Casey's General Stores Inc: Executing at scale with a differentiated and resilient platform

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Casey's General Stores Inc: Executing at scale with a differentiated and resilient platform

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Casey's General Stores Inc

Executing at scale with a differentiated

and resilient platform

Maintain Rating: BUY | PO: 975.00 USD | Price: 801.35 USD

Building upon strength 24 June 2026

CASY hosted an Analyst Day in New York, featuring presentations from President & CEO Equity

Darren Rebelez, CFO Steve Bramlage, and others of the leadership team. Key takeaways

include: 1) a review of its prior 3-yr plan (CASY exceeded across all major metrics); 2) the Lisa K. Lewandowski Research Analyst

introduction of a new 3-yr plan; and 3) a detailed overview of its competitive advantages BofAS

- including its differentiated rural footprint, restaurant-quality food (pizza, wings, and +1lisa.lewandowski@bofa.com646 855 4647

more), a 11mn+ member rewards platform, vertical integration in-store & fuel, a fully Peter T. Galbo, CFA

owned/operated store base, and scaled operations as the 3rd largest US c-store operator. Research Analyst

BofAS

Management also emphasized its “Convenience QSR” model—integrating foodservice, +1 646 743 0175

grocery/merchandise, and fuel—which creates a stable, multi-pronged model. This peter.galbo@bofa.com

provides strategic advantages versus QSRs and smaller, independent convenience/fuel Christian Junquera

Research Analyst

operators that typically lack similar diversification and scale. BofAS

+1 646 855 5195

Convenience QSR operating model christian.junquera@bofa.com

Casey’s has a long track record of consistent growth, which has been recognized by the

market, as evidenced by its material premium in valuation relative to peers in recent

years. EBITDA grew at a 9.3% CAGR over F10–20, accelerating to 13.8% over F20–23 Stock Data