Fastenal Company (FAST)

Industry: Industrial - Distribution Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
047050.KS	5	Posco Internationa	22,007	20.32	18.04	8.77	7.66	10.58	11.24
0AH7.L	6	BayWa AG	20,502	-	-	-	-	10.54	-
0IZI.L	7	W.W. Grainger, Inc	17,750	26.33	21.51	17.32	15.22	23.35	16.67
SIME.KL	8	Sime Darby Berhad	17,147	6.87	5.69	4.04	3.45	5.03	6.37
REH.AX	9	Reece Limited	11,941	12.59	10.44	5.99	4.64	11.26	7.29
AZ2.DE	10	Andritz AG	9,187	12.79	11.04	6.50	6.08	10.31	7.55
600058.SS	11	Minmetals Developm	8,054	94.40	115.28	115.74	148.53	42.87	46.57
FAST	12	Fastenal Company	7,998	45.89	42.56	31.40	29.31	32.01	32.47
FTT.TO	13	Finning Internatio	7,814	12.50	9.87	8.78	7.60	11.66	10.25
CNM	14	Core & Main, Inc.	7,764	22.88	12.67	13.34	10.80	13.98	12.69
RS1.L	15	RS Group plc	7,760	8.14	6.71	4.62	3.61	6.14	4.86
WSO	16	Watsco, Inc.	7,414	27.89	24.02	19.55	17.14	16.45	17.87
GFTU.L	17	Grafton Group plc	5,477	7.57	6.75	4.24	3.69	3.44	4.95
POOL	18	Pool Corporation	5,295	28.04	26.75	20.11	18.71	18.00	20.30
011760.KS	19	Hyundai Corporatio	5,088	3.36	2.70	7.57	5.48	7.85	6.03
SITE	20	SiteOne Landscape	4,672	41.17	39.45	18.27	16.64	19.30	28.39

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.69	10.74	8.17	6.84	10.58	8.90
Full Range Median Multiple	16.56	11.85	8.77	7.63	11.26	10.74
Industry Multiple	23.20	22.21	18.20	19.23	14.05	14.36
Market Implied Multiple	40.93	37.96	28.02	26.16	28.56	28.98
Company (FAST) Multiple	45.89	42.56	31.40	29.31	32.01	32.47
(*) Net Income / EBITDA / Revenue	1,227	1,323	1,800	1,928	1,766	1,740
Winsorized Enterprise Value	N/A	N/A	14,699	13,183	18,687	15,491
Full Range Median Enterprise Value	N/A	N/A	15,790	14,712	19,881	18,699
(-) Net Debt	229	229	229	229	229	229
Winsorized Equity Value	15,567	14,204	14,470	12,953	18,457	15,261
Full Range Median Equity Value	20,309	15,674	15,561	14,483	19,651	18,470
(/) Shares Outstanding	1,148	1,148	1,148	1,148	1,148	1,148
Winsorized Fair Value	$13.56	$12.37	$12.61	$11.28	$16.08	$13.29
Full Range Median Fair Value	$17.69	$13.65	$13.56	$12.62	$17.12	$16.09
Current Price	$43.74	$43.74	$43.74	$43.74	$43.74	$43.74
Upside / Downside	-69.00%	-71.71%	-71.18%	-74.20%	-63.24%	-69.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.49	$8.66	$8.82	$7.90	$11.26	$9.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy