,878
  3,052
  3,232
  3,421
  3,617
  3,822
  4,036
  4,260
  4,494
  4,738
  4,993
  5,260
  5,540
  5,833
  6,139
Tax expense, $m
  291
  258
  283
  310
  338
  368
  398
  430
  463
  497
  532
  569
  608
  647
  689
  732
  777
  824
  873
  924
  977
  1,032
  1,090
  1,150
  1,213
  1,279
  1,348
  1,420
  1,496
  1,575
  1,658
Net income, $m
  499
  697
  766
  839
  915
  994
  1,076
  1,162
  1,250
  1,343
  1,439
  1,539
  1,643
  1,751
  1,863
  1,979
  2,101
  2,228
  2,360
  2,497
  2,641
  2,790
  2,946
  3,110
  3,280
  3,459
  3,645
  3,840
  4,044
  4,258
  4,481

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  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
  2,669
  3,224
  3,554
  3,898
  4,258
  4,633
  5,023
  5,429
  5,851
  6,290
  6,746
  7,220
  7,712
  8,224
  8,756
  9,310
  9,887
  10,488
  11,113
  11,766
  12,446
  13,156
  13,898
  14,672
  15,481
  16,327
  17,211
  18,136
  19,104
  20,117
  21,178
Adjusted assets (=assets-cash), $m
  2,556
  3,224
  3,554
  3,898
  4,258
  4,633
  5,023
  5,429
  5,851
  6,290
  6,746
  7,220
  7,712
  8,224
  8,756
  9,310
  9,887
  10,488
  11,113
  11,766
  12,446
  13,156
  13,898
  14,672
  15,481
  16,327
  17,211
  18,136
  19,104
  20,117
  21,178
Revenue / Adjusted assets
  1.550
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
  1.509
Average production assets, $m
  860
  993
  1,094
  1,200
  1,311
  1,426
  1,546
  1,671
  1,801
  1,936
  2,077
  2,222
  2,374
  2,532
  2,696
  2,866
  3,044
  3,228
  3,421
  3,622
  3,831
  4,050
  4,278
  4,517
  4,766
  5,026
  5,298
  5,583
  5,881
  6,193
  6,519
Working capital, $m
  1,445
  1,046
  1,153
  1,265
  1,381
  1,503
  1,630
  1,761
  1,898
  2,041
  2,189
  2,342
  2,502
  2,668
  2,841
  3,021
  3,208
  3,403
  3,606
  3,817
  4,038
  4,268
  4,509
  4,760
  5,023
  5,297
  5,584
  5,884
  6,198
  6,527
  6,871
Total debt, $m
  390
  504
  597
  693
  794
  899
  1,008
  1,122
  1,240
  1,363
  1,490
  1,623
  1,761
  1,904
  2,053
  2,208
  2,370
  2,538
  2,713
  2,896
  3,086
  3,285
  3,493
  3,710
  3,936
  4,173
  4,421
  4,680
  4,951
  5,234
  5,531
Total liabilities, $m
  736
  903
  995
  1,092
  1,192
  1,297
  1,407
  1,520
  1,638
  1,761
  1,889
  2,021
  2,159
  2,303
  2,452
  2,607
  2,768
  2,937
  3,112
  3,294
  3,485
  3,684
  3,891
  4,108
  4,335
  4,571
  4,819
  5,078
  5,349
  5,633
  5,930
Total equity, $m
  1,933
  2,321
  2,559
  2,807
  3,066
  3,336
  3,617
  3,909
  4,213
  4,529
  4,857
  5,198
  5,553
  5,921
  6,305
  6,703
  7,119
  7,551
  8,002
  8,471
  8,961
  9,473
  10,006
  10,564
  11,146
  11,755
  12,392
  13,058
  13,755
  14,484
  15,248
Total liabilities and equity, $m
  2,669
  3,224
  3,554
  3,899
  4,258
  4,633
  5,024
  5,429
  5,851
  6,290
  6,746
  7,219
  7,712
  8,224
  8,757
  9,310
  9,887
  10,488
  11,114
  11,765
  12,446
  13,157
  13,897
  14,672
  15,481
  16,326
  17,211
  18,136
  19,104
  20,117
  21,178
Debt-to-equity ratio
  0.202
  0.220
  0.230
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.360
Adjusted equity ratio
  0.712
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  499
  697
  766
  839
  915
  994
  1,076
  1,162
  1,250
  1,343
  1,439
  1,539
  1,643
  1,751
  1,863
  1,979
  2,101
  2,228
  2,360
  2,497
  2,641
  2,790
  2,946
  3,110
  3,280
  3,459
  3,645
  3,840
  4,044
  4,258
  4,481
Depreciation, amort., depletion, $m
  105
  99
  109
  120
  131
  143
  155
  167
  180
  194
  208
  222
  237
  253
  270
  287
  304
  323
  342
  362
  383
  405
  428
  452
  477
  503
  530
  558
  588
  619
  652
Funds from operations, $m
  393
  796
  876
  959
  1,046
  1,136
  1,231
  1,329
  1,431
  1,537
  1,647
  1,761
  1,880
  2,004
  2,132
  2,266
  2,405
  2,550
  2,702
  2,859
  3,024
  3,195
  3,374
  3,561
  3,757
  3,961
  4,175
  4,398
  4,632
  4,877
  5,133
Change in working capital, $m
  -121
  102
  107
  112
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  230
  241
  251
  262
  274
  287
  300
  314
  329
  344
Cash from operations, $m
  514
  694
  769
  847
  929
  1,015
  1,104
  1,197
  1,294
  1,394
  1,499
  1,607
  1,720
  1,838
  1,960
  2,086
  2,218
  2,356
  2,499
  2,648
  2,803
  2,965
  3,134
  3,310
  3,494
  3,687
  3,888
  4,098
  4,318
  4,548
  4,789
Maintenance CAPEX, $m
  0
  -90
  -99
  -109
  -120
  -131
  -143
  -155
  -167
  -180
  -194
  -208
  -222
  -237
  -253
  -270
  -287
  -304
  -323
  -342
  -362
  -383
  -405
  -428
  -452
  -477
  -503
  -530
  -558
  -588
  -619
New CAPEX, $m
  -189
  -96
  -101
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -209
  -219
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -327
Cash from investing activities, $m
  -188
  -186
  -200
  -215
  -231
  -246
  -263
  -280
  -297
  -315
  -334
  -354
  -374
  -395
  -417
  -441
  -465
  -489
  -516
  -543
  -571
  -602
  -633
  -666
  -701
  -737
  -775
  -815
  -856
  -900
  -946
Free cash flow, $m
  326
  509
  568
  632
  698
  768
  841
  917
  997
  1,079
  1,165
  1,254
  1,346
  1,443
  1,542
  1,646
  1,754
  1,866
  1,983
  2,105
  2,231
  2,363
  2,501
  2,644
  2,794
  2,950
  3,113
  3,284
  3,462
  3,648
  3,843
Issuance/(repayment) of debt, $m
  30
  89
  92
  96
  101
  105
  109
  114
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
Issuance/(repurchase) of shares, $m
  -30
  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 from financing (excl. dividends), $m  
  6
  89
  92
  96
  101
  105
  109
  114
  118
  123
  128
  133
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
Total cash flow (excl. dividends), $m
  331
  598
  660
  728
  799
  873
  950
  1,031
  1,115
  1,202
  1,292
  1,387
  1,484
  1,586
  1,692
  1,801
  1,916
  2,035
  2,158
  2,287
  2,422
  2,562
  2,708
  2,861
  3,020
  3,187
  3,361
  3,543
  3,733
  3,932
  4,140
Retained Cash Flow (-), $m
  -132
  -224
  -237
  -248
  -259
  -270
  -281
  -292
  -304
  -316
  -328
  -341
  -355
  -369
  -383
  -399
  -415
  -432
  -451
  -470
  -490
  -511
  -534
  -557
  -582
  -609
  -637
  -666
  -697
  -729
  -764
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
 
