Intrinsic value of Casey's General Stores - CASY

Previous Close

$107.86

  Intrinsic Value

$116.47

stock screener

  Rating & Target

hold

+8%

Previous close

$107.86

 
Intrinsic value

$116.47

 
Up/down potential

+8%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CASY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.41
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  7,507
  7,980
  8,472
  8,985
  9,520
  10,077
  10,658
  11,264
  11,898
  12,559
  13,250
  13,973
  14,729
  15,519
  16,346
  17,212
  18,119
  19,069
  20,063
  21,106
  22,198
  23,343
  24,543
  25,802
  27,122
  28,506
  29,958
  31,481
  33,079
  34,755
  36,514
Variable operating expenses, $m
 
  7,540
  8,005
  8,488
  8,992
  9,518
  10,066
  10,638
  11,236
  11,859
  12,511
  13,180
  13,892
  14,638
  15,418
  16,235
  17,090
  17,986
  18,924
  19,907
  20,938
  22,018
  23,150
  24,337
  25,582
  26,888
  28,257
  29,694
  31,201
  32,782
  34,441
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,195
  7,540
  8,005
  8,488
  8,992
  9,518
  10,066
  10,638
  11,236
  11,859
  12,511
  13,180
  13,892
  14,638
  15,418
  16,235
  17,090
  17,986
  18,924
  19,907
  20,938
  22,018
  23,150
  24,337
  25,582
  26,888
  28,257
  29,694
  31,201
  32,782
  34,441
Operating income, $m
  311
  440
  468
  497
  527
  559
  592
  626
  662
  700
  739
  793
  836
  881
  928
  977
  1,029
  1,083
  1,139
  1,198
  1,260
  1,325
  1,393
  1,465
  1,540
  1,618
  1,701
  1,787
  1,878
  1,973
  2,073
EBITDA, $m
  509
  453
  481
  510
  540
  572
  605
  640
  675
  713
  752
  793
  836
  881
  928
  977
  1,029
  1,083
  1,139
  1,198
  1,260
  1,325
  1,393
  1,465
  1,540
  1,618
  1,701
  1,787
  1,878
  1,973
  2,073
Interest expense (income), $m
  41
  43
  48
  54
  59
  66
  72
  78
  85
  92
  100
  108
  116
  125
  134
  143
  153
  163
  174
  185
  197
  209
  222
  236
  250
  265
  281
  297
  315
  333
  352
Earnings before tax, $m
  270
  397
  420
  443
  468
  493
  520
  548
  577
  607
  639
  685
  720
  756
  794
  834
  876
  919
  965
  1,013
  1,063
  1,116
  1,171
  1,229
  1,289
  1,353
  1,420
  1,490
  1,563
  1,640
  1,721
Tax expense, $m
  93
  107
  113
  120
  126
  133
  140
  148
  156
  164
  173
  185
  194
  204
  214
  225
  236
  248
  261
  274
  287
  301
  316
  332
  348
  365
  383
  402
  422
  443
  465
Net income, $m
  177
  290
  306
  324
  341
  360
  380
  400
  421
  443
  466
  500
  526
  552
  580
  609
  639
  671
  705
  740
  776
  815
  855
  897
  941
  988
  1,036
  1,088
  1,141
  1,197
  1,256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,020
  3,128
  3,321
  3,522
  3,732
  3,950
  4,178
  4,416
  4,664
  4,923
  5,194
  5,477
  5,774
  6,084
  6,408
  6,747
  7,103
  7,475
  7,865
  8,273
  8,702
  9,151
  9,621
  10,114
  10,632
  11,174
  11,744
  12,341
  12,967
  13,624
  14,314
Adjusted assets (=assets-cash), $m
  2,943
  3,128
  3,321
  3,522
  3,732
  3,950
  4,178
  4,416
  4,664
  4,923
  5,194
  5,477
  5,774
  6,084
  6,408
  6,747
  7,103
  7,475
  7,865
  8,273
  8,702
  9,151
  9,621
  10,114
  10,632
  11,174
  11,744
  12,341
  12,967
  13,624
  14,314
Revenue / Adjusted assets
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
  2.551
Average production assets, $m
  -1,418
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  -96
  -168
  -178
  -189
  -200
  -212
  -224
  -237
  -250
  -264
  -278
  -293
  -309
  -326
  -343
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -515
