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Fastenal: Strong Moat, But What About Its Castle?

When it comes to meeting customer expectations or getting them what they need when they need it, Fastenal (NASDAQ:FAST) is among the best. The industrial distributor has been the poster child for high economic returns and solid capital stewardship, and we expect such dynamics to continue for the foreseeable future. But just how good are its economic returns? That's what we'll strive to measure in this piece. As for its investment prospects, Fastenal is quite an undiscovered hidden opportunity, as the market has been onto its excellent business model for some time. We value shares roughly in line with the market at the…