$TSCO

Tractor Supply Company: LONG

Tractor Supply is severely undervalued at $29.36, trading at an 8.8x EV/EBITDA multiple well below historical norms for a dominant rural retailer with 2,600+ stores, steady 36%+ gross margins, and consistent mid-single-digit sales growth. A DCF model incorporating 5% CAGR on $1.6B+ operating cash flow projects intrinsic value significantly higher, offering 140% upside as multiples normalize despite near-term downside risk.