  -542
  -570
  -599
  -629
  -661
  -695
  -730
  -767
Total debt, $m
  924
  1,022
  1,141
  1,265
  1,394
  1,528
  1,669
  1,815
  1,968
  2,128
  2,295
  2,469
  2,652
  2,842
  3,042
  3,251
  3,470
  3,700
  3,940
  4,191
  4,455
  4,732
  5,022
  5,325
  5,644
  5,978
  6,329
  6,697
  7,083
  7,487
  7,912
Total liabilities, $m
  1,829
  1,927
  2,046
  2,170
  2,299
  2,433
  2,574
  2,720
  2,873
  3,033
  3,200
  3,374
  3,557
  3,747
  3,947
  4,156
  4,375
  4,605
  4,845
  5,096
  5,360
  5,637
  5,927
  6,230
  6,549
  6,883
  7,234
  7,602
  7,988
  8,392
  8,817
Total equity, $m
  1,191
  1,201
  1,275
  1,353
  1,433
  1,517
  1,604
  1,696
  1,791
  1,891
  1,995
  2,103
  2,217
  2,336
  2,461
  2,591
  2,727
  2,870
  3,020
  3,177
  3,341
  3,514
  3,694
  3,884
  4,083
  4,291
  4,510
  4,739
  4,979
  5,232
  5,496
Total liabilities and equity, $m
  3,020
  3,128
  3,321
  3,523
  3,732
  3,950
  4,178
  4,416
  4,664
  4,924
  5,195
  5,477
  5,774
  6,083
  6,408
  6,747
  7,102
  7,475
  7,865
  8,273
  8,701
  9,151
  9,621
  10,114
  10,632
  11,174
  11,744
  12,341
  12,967
  13,624
  14,313
Debt-to-equity ratio
  0.776
  0.850
  0.890
  0.940
  0.970
  1.010
  1.040
  1.070
  1.100
  1.130
  1.150
  1.170
  1.200
  1.220
  1.240
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
Adjusted equity ratio
  0.379
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  177
  290
  306
  324
  341
  360
  380
  400
  421
  443
  466
  500
  526
  552
  580
  609
  639
  671
  705
  740
  776
  815
  855
  897
  941
  988
  1,036
  1,088
  1,141
  1,197
  1,256
Depreciation, amort., depletion, $m
  198
  13
  13
  13
  13
  13
  13
  13
  13
  13
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  485
  303
  320
  337
  355
  373
  393
  413
  434
  457
  480
  500
  526
  552
  580
  609
  639
  671
  705
  740
  776
  815
  855
  897
  941
  988
  1,036
  1,088
  1,141
  1,197
  1,256
Change in working capital, $m
  26
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
Cash from operations, $m
  459
  313
  330
  348
  366
  385
  405
  426
  448
  470
  494
  516
  542
  569
  597
  627
  658
  691
  725
  761
  799
  839
  880
  923
  969
  1,017
  1,067
  1,120
  1,175
  1,233
  1,293
Maintenance CAPEX, $m
  0
  284
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -433
  -1,418
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -455
  -1,134
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  4
  -821
  330
  348
  366
  385
  405
  426
  448
  470
  494
  516
  542
  569
  597
  627
  658
  691
  725
  761
  799
  839
  880
  923
  969
  1,017
  1,067
  1,120
  1,175
  1,233
  1,293
Issuance/(repayment) of debt, $m
  86
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
  334
  351
  368
  386
  405
  425
Issuance/(repurchase) of shares, $m
  -46
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  33
  114
  119
  124
  129
  135
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
  334
  351
  368
  386
  405
  425
Total cash flow (excl. dividends), $m
  38
  -707
  449
  471
  495
  520
  545
  572
  601
  630
  661
  690
  724
  760
  797
  836
  877
  920
  966
  1,013
  1,063
  1,115
  1,170
  1,227
  1,288
  1,351
  1,418
  1,487
  1,561
  1,637
  1,718
Retained Cash Flow (-), $m
  -108
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -150
  -157
  -164
  -172
  -181
  -189
  -199
  -208
  -219
  -229
  -241
  -252
  -265
Prev. year cash balance distribution, $m
 
