Casey's General Stores, Inc. CASY

Key Assumptions: CASY's revenue grew from ~$8.7B to ~$15.9B over 5 years driven by fuel price volatility and store expansion; base case assumes 6% revenue CAGR reflecting moderate new store growth and inside-sales mix improvement with operating margins expanding toward 5.2%. WACC calculated using CAPM with 0.65 beta, 4.39% risk-free rate, and 5.0-6.5% ERP across scenarios; capex intensity normalizes to ~3.5% of revenue as the company matures its expansion cadence. Bear case reflects fuel margin compression and slower store growth while bull case assumes accelerated M&A-driven expansion and prepared food margin uplift.