MUSA MUSA

The price pays for

• Stable all-in fuel margins around $0.35 per gallon, as management recently guided and the market accepted with a positive impact.
• A significant supply-chain contribution of over $0.07 per gallon, up from $0.025, which the market treats as a durable benefit of tight global supply.
• The historical dynamic where rising gasoline prices boost profitability, which is already a known feature of the business.
• A continuation of same-store fuel volume declines of 1% to 3%, which the price assumes rather than penalizing.
• New store growth toward the lower end of the stated range at roughly 45 stores this year.
• Budget pressure on non-discretionary merchandise categories, with results expected toward the low end of the outlook.

It declines to pay for