Tag Archives: Industrials

[FAST – Fastenal] Notes from CFO Convo; [ASHG – Ash Grove] Constructive Cement Pricing, Stock Is Cheap

[FAST – Fastenal] Fastenal’s dense branch network affords scale advantages in distribution and service relative to Grainger, which has 2.5x Fastenal’s sales but only ~1/10 its branches and ~1/7 its field employees.  Local market density is especially important because fasteners, which comprise nearly 40% of the company’s sales and a greater proportion of gross profits, is […]
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[GBX – Greenbrier] Valuation Update

Greenbrier and Trinity (TRN) act as a duopoly in the North American railcar industry, together accounting for nearly 80% of total backlog, with both players taking market share over the last decade (GBX: 13% in September 2006 -> 33% today; TRN: 36% -> 44%; ARII: 21% -> 6%).  Needless to say, the railcar manufacturing and […]
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