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Caseys General Store
CASY-Q
BUY
May 23, 2025
$445.730
Stock price when the opinion was issued
specialty stores
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BUY
No quarrel with this business. Exemplary operator. Fairly niche geographic footprint, largely in US Midwest. Often the only convenience store in town, rather than competing in larger cities.
Instead, he owns ATD. Should ATD be successful in acquiring 7-Eleven, trade commission will likely require stores to be sold, and CASY would be the logical buyer.
specialty stores
CASY is $16B market cap, up 12% this year and up 32% over 52 weeks. P/E is 31X, dividend 0.45%. Debt is about 2.5X cash flow but cash flow is good, and growing. EPS has nearly tripled since 2019. It is a well-run business and the stock is up nearly 400% in the past decade. The last quarter was solid and ahead of estimates. Same store sales rose 3.7%, though gasoline sales declined, largely due to pricing. We would be quite comfortable owning this.
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