Casey’s strategy is anchored in its hybrid model as a rural grocer, gas station, and quick-service restaurant, and we believe the firm is well-positioned to defend its edge amid rising competitive intensity. With nearly 3,000 stores, over 70% in towns under 20,000 residents, Casey’s enjoys geographic insulation that national chains find uneconomical to replicate. We think this entrenched rural footprint provides durable utility, allowing Casey’s to serve as both an essential local staple and the nation’s fifth-largest pizza chain.