$Caseys General Stores (CASY.US)$🎯 2023.12.21 The current p...

New data: 24Q1, 24Q2, revenue contracted in Q1, increased in Q2, and profit increased for two consecutive quarters.

In the first half of 2024, revenue shrank by 5.9%, operating profit increased 10.7% due to lower costs, net profit increased by 12.9%, and interest expenses accounted for 5.5% of operating profit, which was not burdensome. The return on net assets for the first two quarters was 6.2% and 5.6%, respectively, which was quite average.

The balance ratio dropped slightly to 53.5%, there were very few accounts receivable and inventory, and goodwill slightly increased to 620 million. A very small acquisition should have been carried out, accounting for 21.4% of the net assets of 2,897 billion yuan, long-term loans of 1,597 billion yuan accounting for 55% of net assets, and the leverage ratio is normal.

Net cash flow in the first half of the year was slightly higher than net investment, and shareholders' surpluses were not significant.

Currently, the price-earnings ratio is 22.8 and the price-earnings ratio is TTM21. The valuation is within a reasonable range, and there is no need for adjustment.