Intrinsic value of Fastenal - FAST

Previous Close

$48.47

  Intrinsic Value

$32.05

stock screener

  Rating & Target

sell

-34%

Previous close

$48.47

 
Intrinsic value

$32.05

 
Up/down potential

-34%

 
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

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 13.9

 

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
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  3,962
  4,430
  4,922
  5,439
  5,981
  6,547
  7,137
  7,752
  8,391
  9,057
  9,748
  10,467
  11,213
  11,989
  12,796
  13,635
  14,508
  15,416
  16,361
  17,346
  18,373
  19,444
  20,560
  21,726
  22,943
  24,215
  25,544
  26,933
  28,387
  29,907
  31,498
Variable operating expenses, $m
 
  3,482
  3,869
  4,275
  4,701
  5,146
  5,610
  6,093
  6,596
  7,119
  7,662
  8,227
  8,814
  9,424
  10,058
  10,717
  11,403
  12,117
  12,860
  13,634
  14,441
  15,283
  16,160
  17,077
  18,033
  19,033
  20,078
  21,170
  22,312
  23,507
  24,757
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
  3,482
  3,869
  4,275
  4,701
  5,146
  5,610
  6,093
  6,596
  7,119
  7,662
  8,227
  8,814
  9,424
  10,058
  10,717
  11,403
  12,117
  12,860
  13,634
  14,441
  15,283
  16,160
  17,077
  18,033
  19,033
  20,078
  21,170
  22,312
  23,507
  24,757
Operating income, $m
  796
  948
  1,053
  1,164
  1,280
  1,401
  1,527
  1,659
  1,796
  1,938
  2,086
  2,240
  2,400
  2,566
  2,738
  2,918
  3,105
  3,299
  3,501
  3,712
  3,932
  4,161
  4,400
  4,649
  4,910
  5,182
  5,466
  5,764
  6,075
  6,400
  6,741
EBITDA, $m
  901
  1,065
  1,184
  1,308
  1,438
  1,574
  1,716
  1,864
  2,018
  2,178
  2,344
  2,517
  2,696
  2,883
  3,077
  3,279
  3,489
  3,707
  3,934
  4,171
  4,418
  4,675
  4,944
  5,224
  5,517
  5,823
  6,142
  6,476
  6,826
  7,192
  7,574
Interest expense (income), $m
  6
  13
  16
  19
  23
  26
  30
  34
  38
  42
  46
  50
  55
  60
  65
  70
  75
  81
  87
  93
  99
  106
  113
  120
  127
  135
  143
  152
  161
  170
  180
Earnings before tax, $m
  790
  935
  1,037
  1,145
  1,257
  1,375
  1,497
  1,625
  1,758
  1,896
  2,040
  2,189
  2,345
  2,506
  2,674
  2,848
  3,029
  3,218
  3,415
  3,619
  3,833
  4,055
  4,287
  4,530
  4,783
  5,047
  5,323
  5,612
  5,914
  6,230
  6,561
Tax expense, $m
  291
  252
  280
  309
  339
  371
  404
  439
  475
  512
  551
  591
  633
  677
  722
  769
  818
  869
  922
  977
  1,035
  1,095
  1,158
  1,223
  1,291
  1,363
  1,437
  1,515
  1,597
  1,682
  1,771
Net income, $m
  499
  682
  757
  836
  918
  1,004
  1,093
  1,186
  1,283
  1,384
  1,489
  1,598
  1,712
  1,829
  1,952
  2,079
  2,211
  2,349
  2,493
  2,642
  2,798
  2,960
  3,130
  3,307
  3,491
  3,684
  3,886
  4,097
  4,317
  4,548
  4,789

