Even when sluggish manufacturing activity weighs down growth in the industrial distribution/MRO space, Fastenal (Nasdaq:FAST)
still manages to find the ways to outgrow most of its rivals.
Quarter-to-quarter execution hasn't really ever been the issue here, nor
the company's investments into aggressively growing the vending machine
business. What the issue was, is, and likely will continue to be is
what investors should pay for that growth – while Fastenal is clearly
not as cyclical as some players in the space, even a 20% free cash flow CAGR estimate doesn't lead to a compelling price target.
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http://www.investopedia.com/stock-analysis/071013/fastenal-still-growing-still-highly-valued-fast-msm-gww-itw-amzn.aspx
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