Intrinsic value of Fastenal - FAST

Previous Close

$44.25

  Intrinsic Value

$30.83

stock screener

  Rating & Target

sell

-30%

  Value-price divergence*

+30%

Previous close

$44.25

 
Intrinsic value

$30.83

 
Up/down potential

-30%

 
Rating

sell

 
Value-price divergence*

+30%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $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 12.8

 

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
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  3,962
  4,386
  4,830
  5,295
  5,780
  6,285
  6,810
  7,357
  7,926
  8,516
  9,130
  9,768
  10,431
  11,121
  11,838
  12,584
  13,361
  14,170
  15,014
  15,893
  16,810
  17,767
  18,766
  19,810
  20,900
  22,040
  23,232
  24,479
  25,785
  27,151
  28,581
Variable operating expenses, $m
 
  3,447
  3,797
  4,162
  4,543
  4,940
  5,353
  5,783
  6,230
  6,694
  7,176
  7,678
  8,199
  8,741
  9,305
  9,891
  10,502
  11,138
  11,801
  12,492
  13,212
  13,965
  14,750
  15,570
  16,427
  17,324
  18,261
  19,241
  20,267
  21,340
  22,465
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
  3,166
  3,447
  3,797
  4,162
  4,543
  4,940
  5,353
  5,783
  6,230
  6,694
  7,176
  7,678
  8,199
  8,741
  9,305
  9,891
  10,502
  11,138
  11,801
  12,492
  13,212
  13,965
  14,750
  15,570
  16,427
  17,324
  18,261
  19,241
  20,267
  21,340
  22,465
Operating income, $m
  796
  939
  1,034
  1,133
  1,237
  1,345
  1,457
  1,574
  1,696
  1,823
  1,954
  2,090
  2,232
  2,380
  2,533
  2,693
  2,859
  3,032
  3,213
  3,401
  3,597
  3,802
  4,016
  4,239
  4,473
  4,717
  4,972
  5,239
  5,518
  5,810
  6,116
EBITDA, $m
  901
  1,055
  1,161
  1,273
  1,390
  1,511
  1,638
  1,769
  1,906
  2,048
  2,195
  2,349
  2,508
  2,674
  2,847
  3,026
  3,213
  3,407
  3,610
  3,822
  4,042
  4,272
  4,513
  4,763
  5,026
  5,300
  5,587
  5,886
  6,200
  6,529
  6,873
Interest expense (income), $m
  6
  13
  16
  19
  22
  25
  28
  32
  35
  39
  43
  46
  51
  55
  59
  64
  69
  74
  79
  84
  90
  96
  102
  108
  115
  122
  129
  137
  145
  153
  162
Earnings before tax, $m
  790
  925
  1,018
  1,114
  1,215
  1,320
  1,429
  1,543
  1,661
  1,784
  1,911
  2,044
  2,182
  2,325
  2,474
  2,629
  2,791
  2,959
  3,134
  3,317
  3,507
  3,706
  3,914
  4,131
  4,358
  4,595
  4,842
  5,102
  5,373
  5,657
  5,954
Tax expense, $m
  291
  250
  275
  301
  328
  356
  386
  417
  448
  482
  516
  552
  589
  628
  668
  710
  753
  799
  846
  896
  947
  1,001
  1,057
  1,115
  1,177
  1,241
  1,307
  1,377
  1,451
  1,527
  1,608
Net income, $m
  499
  675
  743
  813
  887
  964
  1,043
  1,126
  1,213
  1,302
  1,395
  1,492
  1,593
  1,697
  1,806
  1,919
  2,037
  2,160
  2,288
  2,421
  2,560
  2,706
  2,857
  3,016
  3,181
  3,354
  3,535
  3,724
  3,922
  4,130
  4,347

