Intrinsic value of Fastenal - FAST

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$43.42

  Intrinsic Value

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  Value-price divergence*

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*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 12.5

 

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
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  3,962
  4,208
  4,463
  4,730
  5,008
  5,298
  5,600
  5,916
  6,246
  6,590
  6,950
  7,327
  7,721
  8,133
  8,565
  9,016
  9,489
  9,985
  10,504
  11,048
  11,619
  12,216
  12,843
  13,501
  14,190
  14,913
  15,672
  16,467
  17,302
  18,178
  19,097
Variable operating expenses, $m
 
  3,307
  3,508
  3,718
  3,936
  4,164
  4,402
  4,650
  4,909
  5,180
  5,463
  5,759
  6,069
  6,393
  6,732
  7,087
  7,459
  7,848
  8,256
  8,684
  9,132
  9,602
  10,095
  10,612
  11,153
  11,722
  12,318
  12,943
  13,600
  14,288
  15,011
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
  3,307
  3,508
  3,718
  3,936
  4,164
  4,402
  4,650
  4,909
  5,180
  5,463
  5,759
  6,069
  6,393
  6,732
  7,087
  7,459
  7,848
  8,256
  8,684
  9,132
  9,602
  10,095
  10,612
  11,153
  11,722
  12,318
  12,943
  13,600
  14,288
  15,011
Operating income, $m
  796
  900
  955
  1,012
  1,072
  1,134
  1,198
  1,266
  1,337
  1,410
  1,487
  1,568
  1,652
  1,740
  1,833
  1,929
  2,031
  2,137
  2,248
  2,364
  2,486
  2,614
  2,748
  2,889
  3,037
  3,191
  3,354
  3,524
  3,703
  3,890
  4,087
EBITDA, $m
  901
  992
  1,052
  1,115
  1,180
  1,249
  1,320
  1,394
  1,472
  1,553
  1,638
  1,727
  1,820
  1,917
  2,019
  2,125
  2,237
  2,353
  2,476
  2,604
  2,739
  2,879
  3,027
  3,182
  3,345
  3,515
  3,694
  3,881
  4,078
  4,285
  4,501
Interest expense (income), $m
  6
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  79
  84
  88
  93
  99
  104
Earnings before tax, $m
  790
  887
  940
  996
  1,053
  1,114
  1,177
  1,242
  1,311
  1,382
  1,457
  1,535
  1,617
  1,703
  1,793
  1,887
  1,985
  2,088
  2,196
  2,309
  2,428
  2,552
  2,682
  2,819
  2,962
  3,113
  3,270
  3,436
  3,609
  3,791
  3,982
Tax expense, $m
  291
  240
  254
  269
  284
  301
  318
  335
  354
  373
  393
  415
  437
  460
  484
  509
  536
  564
  593
  623
  655
  689
  724
  761
  800
  840
  883
  928
  974
  1,024
  1,075
Net income, $m
  499
  648
  686
  727
  769
  813
  859
  907
  957
  1,009
  1,064
  1,121
  1,181
  1,243
  1,309
  1,377
  1,449
  1,524
  1,603
  1,686
  1,772
  1,863
  1,958
  2,058
  2,162
  2,272
  2,387
  2,508
  2,635
  2,768
  2,907

