Fastenal Sees Early Signs of Optimism After a Tough Year; Maintaining Our $41 Fair Value Estimate
Fastenal finished its fiscal 2016 on a positive note, growing both sales and earnings by just under 3% over last year’s fourth quarter. Although the wide-moat company’s end markets remained relatively weak in 2016, management noted that optimism within process industries has improved; however, that optimism has yet to translate into improved financial results. We reiterate our $41 per share fair value estimate amid unchanged long-term growth projections. While we expect Fastenal to generate stro...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.
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