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Fastenal Co FAST

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Morningstar’s Analysis

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Fastenal Remains Resilient Despite Rising Cost Inflation, but We See Shares as Still Overvalued

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Wide-moat Fastenal reported solid fourth-quarter results to end fiscal year 2021. We raised our fair value estimate to $43 from $39 previously, largely due to Morningstar’s updated assumption that a rise in the U.S. corporate tax rate will not occur. Longer-term, we expect Fastenal’s tax rate to be approximately 24%. We also updated our top line expectations, reflecting our view that management will take additional pricing action in the first half of 2022 to offset rising cost inflation.

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Company Profile

Business Description

Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,800 branches, over 1,400 on-site locations, and 14 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply-chain solutions, such as vending and vendor-managed inventory.

2001 Theurer Boulevard
Winona, MN, 55987-1500
T +1 507 454-5374
Sector Industrials
Industry Industrial Distribution
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 20,231