Intrinsic value of Casey's General Stores - CASY

Previous Close

$113.73

  Intrinsic Value

$212.99

stock screener

  Rating & Target

str. buy

+87%

  Value-price divergence*

+290%

Previous close

$113.73

 
Intrinsic value

$212.99

 
Up/down potential

+87%

 
Rating

str. buy

 
Value-price divergence*

+290%

*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 4.4

 

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
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  7,507
  8,753
  10,105
  11,559
  13,115
  14,769
  16,519
  18,363
  20,300
  22,329
  24,448
  26,660
  28,963
  31,360
  33,853
  36,444
  39,137
  41,935
  44,843
  47,866
  51,009
  54,279
  57,682
  61,225
  64,915
  68,762
  72,772
  76,956
  81,323
  85,883
  90,647
Variable operating expenses, $m
 
  8,270
  9,544
  10,916
  12,384
  13,944
  15,594
  17,334
  19,161
  21,074
  23,074
  25,146
  27,319
  29,580
  31,931
  34,375
  36,915
  39,554
  42,297
  45,148
  48,113
  51,197
  54,407
  57,749
  61,230
  64,858
  68,641
  72,587
  76,706
  81,007
  85,500
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
  8,270
  9,544
  10,916
  12,384
  13,944
  15,594
  17,334
  19,161
  21,074
  23,074
  25,146
  27,319
  29,580
  31,931
  34,375
  36,915
  39,554
  42,297
  45,148
  48,113
  51,197
  54,407
  57,749
  61,230
  64,858
  68,641
  72,587
  76,706
  81,007
  85,500
Operating income, $m
  311
  484
  560
  643
  731
  825
  924
  1,029
  1,139
  1,254
  1,375
  1,514
  1,644
  1,780
  1,922
  2,069
  2,222
  2,381
  2,546
  2,717
  2,896
  3,081
  3,275
  3,476
  3,685
  3,904
  4,131
  4,369
  4,617
  4,876
  5,146
EBITDA, $m
  509
  497
  574
  656
  745
  838
  938
  1,042
  1,152
  1,268
  1,388
  1,514
  1,644
  1,780
  1,922
  2,069
  2,222
  2,381
  2,546
  2,717
  2,896
  3,081
  3,275
  3,476
  3,685
  3,904
  4,131
  4,369
  4,617
  4,876
  5,146
Interest expense (income), $m
  41
  43
  57
  72
  89
  106
  125
  145
  166
  188
  211
  235
  260
  286
  313
  342
  371
  402
  433
  466
  501
  536
  573
  612
  652
  694
  738
  783
  831
  880
  932
Earnings before tax, $m
  270
  441
  504
  571
  643
  719
  799
  884
  973
  1,066
  1,164
  1,279
  1,384
  1,494
  1,609
  1,727
  1,851
  1,979
  2,112
  2,251
  2,395
  2,545
  2,701
  2,864
  3,033
  3,210
  3,394
  3,586
  3,786
  3,995
  4,214
Tax expense, $m
  93
  119
  136
  154
  174
  194
  216
  239
  263
  288
  314
  345
  374
  403
  434
  466
  500
  534
  570
  608
  647
  687
  729
  773
  819
  867
  916
  968
  1,022
  1,079
  1,138
Net income, $m
  177
  322
  368
  417
  469
  525
  584
  646
  711
  779
  850
  933
  1,011
  1,091
  1,174
  1,261
  1,351
  1,445
  1,542
  1,643
  1,748
  1,858
  1,972
  2,091
  2,214
  2,343
  2,477
  2,617
  2,764
  2,917
  3,076