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
  2,715
  2,880
  3,052
  3,231
  3,418
  3,613
  3,817
  4,029
  4,252
  4,484
  4,727
  4,981
  5,247
  5,525
  5,817
  6,122
  6,442
  6,777
  7,128
  7,496
  7,882
  8,286
  8,710
  9,155
  9,621
  10,111
  10,624
  11,163
  11,728
  12,321
Adjusted assets (=assets-cash), $m
  2,556
  2,715
  2,880
  3,052
  3,231
  3,418
  3,613
  3,817
  4,029
  4,252
  4,484
  4,727
  4,981
  5,247
  5,525
  5,817
  6,122
  6,442
  6,777
  7,128
  7,496
  7,882
  8,286
  8,710
  9,155
  9,621
  10,111
  10,624
  11,163
  11,728
  12,321
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
  913
  969
  1,026
  1,087
  1,150
  1,215
  1,284
  1,355
  1,430
  1,508
  1,590
  1,675
  1,765
  1,859
  1,957
  2,059
  2,167
  2,279
  2,397
  2,521
  2,651
  2,787
  2,930
  3,079
  3,236
  3,401
  3,573
  3,755
  3,945
  4,144
Working capital, $m
  1,445
  1,426
  1,513
  1,603
  1,698
  1,796
  1,898
  2,005
  2,117
  2,234
  2,356
  2,484
  2,617
  2,757
  2,903
  3,057
  3,217
  3,385
  3,561
  3,745
  3,939
  4,141
  4,354
  4,577
  4,810
  5,056
  5,313
  5,582
  5,865
  6,162
  6,474
Total debt, $m
  390
  425
  472
  521
  572
  625
  680
  738
  798
  861
  927
  996
  1,069
  1,144
  1,223
  1,306
  1,393
  1,483
  1,579
  1,678
  1,783
  1,892
  2,007
  2,128
  2,254
  2,386
  2,525
  2,671
  2,824
  2,985
  3,153
Total liabilities, $m
  736
  771
  818
  867
  918
  971
  1,026
  1,084
  1,144
  1,207
  1,273
  1,342
  1,415
  1,490
  1,569
  1,652
  1,739
  1,829
  1,925
  2,024
  2,129
  2,238
  2,353
  2,474
  2,600
  2,732
  2,871
  3,017
  3,170
  3,331
  3,499
Total equity, $m
  1,933
  1,944
  2,062
  2,185
  2,313
  2,447
  2,587
  2,733
  2,885
  3,044
  3,211
  3,385
  3,567
  3,757
  3,956
  4,165
  4,383
  4,612
  4,852
  5,104
  5,367
  5,643
  5,933
  6,236
  6,555
  6,889
  7,239
  7,607
  7,993
  8,397
  8,822
Total liabilities and equity, $m
  2,669
  2,715
  2,880
  3,052
  3,231
  3,418
  3,613
  3,817
  4,029
  4,251
  4,484
  4,727
  4,982
  5,247
  5,525
  5,817
  6,122
  6,441
  6,777
  7,128
  7,496
  7,881
  8,286
  8,710
  9,155
  9,621
  10,110
  10,624
  11,163
  11,728
  12,321
Debt-to-equity ratio
  0.202
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.290
  0.290
  0.300
  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
  0.360
  0.360
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
  648
  686
  727
  769
  813
  859
  907
  957
  1,009
  1,064
  1,121
  1,181
  1,243
  1,309
  1,377
  1,449
  1,524
  1,603
  1,686
  1,772
  1,863
  1,958
  2,058
  2,162
  2,272
  2,387
  2,508
  2,635
  2,768
  2,907
Depreciation, amort., depletion, $m
  105
  91
  97
  103
  109
  115
  122
  128
  136
  143
  151
  159
  168
  176
  186
  196
  206
  217
  228
  240
  252
  265
  279
  293
  308
  324
  340
  357
  375
  394
  414
Funds from operations, $m
  393
  739
  783
  830
  878
  928
  980
  1,035
  1,092
  1,152
  1,215
  1,280
  1,348
  1,420
  1,495
  1,573
  1,655
  1,741
  1,831
  1,925
  2,024
  2,128
  2,237
  2,351
  2,470
  2,596
  2,727
  2,865
  3,010
  3,162
  3,322
Change in working capital, $m
  -121
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  203
  213
  223
  234
  245
  257
  270
  283
  297
  312
Cash from operations, $m
  514
  656
  697
  739
  784
  830
  878
  928
  981
  1,035
  1,092
  1,152
  1,215
  1,280
  1,348
  1,420
  1,495
  1,573
  1,655
  1,741
  1,831
  1,925
  2,024
  2,128
  2,237
  2,351
  2,470
  2,596
  2,727
  2,865
  3,010
Maintenance CAPEX, $m
  0
  -86
  -91
  -97
  -103
  -109
  -115
  -122
  -128
  -136
  -143
  -151
  -159
  -168
  -176
  -186
  -196
  -206
  -217
  -228
  -240
  -252
  -265
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
New CAPEX, $m
  -189
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
Cash from investing activities, $m
  -188
  -140
  -147
  -155
  -163
  -172
  -181
  -191
  -200
  -211
  -221
  -233
  -244
  -257
  -270
  -284
  -299
  -314
  -330
  -346
  -364
  -382
  -401
  -422
  -443
  -465
  -489
  -513
  -538
  -565
  -593
Free cash flow, $m
  326
  516
  550
  584
  621
  658
  697
  738
  781
  825
  871
  920
  970
  1,023
  1,078
  1,136
  1,196
  1,259
  1,326
  1,395
  1,467
  1,543
  1,623
  1,707
  1,794
  1,886
  1,982
  2,083
  2,189
  2,300
  2,416
Issuance/(repayment) of debt, $m
  30
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  110
  115
  120
  126
  132
  139
  146
  153
  161
  168
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
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  110
  115
  120
  126
  132
  139
  146
  153
  161
  168
Total cash flow (excl. dividends), $m
  331
  561
  597
  633
  671
  711
  753
  796
  841
  888
  937
  989
  1,042
  1,099
  1,157
  1,219
  1,283
  1,350
  1,421
  1,495
  1,572
  1,653
  1,738
  1,827
  1,920
  2,018
  2,121
  2,229
  2,342
  2,460
  2,584
Retained Cash Flow (-), $m
  -132
  -114
  -118
  -123
  -128
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -290
  -304
  -318
  -334
  -350
  -368
  -386
  -405
  -425
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
 