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
Cash available for distribution, $m
 
  373
  423
  480
  540
  603
  669
  739
  811
  886
  964
  1,045
  1,130
  1,217
  1,308
  1,403
  1,500
  1,602
  1,708
  1,818
  1,932
  2,051
  2,174
  2,303
  2,438
  2,578
  2,724
  2,877
  3,036
  3,203
  3,377
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  358
  387
  418
  445
  468
  486
  499
  507
  509
  506
  496
  482
  463
  439
  412
  381
  349
  315
  280
  245
  212
  180
  151
  124
  100
  79
  62
  47
  35
  25
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets. The manufacturing market includes both original equipment manufacturers (OEM) and maintenance, repair, and operations (MRO). The non-residential construction market includes general, electrical, plumbing, sheet metal and road contractors. Other users of its products include farmers, truckers, railroads, oil exploration, production and refinement companies, mining companies, federal, state, and local governmental entities, schools and certain retail trades. Its original product offerings are fasteners and other industrial and construction supplies, many of which are sold under the Fastenal product name.

FINANCIAL RATIOS  of  Fastenal (FAST)

Valuation Ratios
P/E Ratio 33.8
Price to Sales 4.3
Price to Book 8.7
Price to Tangible Book
Price to Cash Flow 32.8
Price to Free Cash Flow 51.9
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 11
Current Ratio 0.4
LT Debt to Equity 19.7%
Total Debt to Equity 20.2%
Interest Coverage 133
Management Effectiveness
Return On Assets 19.3%
Ret/ On Assets - 3 Yr. Avg. 20.9%
Return On Total Capital 22.2%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity 26.7%
Return On Equity - 3 Yr. Avg. 27.1%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 49.6%
Gross Margin - 3 Yr. Avg. 50.3%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 23.2%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 12.6%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 69.5%

FAST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FAST stock intrinsic value calculation we used $4391 million for the last fiscal year's total revenue generated by Fastenal. The default revenue input number comes from 2016 income statement of Fastenal. 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 FAST stock valuation model: a) initial revenue growth rate of 10.8% 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 4.3%, whose default value for FAST is calculated based on our internal credit rating of Fastenal, 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 Fastenal.
    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 FAST stock the variable cost ratio is equal to 79.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for FAST 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 Fastenal.

Corporate tax rate of 27% is the nominal tax rate for Fastenal. 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 FAST stock is equal to 0.1%.

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 FAST are equal to 20.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Fastenal 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 FAST is equal to 21.5%. 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 - $2097 million for Fastenal - 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 288 million for Fastenal 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 Fastenal at the current share price and the inputted number of shares is $16.8 billion.

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COMPANY NEWS

▶ 5 Top-Ranked Stocks to Benefit From Rising P/E Investing   [Jul-31-18 01:35PM  InvestorPlace]
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▶ Moving Average Crossover Alert: Fastenal (FAST)   [Jul-23-18 08:46AM  Zacks]
▶ 3 Things You Should Know About Fastenal Company   [Jul-16-18 10:57AM  InvestorPlace]
▶ BUZZ-U.S. stocks weekly: Still has kick   [Jul-13-18 04:10PM  Reuters]
▶ Company News For Jul 12, 2018   [Jul-12-18 10:20AM  Zacks]
▶ Fastenal Stock Soars to Key Resistance After Earnings   [Jul-11-18 06:08PM  Investopedia]
▶ What Happened in the Stock Market Today   [05:14PM  Motley Fool]
▶ Trump's New Threats On Trade Hurt Stock Market   [03:05PM  Investor's Business Daily]
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▶ Dawn of a New Q2 Earnings Season   [10:07AM  Zacks]
▶ Fastenal shares surging after stronger-than-expected quarter   [08:28AM  American City Business Journals]
▶ Fastenal: 2Q Earnings Snapshot   [07:15AM  Associated Press]
▶ Fastenal Company Announces Cash Dividend   [05:05PM  GlobeNewswire]
▶ 5 Earnings Reports to Watch This Week   [09:45AM  InvestorPlace]
▶ Top Ranked Income Stocks to Buy for July 3rd   [Jul-03-18 09:46AM  Zacks]
▶ Why Fastenal Company (NASDAQ:FAST) Should Be In Your Portfolio   [Jun-20-18 09:01PM  Simply Wall St.]
▶ Fastenal will build new office complex near home base   [May-25-18 03:54PM  American City Business Journals]
▶ 4 Stocks Buffett Might Buy--If He Could   [06:00AM  Morningstar]
▶ Benzinga's Top Analyst Calls From April 13, 2018   [Apr-13-18 01:09PM  Benzinga]
▶ The Biggest Movers: Mattel Gains, Fastenal Slumps   [Apr-11-18 07:46PM  Barrons.com]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ Fastenal: 1Q Earnings Snapshot   [06:57AM  Associated Press]
▶ Fastenal Company Announces Cash Dividend   [Apr-10-18 05:05PM  GlobeNewswire]
▶ Two Of The Most Powerful Men In The World Will Drive Markets Tuesday   [Apr-09-18 04:13PM  Investor's Business Daily]
▶ Top Ranked Income Stocks to Buy for March 28th   [Mar-28-18 09:36AM  Zacks]
▶ 7 Stocks Top Managers Have Been Buying   [06:00AM  Morningstar]
▶ Fastenal Company (NASDAQ:FAST): Will The Growth Last?   [Feb-02-18 04:49PM  Simply Wall St.]
▶ Construction Industry Set to Boom in 2018: 4 Top Picks   [Jan-30-18 11:35AM  InvestorPlace]
Financial statements of FAST
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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