After Taking a Fresh Look at Fastenal, We Affirm a Wide Moat Rating and Raise FVE to $44 Per Share
After taking a fresh look at Fastenal’s fundamentals and valuation, we increased our fair value estimate to $44 per share from $41 as the favorable valuation impact from lowering our long-term tax expense assumption more than offset the unfavorable impact from lowering our midcycle operating margin about 100 basis points to 21%. Our lower tax-rate assumption is based on our belief that corporate tax reform (25% federal tax rate beginning in 2018) is more likely than not to occur under the Trump ...Fastenal is engaged in the wholesale distribution of industrial and construction supplies. The company is a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. The company's fastener product line is primarily sold under the Fastenal product name.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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