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
  2,830
  3,116
  3,416
  3,729
  4,055
  4,394
  4,747
  5,113
  5,494
  5,890
  6,302
  6,730
  7,175
  7,637
  8,119
  8,620
  9,142
  9,686
  10,253
  10,845
  11,462
  12,107
  12,780
  13,484
  14,219
  14,989
  15,793
  16,635
  17,517
  18,439
Adjusted assets (=assets-cash), $m
  2,556
  2,830
  3,116
  3,416
  3,729
  4,055
  4,394
  4,747
  5,113
  5,494
  5,890
  6,302
  6,730
  7,175
  7,637
  8,119
  8,620
  9,142
  9,686
  10,253
  10,845
  11,462
  12,107
  12,780
  13,484
  14,219
  14,989
  15,793
  16,635
  17,517
  18,439
Revenue / Adjusted assets
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
  1.550
Average production assets, $m
  860
  952
  1,048
  1,149
  1,254
  1,364
  1,478
  1,597
  1,720
  1,848
  1,981
  2,120
  2,264
  2,413
  2,569
  2,731
  2,899
  3,075
  3,258
  3,449
  3,648
  3,855
  4,072
  4,299
  4,535
  4,783
  5,041
  5,312
  5,595
  5,892
  6,202
Working capital, $m
  1,445
  1,487
  1,637
  1,795
  1,959
  2,130
  2,309
  2,494
  2,687
  2,887
  3,095
  3,311
  3,536
  3,770
  4,013
  4,266
  4,529
  4,804
  5,090
  5,388
  5,699
  6,023
  6,362
  6,715
  7,085
  7,472
  7,876
  8,299
  8,741
  9,204
  9,689
Total debt, $m
  390
  458
  539
  624
  713
  806
  902
  1,002
  1,106
  1,214
  1,327
  1,444
  1,565
  1,692
  1,823
  1,960
  2,102
  2,250
  2,405
  2,566
  2,734
  2,909
  3,092
  3,284
  3,483
  3,692
  3,911
  4,139
  4,378
  4,629
  4,891
Total liabilities, $m
  736
  804
  885
  970
  1,059
  1,152
  1,248
  1,348
  1,452
  1,560
  1,673
  1,790
  1,911
  2,038
  2,169
  2,306
  2,448
  2,596
  2,751
  2,912
  3,080
  3,255
  3,438
  3,630
  3,829
  4,038
  4,257
  4,485
  4,724
  4,975
  5,237
Total equity, $m
  1,933
  2,026
  2,231
  2,446
  2,670
  2,903
  3,146
  3,399
  3,661
  3,934
  4,218
  4,512
  4,819
  5,137
  5,468
  5,813
  6,172
  6,546
  6,935
  7,341
  7,765
  8,207
  8,669
  9,151
  9,654
  10,181
  10,732
  11,308
  11,911
  12,542
  13,203
Total liabilities and equity, $m
  2,669
  2,830
  3,116
  3,416
  3,729
  4,055
  4,394
  4,747
  5,113
  5,494
  5,891
  6,302
  6,730
  7,175
  7,637
  8,119
  8,620
  9,142
  9,686
  10,253
  10,845
  11,462
  12,107
  12,781
  13,483
  14,219
  14,989
  15,793
  16,635
  17,517
  18,440
Debt-to-equity ratio
  0.202
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
Adjusted equity ratio
  0.712
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  499
  675
  743
  813
  887
  964
  1,043
  1,126
  1,213
  1,302
  1,395
  1,492
  1,593
  1,697
  1,806
  1,919
  2,037
  2,160
  2,288
  2,421
  2,560
  2,706
  2,857
  3,016
  3,181
  3,354
  3,535
  3,724
  3,922
  4,130
  4,347
Depreciation, amort., depletion, $m
  105
  116
  128
  140
  153
  166
  180
  195
  210
  225
  242
  259
  276
  294
  313
  333
  354
  375
  397
  421
  445
  470
  497
  524
  553
  583
  615
  648
  682
  719
  756
Funds from operations, $m
  393
  792
  871
  953
  1,040
  1,130
  1,224
  1,321
  1,422
  1,528
  1,637
  1,751
  1,869
  1,992
  2,119
  2,252
  2,391
  2,535
  2,685
  2,842
  3,005
  3,176
  3,354
  3,540
  3,734
  3,937
  4,150
  4,372
  4,605
  4,848
  5,103
Change in working capital, $m
  -121
  144
  151
  157
  164
  171
  178
  185
  193
  200
  208
  216
  225
  234
  243
  253
  263
  274
  286
  298
  311
  324
  339
  354
  370
  386
  404
  423
  442
  463
  485
Cash from operations, $m
  514
  648
  720
  796
  876
  959
  1,045
  1,136
  1,230
  1,327
  1,429
  1,534
  1,644
  1,758
  1,876
  1,999
  2,127
  2,261
  2,399
  2,544
  2,694
  2,851
  3,015
  3,186
  3,365
  3,551
  3,746
  3,949
  4,162
  4,385
  4,618
Maintenance CAPEX, $m
  0
  -105
  -116
  -128
  -140
  -153
  -166
  -180
  -195
  -210
  -225
  -242
  -259
  -276
  -294
  -313
  -333
  -354
  -375
  -397
  -421
  -445
  -470
  -497
  -524
  -553
  -583
  -615
  -648
  -682
  -719
New CAPEX, $m
  -189
  -92
  -96
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -226
  -237
  -247
  -259
  -271
  -283
  -296
  -310
Cash from investing activities, $m
  -188
  -197
  -212
  -229
  -245
  -263
  -280
  -299
  -318
  -338
  -358
  -380
  -403
  -426
  -450
  -475
  -502
  -530
  -558
  -588
  -620
  -653
  -687
  -723
  -761
  -800
  -842
  -886
  -931
  -978
  -1,029
Free cash flow, $m
  326
  451
  508
  567
  630
  696
  765
  837
  912
  989
  1,070
  1,154
  1,242
  1,332
  1,426
  1,524
  1,626
  1,731
  1,841
  1,956
  2,075
  2,199
  2,328
  2,463
  2,604
  2,750
  2,904
  3,064
  3,231
  3,406
  3,589
Issuance/(repayment) of debt, $m
  30
  78
  81
  85
  89
  93
  96
  100
  104
  108
  112
  117
  122
  126
  131
  137
  142
  148
  155
  161
  168
  175
  183
  191
  200
  209
  218
  229
  239
  250
  262
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
  78
  81
  85
  89
  93
  96
  100
  104
  108
  112
  117
  122
  126
  131
  137
  142
  148
  155
  161
  168
  175
  183
  191
  200
  209
  218
  229
  239
  250
  262
Total cash flow (excl. dividends), $m
  331
  528
  589
  653
  719
  789
  861
  937
  1,016
  1,098
  1,183
  1,271
  1,363
  1,459
  1,558
  1,661
  1,768
  1,880
  1,996
  2,117
  2,243
  2,374
  2,511
  2,654
  2,803
  2,959
  3,122
  3,292
  3,470
  3,657
  3,851
Retained Cash Flow (-), $m
  -132
  -196
  -205
  -215
  -224
  -233
  -243
  -253
  -263
  -273
  -284
  -295
  -306
  -319
  -331
  -345
  -359
  -374
  -390
  -406
  -424
  -442
  -462
  -482
  -504
  -527
  -551
  -576
  -603
  -631
  -661
Prev. year cash balance distribution, $m
 