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
  2,858
  3,176
  3,509
  3,859
  4,224
  4,605
  5,001
  5,414
  5,843
  6,289
  6,753
  7,234
  7,735
  8,255
  8,797
  9,360
  9,946
  10,556
  11,191
  11,854
  12,544
  13,265
  14,017
  14,802
  15,623
  16,480
  17,376
  18,314
  19,295
  20,321
Adjusted assets (=assets-cash), $m
  2,556
  2,858
  3,176
  3,509
  3,859
  4,224
  4,605
  5,001
  5,414
  5,843
  6,289
  6,753
  7,234
  7,735
  8,255
  8,797
  9,360
  9,946
  10,556
  11,191
  11,854
  12,544
  13,265
  14,017
  14,802
  15,623
  16,480
  17,376
  18,314
  19,295
  20,321
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
  961
  1,068
  1,180
  1,298
  1,421
  1,549
  1,682
  1,821
  1,965
  2,115
  2,271
  2,433
  2,602
  2,777
  2,959
  3,148
  3,345
  3,550
  3,764
  3,987
  4,219
  4,462
  4,715
  4,979
  5,255
  5,543
  5,845
  6,160
  6,490
  6,835
Working capital, $m
  1,445
  1,502
  1,669
  1,844
  2,028
  2,219
  2,419
  2,628
  2,845
  3,070
  3,305
  3,548
  3,801
  4,064
  4,338
  4,622
  4,918
  5,226
  5,546
  5,880
  6,228
  6,591
  6,970
  7,365
  7,778
  8,209
  8,659
  9,130
  9,623
  10,138
  10,678
Total debt, $m
  390
  466
  556
  651
  750
  854
  962
  1,074
  1,192
  1,313
  1,440
  1,572
  1,709
  1,851
  1,999
  2,152
  2,312
  2,479
  2,652
  2,832
  3,020
  3,217
  3,421
  3,635
  3,858
  4,091
  4,334
  4,589
  4,855
  5,134
  5,425
Total liabilities, $m
  736
  812
  902
  997
  1,096
  1,200
  1,308
  1,420
  1,538
  1,659
  1,786
  1,918
  2,055
  2,197
  2,345
  2,498
  2,658
  2,825
  2,998
  3,178
  3,366
  3,563
  3,767
  3,981
  4,204
  4,437
  4,680
  4,935
  5,201
  5,480
  5,771
Total equity, $m
  1,933
  2,046
  2,274
  2,513
  2,763
  3,024
  3,297
  3,581
  3,876
  4,184
  4,503
  4,835
  5,180
  5,538
  5,911
  6,298
  6,702
  7,121
  7,558
  8,013
  8,487
  8,982
  9,498
  10,036
  10,598
  11,186
  11,800
  12,441
  13,113
  13,815
  14,550
Total liabilities and equity, $m
  2,669
  2,858
  3,176
  3,510
  3,859
  4,224
  4,605
  5,001
  5,414
  5,843
  6,289
  6,753
  7,235
  7,735
  8,256
  8,796
  9,360
  9,946
  10,556
  11,191
  11,853
  12,545
  13,265
  14,017
  14,802
  15,623
  16,480
  17,376
  18,314
  19,295
  20,321
Debt-to-equity ratio
  0.202
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.330
  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
  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
  682
  757
  836
  918
  1,004
  1,093
  1,186
  1,283
  1,384
  1,489
  1,598
  1,712
  1,829
  1,952
  2,079
  2,211
  2,349
  2,493
  2,642
  2,798
  2,960
  3,130
  3,307
  3,491
  3,684
  3,886
  4,097
  4,317
  4,548
  4,789
Depreciation, amort., depletion, $m
  105
  117
  130
  144
  158
  173
  189
  205
  222
  240
  258
  277
  297
  317
  339
  361
  384
  408
  433
  459
  486
  515
  544
  575
  607
  641
  676
  713
  751
  791
  834
Funds from operations, $m
  393
  799
  887
  979
  1,076
  1,177
  1,282
  1,392
  1,506
  1,624
  1,747
  1,875
  2,008
  2,147
  2,290
  2,440
  2,595
  2,757
  2,926
  3,101
  3,284
  3,475
  3,674
  3,882
  4,099
  4,325
  4,562
  4,810
  5,069
  5,339
  5,623
Change in working capital, $m
  -121
  158
  167
  175
  184
  192
  200
  208
  217
  226
  234
  244
  253
  263
  273
  284
  296
  308
  321
  334
  348
  363
  379
  395
  413
  431
  451
  471
  493
  515
  539
Cash from operations, $m
  514
  641
  720
  804
  892
  985
  1,082
  1,183
  1,289
  1,399
  1,513
  1,632
  1,755
  1,884
  2,017
  2,155
  2,299
  2,449
  2,605
  2,767
  2,936
  3,112
  3,295
  3,486
  3,686
  3,894
  4,111
  4,339
  4,576
  4,824
  5,084
Maintenance CAPEX, $m
  0
  -105
  -117
  -130
  -144
  -158
  -173
  -189
  -205
  -222
  -240
  -258
  -277
  -297
  -317
  -339
  -361
  -384
  -408
  -433
  -459
  -486
  -515
  -544
  -575
  -607
  -641
  -676
  -713
  -751
  -791
New CAPEX, $m
  -189
  -102
  -107
  -112
  -118
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -242
  -253
  -264
  -276
  -288
  -302
  -315
  -330
  -345
Cash from investing activities, $m
  -188
  -207
  -224
  -242
  -262
  -281
  -301
  -322
  -344
  -366
  -390
  -414
  -439
  -465
  -492
  -521
  -550
  -581
  -613
  -647
  -682
  -718
  -757
  -797
  -839
  -883
  -929
  -978
  -1,028
  -1,081
  -1,136
Free cash flow, $m
  326
  434
  496
  562
  631
  704
  781
  861
  945
  1,032
  1,123
  1,218
  1,316
  1,418
  1,525
  1,635
  1,749
  1,868
  1,992
  2,120
  2,254
  2,393
  2,538
  2,689
  2,847
  3,011
  3,182
  3,361
  3,548
  3,743
  3,947
Issuance/(repayment) of debt, $m
  30
  86
  90
  95
  99
  104
  108
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  205
  214
  223
  233
  243
  255
  266
  279
  292
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
  86
  90
  95
  99
  104
  108
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  205
  214
  223
  233
  243
  255
  266
  279
  292
Total cash flow (excl. dividends), $m
  331
  520
  586
  656
  730
  808
  889
  974
  1,062
  1,154
  1,250
  1,349
  1,453
  1,561
  1,672
  1,788
  1,909
  2,035
  2,165
  2,301
  2,442
  2,590
  2,743
  2,903
  3,070
  3,244
  3,426
  3,616
  3,814
  4,021
  4,238
Retained Cash Flow (-), $m
  -132
  -216
  -228
  -239
  -250
  -261
  -273
  -284
  -296
  -307
  -319
  -332
  -345
  -358
  -373
  -387
  -403
  -420
  -437
  -455
  -474
  -495
  -516
  -538
  -562
  -587
  -614
  -642
  -671
  -702
  -735
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
 