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
  3,431
  3,961
  4,531
  5,141
  5,789
  6,475
  7,198
  7,958
  8,753
  9,584
  10,451
  11,354
  12,293
  13,270
  14,286
  15,342
  16,439
  17,578
  18,763
  19,996
  21,277
  22,611
  24,000
  25,447
  26,955
  28,527
  30,167
  31,879
  33,666
  35,534
Adjusted assets (=assets-cash), $m
  2,943
  3,431
  3,961
  4,531
  5,141
  5,789
  6,475
  7,198
  7,958
  8,753
  9,584
  10,451
  11,354
  12,293
  13,270
  14,286
  15,342
  16,439
  17,578
  18,763
  19,996
  21,277
  22,611
  24,000
  25,447
  26,955
  28,527
  30,167
  31,879
  33,666
  35,534
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
  -184
  -212
  -243
  -275
  -310
  -347
  -386
  -426
  -469
  -513
  -560
  -608
  -659
  -711
  -765
  -822
  -881
  -942
  -1,005
  -1,071
  -1,140
  -1,211
  -1,286
  -1,363
  -1,444
  -1,528
  -1,616
  -1,708
  -1,804
  -1,904
Total debt, $m
  924
  1,209
  1,535
  1,886
  2,262
  2,661
  3,084
  3,529
  3,997
  4,487
  4,999
  5,533
  6,089
  6,668
  7,270
  7,895
  8,545
  9,221
  9,923
  10,653
  11,412
  12,202
  13,024
  13,879
  14,770
  15,699
  16,668
  17,678
  18,732
  19,834
  20,984
Total liabilities, $m
  1,829
  2,114
  2,440
  2,791
  3,167
  3,566
  3,989
  4,434
  4,902
  5,392
  5,904
  6,438
  6,994
  7,573
  8,175
  8,800
  9,450
  10,126
  10,828
  11,558
  12,317
  13,107
  13,929
  14,784
  15,675
  16,604
  17,573
  18,583
  19,637
  20,739
  21,889
Total equity, $m
  1,191
  1,318
  1,521
  1,740
  1,974
  2,223
  2,487
  2,764
  3,056
  3,361
  3,680
  4,013
  4,360
  4,721
  5,096
  5,486
  5,891
  6,312
  6,750
  7,205
  7,678
  8,171
  8,683
  9,216
  9,772
  10,351
  10,954
  11,584
  12,242
  12,928
  13,645
Total liabilities and equity, $m
  3,020
  3,432
  3,961
  4,531
  5,141
  5,789
  6,476
  7,198
  7,958
  8,753
  9,584
  10,451
  11,354
  12,294
  13,271
  14,286
  15,341
  16,438
  17,578
  18,763
  19,995
  21,278
  22,612
  24,000
  25,447
  26,955
  28,527
  30,167
  31,879
  33,667
  35,534
Debt-to-equity ratio
  0.776
  0.920
  1.010
  1.080
  1.150
  1.200
  1.240
  1.280
  1.310
  1.330
  1.360
  1.380
  1.400
  1.410
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.530
  1.530
  1.530
  1.540
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
  322
  368
  417
  469
  525
  584
  646
  711
  779
  850
  933
  1,011
  1,091
  1,174
  1,261
  1,351
  1,445
  1,542
  1,643
  1,748
  1,858
  1,972
  2,091
  2,214
  2,343
  2,477
  2,617
  2,764
  2,917
  3,076
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
  335
  381
  430
  482
  538
  597
  659
  724
  792
  863
  933
  1,011
  1,091
  1,174
  1,261
  1,351
  1,445
  1,542
  1,643
  1,748
  1,858
  1,972
  2,091
  2,214
  2,343
  2,477
  2,617
  2,764
  2,917
  3,076
Change in working capital, $m
  26
  -26
  -28
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -100
Cash from operations, $m
  459
  361
  409
  461
  515
  573
  634
  698
  764
  834
  907
  980
  1,059
  1,141
  1,227
  1,315
  1,408
  1,503
  1,603
  1,707
  1,814
  1,927
  2,043
  2,165
  2,292
  2,424
  2,562
  2,705
  2,855
  3,012
  3,176
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
  -773
  409
  461
  515
  573
  634
  698
  764
  834
  907
  980
  1,059
  1,141
  1,227
  1,315
  1,408
  1,503
  1,603
  1,707
  1,814
  1,927
  2,043
  2,165
  2,292
  2,424
  2,562
  2,705
  2,855
  3,012
  3,176
Issuance/(repayment) of debt, $m
  86
  301
  326
  351
  376
  399
  423
  445
  468
  490
  512
  534
  556
  579
  602
  626
  650
  676
  702
  730
  759
  790
  822
  856
  891
  929
  968
  1,010
  1,054
  1,101
  1,150
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
  301
  326
  351
  376
  399
  423
  445
  468
  490
  512
  534
  556
  579
  602
  626
  650
  676
  702
  730
  759
  790
  822
  856
  891
  929
  968
  1,010
  1,054
  1,101
  1,150
Total cash flow (excl. dividends), $m
  38
  -472
  736
  812
  891
  972
  1,056
  1,143
  1,232
  1,324
  1,419
  1,514
  1,615
  1,720
  1,828
  1,941
  2,058
  2,179
  2,305
  2,437
  2,574
  2,716
  2,865
  3,020
  3,183
  3,353
  3,530
  3,716
  3,910
  4,113
  4,326
Retained Cash Flow (-), $m
  -108
  -188
  -203
  -219
  -234
  -249
  -263
  -278
  -292
  -305
  -319
  -333
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -455
  -473
  -492
  -512
  -533
  -556
  -579
  -604
  -630
  -657
  -686
  -717
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
 
  -188
  532
  593
  657
  723
  793
  865
  941
  1,019
  1,100
  1,181
  1,268
  1,359
  1,453
  1,551
  1,652
  1,758
  1,868
  1,982
  2,100
  2,224
  2,353
  2,487
  2,627
  2,774
  2,926
  3,086
  3,253
  3,427
  3,609
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
 
  -178
  478
  500
  517
  529
  535
  535
  529
  517
  499
  475
  448
  417
  383
  347
  310
  273
  237
  203
  170
  140
  114
  90
  70
  54
  40
  29
  21
  14
  10
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 24.9
Price to Sales 0.6
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 169.6
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 16.6% 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 39.08 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 $4.4 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Mid-Year Roundtable: 26 Investment Picks   [Jun-10-17 12:01AM  Barrons.com]
▶ A Look at Caseys General Stores Fiscal 2018 Guidance   [Jun-09-17 10:36AM  Market Realist]
▶ What Drove CASYs Gasoline Sales and Margins in Fiscal 4Q17?   [Jun-08-17 10:36AM  Market Realist]
▶ DISH to pay $280M in telemarking lawsuit   [06:42AM  CNBC Videos]
▶ Casey's misses Street 4Q forecasts   [Jun-05-17 04:24PM  Associated Press]
▶ Wall Streets Downgrades Have Lowered Caseys Rating   [Jun-01-17 10:37AM  Market Realist]
▶ 3 Stocks That Are Overvalued   [Mar-22-17 03:42PM  Motley Fool]
▶ 3 Stocks That Are Overvalued   [03:42PM  at Motley Fool]
▶ Stocks to Watch: Snap, Michaels, Dick's, Navistar   [09:31AM  at The Wall Street Journal]
▶ [$$] Casey's General Stores Profit Slumps on Higher Expenses   [Mar-06-17 05:11PM  at The Wall Street Journal]
▶ If You're in Your 50s, Consider Buying This Stock   [Mar-05-17 11:23AM  at Motley Fool]
▶ 3 Things Casey's General Stores Management Wants You to Know   [Jan-29-17 09:43AM  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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