YSWY - Convenience, Tex-Mex Style—Initiating Coverage of Emerging Growth Retailer With BUY-Rating and $30 Price Target

Research evidence excerpt

YSWY - Convenience, Tex-Mex Style—Initiating Coverage of Emerging Growth Retailer With BUY-Rating and $30 Price Target

May 18, 2026

John Heinbockel john.heinbockel@guggenheimpartners.com YSWY - Convenience, Tex-Mex Style—Initiating

212 381 4135 Coverage of Emerging Growth Retailer With BUY-

Steven Forbes, CFA, CPA

steven.forbes@guggenheimpartners.com Rating and $30 Price Target

212 381 4188

Julio Marquez Key Message: We are initiating coverage of Yesway, Inc. (YSWY), a leading julio.marquez@guggenheimpartners.com convenience store operator in the Southwestern US in the early stages of a significant 212 823 6605

acceleration in top and bottom-line momentum with a BUY-rating and a $30 Price Target.

Jacob Nivasch Like all well-positioned c-store brands, a focus on differentiated fresh foods and grocery

jacob.nivasch@guggenheimpartners.com product assortment is driving traffic and share gains. Most importantly, the business

212 338 8837 is poised to benefit from the accelerated roll-out of a highly productive store format

Max Horowitz in existing and adjacent markets providing visibility to a high-single-digit EBITDA algo.

max.horowitz@guggenheimpartners.com Growth would be higher by 2028 as top-line gains strengthen to 15% from 4% in 2026.

212 518 9974 Although the shares have appreciated 30% since the IPO, the current 10.8x our 2026E

EBITDA multiple implies just a 1.4x PEG rate, well below that of the principal peers. Our

$30 price target equates to ~12x our potentially conservative 2026 and 2027 estimates.

C-Stores’ Renaissance and Value-Added Fresh Foods. The convenience store sectorYSWY BUY

Yesway, Inc. is enjoying a renaissance, both operationally and with investors, primarily the product of