  407
  359
  417
  480
  546
  616
  690
  766
  847
  930
  1,018
  1,108
  1,202
  1,300
  1,401
  1,506
  1,615
  1,728
  1,846
  1,968
  2,095
  2,227
  2,364
  2,508
  2,657
  2,812
  2,974
  3,143
  3,319
  3,503
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
 
  390
  329
  363
  395
  423
  447
  466
  479
  486
  488
  483
  473
  457
  436
  411
  383
  351
  318
  284
  250
  217
  185
  155
  128
  103
  82
  64
  49
  36
  26
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 28.1
Price to Sales 3.5
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 27.3
Price to Free Cash Flow 43.1
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 11.8% 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 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 287.456 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 $13.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to Fastenal Co. : November 13, 2017   [Nov-13-17 12:20PM  Capital Cube]
▶ [$$] Canaccord Genuity Puts Buy Tag on AMD   [Nov-11-17 12:01AM  Barrons.com]
▶ Fastenal Company (FAST): Is It A Good Long Term Opportunity?   [Nov-06-17 04:22PM  Simply Wall St.]
▶ Today's Bell Ringer, November 6, 2017   [09:15AM  CNBC Videos]
▶ Top Rated NYSE Industrial Dividend Stocks   [Nov-04-17 12:02PM  Simply Wall St.]
▶ ETFs with exposure to Fastenal Co. : November 2, 2017   [Nov-02-17 12:08PM  Capital Cube]
▶ Could Home Depot Inc Stock Have a Professional Problem?   [Oct-24-17 09:34AM  InvestorPlace]
▶ ETFs with exposure to Fastenal Co. : October 23, 2017   [Oct-23-17 10:37AM  Capital Cube]
▶ Options traders: these 4 names are set to move big   [Oct-17-17 02:02PM  CNBC Videos]
▶ David Rolfe Comments on Fastenal   [Oct-16-17 05:45PM  GuruFocus.com]
▶ Stocks Set Glum Tone; Utilities, Dairy Up   [Oct-12-17 12:13PM  Investor's Business Daily]
▶ Fastenal matches Street 3Q forecasts   [06:54AM  Associated Press]
▶ Fastenal Company Announces Cash Dividend   [Oct-10-17 05:15PM  GlobeNewswire]
▶ 5 Charts to Kick Off Earnings Season   [Oct-09-17 06:17PM  Zacks]
▶ 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]
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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