Casey's General Stores, Inc. (CASY)

Industry: Specialty Retail Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DHER.DE	14	Delivery Hero SE	28,507	-	-	926.98	926.98	458.56	-
CEC1.DE	15	Ceconomy AG	26,802	573.17	573.17	3.44	3.57	-	41.05
0IUX.L	16	Genuine Parts Comp	24,061	23.85	23.85	15.08	12.01	18.88	17.58
CURY.L	17	Currys plc	23,315	5.12	3.28	2.63	2.04	0.13	0.24
FNAC.PA	18	Fnac Darty S.A.	20,272	7.33	5.91	5.16	4.17	-	9.19
MUSA	19	Murphy USA Inc.	19,351	15.68	14.96	10.27	9.60	12.51	13.51
CVNA	20	Carvana Co.	18,266	83.49	83.49	26.43	26.43	23.14	29.57
CASY	21	Casey's General St	16,970	31.39	27.76	13.79	12.25	15.35	18.03
TSCO	22	Tractor Supply Com	15,399	27.14	25.16	17.99	16.32	25.92	22.06
4755.T	23	Rakuten Group, Inc	15,336	-	-	4.29	4.29	25.54	13.99
DKS	24	DICK'S Sporting Go	14,883	18.45	15.15	14.85	12.93	24.51	14.40
FRAS.L	25	Frasers Group plc	13,743	3.70	3.34	2.47	2.05	4.65	4.13
ZAL.DE	26	Zalando SE	13,591	26.59	25.08	7.79	7.04	33.28	16.15
JBH.AX	27	JB Hi-Fi Limited	13,304	13.39	10.48	7.51	5.83	9.47	6.29
CHWY	28	Chewy, Inc.	12,584	66.07	66.07	39.86	39.86	51.70	66.72
JET.L	29	Just Eat Takeaway.	12,350	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.07	15.05	7.65	6.43	21.01	13.99
Full Range Median Multiple	21.15	19.50	9.03	8.32	23.83	14.40
Industry Multiple	72.00	70.83	77.48	76.65	57.36	19.61
Market Implied Multiple	39.17	34.65	17.34	15.41	19.30	22.67
Company (CASY) Multiple	31.39	27.76	13.79	12.25	15.35	18.03
(*) Net Income / EBITDA / Revenue	607	686	1,330	1,497	1,195	1,017
Winsorized Enterprise Value	N/A	N/A	10,178	9,631	25,102	14,233
Full Range Median Enterprise Value	N/A	N/A	12,014	12,457	28,468	14,650
(-) Net Debt	-719	-719	-719	-719	-719	-719
Winsorized Equity Value	10,361	10,333	10,897	10,350	25,822	14,952
Full Range Median Equity Value	12,840	13,382	12,733	13,177	29,188	15,369
(/) Shares Outstanding	37	37	37	37	37	37
Winsorized Fair Value	$279.03	$278.28	$293.47	$278.73	$695.40	$402.68
Full Range Median Fair Value	$345.78	$360.39	$342.92	$354.87	$786.04	$413.90
Current Price	$640.41	$640.41	$640.41	$640.41	$640.41	$640.41
Upside / Downside	-56.43%	-56.55%	-54.18%	-56.48%	8.59%	-37.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$195.32	$194.79	$205.43	$195.11	$486.78	$281.87
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy