- Fastenal's second quarter results were a bit better than expected, as manufacturing demand continues to recover, but not enough to drive meaningful estimate or valuation revisions.
- Management's "land and expand" strategy with national accounts should drive better-than-GDP growth as the company leverages its existing on-site relationships to expand its offerings and take share-of-wallet.
- Fastenal rarely trades at a cheap-looking valuation, and today is no exception, as Fastenal's above-average growth potential seems to be factored into the multiple.
For further details see:
Fastenal Seeing Better Results, But The Market Seems Less Interested In Short-Cycle Stories Now