Casey's General Stores: A Great Business, But The Valuation Doesn't Cut It (NASDAQ:CASY)

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Casey’s General Stores (CASY) is a strong convenience retailer with a significant presence in rural areas and a successful pizza business. Despite impressive Q3’26 results with substantial EBITDA and EPS growth, driven by robust inside sales and margin expansion, the company’s valuation is currently unattractive. Trading at 19x EV/EBITDA, which is two standard deviations above its average, the stock presents an unfavorable risk/reward for new investors, despite management’s positive FY26 guidance.

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