Murphy USA Inc.


SKU: MUSA Category:


Murphy USA Inc.: Initiation Of Coverage – Expansion Of Tobacco Business & Digital Transformation


In the fourth quarter of 2023, Murphy USA reported solid performance which supports their enduring commitment to drive sustainable value for its stakeholders. The company has been successful at achieving more from the same loyal customers, with statistics showing these customers spend 50% more than they did in 2019. Furthermore, the company’s new loyalty members showed similar behavior as their most loyal customers in 2019, making about 5 transactions per month and spending at higher levels. Not only has the company achieved more from their clients, more was achieved from their existing stores leading to a lowering of their fuel breakeven margin requirement and an improvement in their coverage ratio. On the downside, the company’s investments in advanced technology initiatives have proven to be expensive and labor[1]intensive. However, these investments are still seen as vital in making the company more competitive and driving the earnings potential of the business higher.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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