Casey's General Stores is getting interesting after a 15% drop, with store growth and owned real estate supporting value, though 25x earnings would be the preferred entry. It targets 120 new stores in FY27, and remodeled CEFCO sites see about 30% prepared food and dispensed beverage lifts. It owns 2,703 of its 2,944 stores, worth roughly $6.8B at $2.5M each, about 25-35% of its equity value, offering sale-leaseback optionality. x.com  x.com  x.com 

Casey's General Stores is a quiet compounder built on roughly 2,900 local monopolies in rural Midwest towns too small for rivals, where fuel draws traffic and fresh pizza earns the profit. About half its stores sit in towns under 5,000 people, and it is the fifth-largest US pizza chain. Inside margins run 41-42%, FY2025 revenue was $15.9 billion, and recent EPS grew 14-20%. It plans about 500 more locations over three years and has raised its dividend for 25 straight years. x.com 

Casey's General Stores is a buy on its 15% dip because its moat, a top-five pizza chain inside a convenience store, will outlast fading peak fuel margins. It beat EPS by a wide margin, and 3.2% inside comps hide a 7.7% two-year stack and a 42.2% inside margin. Management reaffirmed 2-5% inside comps, 8-10% EBITDA growth and 120+ new stores, with a three-year plan for 400 stores and $2B of FCF after over-delivering last time. The Street sees $800-$840 versus about $622 now. x.com 

Jersey Mike's looks expensive relative to its remaining growth runway, with far cheaper opportunities elsewhere in restaurants, food and consumer. It trades at 25x EBITDA with a maturing store fleet and leverage above 4x, and most of the IPO proceeds go to cashing out its private-equity owner. The chain is no Subway copy; it is a Subway killer, just priced too richly. x.com  x.com