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Fastenal Company Message Board

  • shortofaname_99 shortofaname_99 Oct 12, 2009 8:29 AM Flag

    Is FAST cheating on depreciation?

    Capex has been running at an average of ~$20Mn/quarter over the last few years, but depreciation has held steady at ~$10Mn/quarter. Doesn't seem right. Looks like they try to juice earnings by not depreciating properly. Put an aggressive 20x multiple on earnings and this is a $25 stock.

 
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