Thanks Saul and couple of other posters on your board for the explanation.
I checked their revenue growth ex-gas. It is 11.60% YoY, which is fairly respectable.
Also, good point on the fact that analysts may not have a handle on this business. So this appears to be your classic gas station business.
1900 stores with approx 133K net income per store per year for a company with marketcap of $4900 million amounts minus $1000 million of equity comes to to $1.52 million per gas station. It might be a good deal, but we are pricing this off of what appears to be peak margins unless you expect the gas prices to keep going down further. Any increase in gas price as some of you on the board suggest would have a detrimental effect on earnings.
I appreciate you and others for educating me about CASY’s. I feel I know a little more about it now than earlier.