By Paul Sankey
Published on December 13, 2024 at 4:19 PM
With our research getting backed up this week, because of travel to Houston, this brief note covers Casey’s ($CASY). If this note’s timing is as eccentric as our covering Casey’s, and Caseys’ reporting schedule, (we are somehow in Q1 2025) then we need to publish a brief results review, now or never. We cover “energy & energy adjacent” and like to be differentiated, so we enjoy our coverage of gas station companies because no other …
Read More
By Paul Sankey
Published on November 29, 2024 at 10:35 AM
If you “went out for a walk with your cousin” and found yourself in a gas station yesterday on Thanksgiving, perhaps confused about what day and time it was in the blinking neon light, referring to the results of Alimentation Couche-Tard (ATD CN) will not help you work out what the date is. Yes, the recurring joke in our reports on ATD earnings is their absolutely derisible reporting calendar. On Tuesday, November 26, 204, two …
Read More
By Paul Sankey
Published on June 14, 2024 at 9:14 AM
What segment of the global oil value chain saw a structural increase in margins post-COVID? ~ You got it! Gas Stations is indeed the correct answer. Source: Bloomberg Not only have margins doubled in pump sales – historically a brutally competitive, low margin business, but the industry has growth. Shown below, Casey’s has scaled from 1,700 locations to 2,800 locations in the last decade. Source: Bloomberg We can argue that while a more efficient US …
Read More