  61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -71
  375
  394
  415
  436
  458
  481
  505
  531
  557
  581
  610
  641
  673
  706
  741
  778
  816
  856
  898
  943
  989
  1,038
  1,089
  1,143
  1,199
  1,258
  1,320
  1,385
  1,453
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  -68
  336
  332
  327
  319
  309
  298
  284
  269
  253
  234
  215
  196
  177
  158
  139
  121
  104
  87
  73
  59
  48
  38
  29
  22
  16
  12
  8
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Casey's General Stores, Inc. and its subsidiaries, operate convenience stores under the name Casey's General Store in approximately 10 Midwestern states, in Iowa, Missouri, and Illinois. The Company also operates approximately two stores selling primarily tobacco products. The stores carry a range of food, including freshly prepared foods such as pizza, donuts, and sandwiches, beverages, tobacco products, health and beauty aids, automotive products and other nonfood items. The Company operates approximately 1,930 stores. It operates approximately two distribution centers, through which the Company supply grocery and general merchandise items to its stores. Its general store typically carries over 3,000 food and nonfood items. The Company's stores sell regional brands of dairy and bakery products, and approximately 90% of the stores offer beer. Its non-food items include tobacco products, health and beauty aids, school supplies, housewares, pet supplies, and automotive products.

FINANCIAL RATIOS  of  Casey's General Stores (CASY)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 0.6
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 160.8
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.2%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 76.2%
Total Debt to Equity 77.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 8.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 20.5%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 22.4%
Gross Margin - 3 Yr. Avg. 21.2%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 4%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 20.9%

CASY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CASY stock intrinsic value calculation we used $7507 million for the last fiscal year's total revenue generated by Casey's General Stores. The default revenue input number comes from 2017 income statement of Casey's General Stores. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CASY stock valuation model: a) initial revenue growth rate of 6.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.3%, whose default value for CASY is calculated based on our internal credit rating of Casey's General Stores, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Casey's General Stores.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CASY stock the variable cost ratio is equal to 94.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CASY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Casey's General Stores.

Corporate tax rate of 27% is the nominal tax rate for Casey's General Stores. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CASY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CASY are equal to 0%.

Life of production assets of -6.5 years is the average useful life of capital assets used in Casey's General Stores operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CASY is equal to -2.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1191 million for Casey's General Stores - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.896 million for Casey's General Stores is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Casey's General Stores at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Casey's Reports Second Quarter Results; Opens 2,000th Store   [Dec-11-17 04:30PM  Business Wire]
▶ Casey's misses 2Q profit forecasts   [04:17PM  Associated Press]
▶ Will Caseys Earnings Fall in 2Q18?   [Dec-08-17 02:15PM  Market Realist]
▶ Can I Buy 7-Eleven Stock?   [11:31AM  Motley Fool]
▶ Casey's Celebrates 2000th Store   [Nov-29-17 04:00PM  Business Wire]
▶ Can I Buy Wawa Stock?   [Nov-19-17 08:02AM  Motley Fool]
▶ Caseys Prepared Food Segments Comps Were Soft   [07:37AM  Market Realist]
▶ Caseys Reported Steady Grocery Comps and Margins in 1Q18   [Sep-07-17 03:35PM  Market Realist]
▶ Casey's meets 1Q profit forecasts   [Sep-05-17 09:18PM  Associated Press]
▶ Caseys General Stores: 1Q18 Earnings Preview   [Sep-01-17 07:39AM  Market Realist]
▶ The Nasdaq Was Just Beat Up -- Here's What You Need to Know   [Jun-17-17 06:16AM  TheStreet.com]
▶ [$$] Mid-Year Roundtable: 26 Investment Picks   [Jun-10-17 12:01AM  Barrons.com]
▶ A Look at Caseys General Stores Fiscal 2018 Guidance   [Jun-09-17 10:36AM  Market Realist]
▶ What Drove CASYs Gasoline Sales and Margins in Fiscal 4Q17?   [Jun-08-17 10:36AM  Market Realist]
▶ DISH to pay $280M in telemarking lawsuit   [06:42AM  CNBC Videos]
▶ Casey's misses Street 4Q forecasts   [Jun-05-17 04:24PM  Associated Press]
▶ Wall Streets Downgrades Have Lowered Caseys Rating   [Jun-01-17 10:37AM  Market Realist]
▶ 3 Stocks That Are Overvalued   [Mar-22-17 03:42PM  Motley Fool]
▶ 3 Stocks That Are Overvalued   [03:42PM  at Motley Fool]
Financial statements of CASY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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