Initiating Coverage at Outperform With $30 Target Price

Research evidence excerpt

Initiating Coverage at Outperform With $30 Target Price

May 18, 2026 | 00:01 ET~

Yesway, Inc.

YSWY-NSDQ Rating Price: May-15 Target Total Rtn Food Retail

Outperform $25.84 $30.00 16%

Kelly Bania Analyst

kelly.bania@bmo.com (917) 574-4796

Benjamin Wood VP Associate

Initiating Coverage at Outperform With $30 Target benjamin.wood@bmo.com (646) 874-3725

Legal Entity: BMO Capital Markets Corp.Price

2YR Price Volume Chart

Bottom Line: 30

We are initiating on Yesway with an Outperform rating and a $30 target. Yesway has 28

a value-focused prepared food offering combined with a unique labor-model, small 26

town/rural footprint, and deliberate focus on both passenger and diesel truck traffic. 10 24

We believe YSWY could trade at a slight premium to ATD/MUSA given our 10% EBITDA

growth outlook starting in 2028 supported by a ~550 store whitespace opportunity plus 20 9876543210a conservatively planned base business near term. Our initiation includes: detailed May

convenience store industry benchmarking analysis and YSWY custom-cut Circana & OPIS LHS: Price ($) / RHS: Volume (mm) Source: FactSet

data tracking. Company Data in $

Dividend $0.00 Shares O/S (mm) 61.1

Key Points

Yield 0.0% Market Cap (mm) $1,579

Initiating Coverage With an Outperform Rating and $30 Target. Yesway is a AD Vol. (mm) 0.25 Wkly $Vol (000s) 76,209

regional convenience store chain across >400 retail stores under two banners (Allsup's BMO Estimates in $

and Yesway) primarily located in Texas and New Mexico. Yesway has a differentiated, (FY-Dec.) 2025A 2026E 2027E

value-based prepared food offering (deep-fried burrito) combined with a unique labor-

Adj. EPS $1.04 $1.05 $0.94

model, small town/rural footprint, and deliberate focus on both passenger and diesel

truck traffic.