  550
  478
  510
  543
  577
  613
  650
  689
  729
  771
  815
  860
  908
  958
  1,010
  1,064
  1,121
  1,181
  1,243
  1,308
  1,377
  1,448
  1,523
  1,602
  1,684
  1,771
  1,861
  1,956
  2,055
  2,160
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
 
  528
  438
  444
  447
  448
  445
  439
  430
  419
  404
  387
  367
  345
  322
  297
  270
  244
  217
  191
  166
  142
  120
  100
  82
  66
  52
  40
  30
  22
  16
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, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies primarily under the Fastenal name. The company’s fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and building projects, as well as in the maintenance and repair of machines and structures. It also offers miscellaneous supplies and hardware, including various pins and machinery keys, concrete anchors, metal framing systems, wire ropes, strut products, rivets, and related accessories. The company serves the manufacturing market comprising original equipment manufacturers; maintenance, repair, and operations; and non-residential construction market, which include general, electrical, plumbing, sheet metal, and road contractors. It also serves farmers, truckers, railroads, mining companies, schools, and retail trades; and oil exploration, production, and refinement companies, as well as federal, state, and local governmental entities. The company distributes its products through a network of approximately 2,500 company owned stores. Fastenal Company was founded in 1967 and is headquartered in Winona, Minnesota.

FINANCIAL RATIOS  of  Fastenal (FAST)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 3.2
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 38.6
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 6.2% 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 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 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 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 287.368 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 $12.5 billion.


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COMPANY NEWS

▶ 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]
▶ A stock waking from a slumber   [01:49PM  CNBC Videos]
▶ Three big movers in the Halftime Blitz   [01:41PM  CNBC Videos]
▶ Fastned Triples Revenues in 2016   [Mar-09-17 03:53PM  PR Newswire]
▶ Fastenal to Acquire Regional Distributor   [Mar-03-17 01:00PM  GlobeNewswire]
▶ WESCO International Discusses Outlook for 2017   [Jan-27-17 11:13AM  at Motley Fool]
Stock chart of FAST Financial statements of FAST Annual reports 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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