Considering the sustainable customer base and the overall market capitalization of 233 million for 250 sites I would be inclined to believe there is minimal down side risk here in the 7's but lots of upside potential.
Interesting valuation metric to use, even more so when you see that Marathon paid Hess $2 million per site for the east coast gas stations. Can a huge truck stop be only worth half as much as an average retail gas station? Not likely. Plenty of upside on that basis.
Dont forget that TA just bought about 30 C-stores (not truck stops) in KY for a little over $2 Mil each. But to be accurate, TA has about 38 mil shares out worth over $300 Mil (with the recent runup), and TA also has a modest debt load of a little over $300 Mil. So the enterprise value is $600 Mil or so. You really have to consider also the debt. TA is cheap at an EV of $600 Mil (which is a little over $2 Mil per location, mostly for large truck stops).
I agree 100% this company should be priced a lot Higher than what it is..profits will increase..with new restaurants and many more pumps being added. natural gas. convenience stores. mechanics.consistently looking to expand and better themselves