  103
  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
 
  435
  384
  438
  495
  555
  618
  684
  753
  825
  899
  976
  1,057
  1,140
  1,226
  1,316
  1,409
  1,506
  1,606
  1,711
  1,819
  1,932
  2,050
  2,172
  2,300
  2,433
  2,571
  2,716
  2,867
  3,025
  3,191
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
 
  417
  351
  381
  408
  430
  449
  462
  471
  474
  471
  464
  451
  433
  412
  386
  358
  328
  296
  263
  231
  200
  170
  142
  117
  95
  75
  58
  44
  33
  24
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 25.6
Price to Sales 3.2
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 39.4
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 $3962 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 10.7% 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 78.6%.

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 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 3.5% 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%.

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 21.7%.

Life of production assets of 8.2 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 33.9%. 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 - $1933 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 290.159 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 $12.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Fastenal Co. : August 11, 2017   [Aug-11-17 05:28PM  Capital Cube]
▶ ETFs with exposure to Fastenal Co. : July 31, 2017   [Jul-31-17 04:41PM  Capital Cube]
▶ Fastned Grows Revenues With 119%   [Jul-27-17 01:30AM  PR Newswire]
▶ Top Ranked Income Stocks to Buy for July 24th   [Jul-24-17 10:13AM  Zacks]
▶ Why Fastenal May Be One of the Best Second-Half Buys   [Jul-13-17 09:51AM  TheStreet.com]
▶ Fastenal beats Street 2Q forecasts   [Jul-12-17 10:01PM  Associated Press]
▶ Story Stocks from Briefing.com   [09:29AM  Briefing.com]
▶ Fastenal Company Announces Cash Dividend   [Jul-11-17 05:05PM  GlobeNewswire]
▶ Healthcare and Russia Worries Don't Weigh on Stock Futures   [Jul-09-17 09:06PM  TheStreet.com]
▶ 3 Top Stocks on Sale This Quarter   [Jul-07-17 08:10PM  Motley Fool]
▶ Fastned Strengthens Balance Sheet   [Jun-29-17 01:30AM  PR Newswire]
▶ Fastenal Co. Value Analysis (NASDAQ:FAST) : June 22, 2017   [Jun-22-17 04:56PM  Capital Cube]
▶ Additional Growth Capital for Fastned   [Jun-08-17 01:30AM  PR Newswire]
▶ Fastned Raises 7.7 Million Euro to Grow Network   [Jun-07-17 01:30AM  PR Newswire]
▶ ETFs with exposure to Fastenal Co. : June 5, 2017   [Jun-05-17 02:16PM  Capital Cube]
▶ ETFs with exposure to Fastenal Co. : May 26, 2017   [May-26-17 01:07PM  Capital Cube]
▶ ETFs with exposure to Fastenal Co. : May 16, 2017   [May-16-17 12:51PM  Capital Cube]
▶ Why WESCO International Stock Dropped 12% in April   [May-04-17 05:15PM  Motley Fool]
▶ ETFs with exposure to Fastenal Co. : April 24, 2017   [Apr-24-17 02:28PM  Capital Cube]
▶ Fastenal Stock Trades Ex-Dividend Monday   [Apr-21-17 08:23AM  Investopedia]
▶ Six Stocks Spiking Up With Huge Volume   [Apr-20-17 07:04AM  TheStreet.com]
▶ Energy, biotech, financials & more in the trader blitz   [Apr-19-17 04:45PM  CNBC Videos]
▶ Fastned Expands into Germany   [07:00AM  PR Newswire]
▶ This Is The Latest Nuts-And-Bolts Warning For Industrials   [Apr-18-17 04:10PM  Investor's Business Daily]
▶ What Happened in the Stock Market Today   [05:00PM  Motley Fool]
▶ Fastenal meets 1Q profit forecasts   [06:56AM  Associated Press]
▶ Fastenal Company Announces Cash Dividend   [Apr-11-17 05:05PM  GlobeNewswire]
▶ First Fastned Stations Break-even   [01:30AM  PR Newswire]
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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