Analyst Projections

AVERAGE TARGET PRICE - R$ 18.09

Consensus 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,449 7,817
Net revenues (R$ million) 1,437 1,592 1,826 1,997
Adjusted EBITDA (R$ million) 352 415 469 519
Adjusted EBITDA margin (%) 24.5 26.1 25.7 26.0
Net income (R$ million) 245 285 326 365

Last update on August 12, 2019

TARGET PRICE - R$ 18.00

BTG PACTUAL projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,404 7,702
Net revenues (R$ million) 1,437 1,592 1,802 1,930
Adjusted EBITDA (R$ million) 352 415 465 478
Adjusted EBITDA margin (%) 24.5 26.1 25.8 24.8
Net income (R$ million) 245 285 329 350

Last update on August 12, 2019

TARGET PRICE - R$ 19.00

CITIBANK projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,382
Net revenues (R$ million) 1,437 1,592 1,833 1,979
Adjusted EBITDA (R$ million) 352 415 443 496
Adjusted EBITDA margin (%) 24.5 26.1 24.2 25.1
Net income (R$ million) 245 285 310 339

Last update on August 23, 2019

TARGET PRICE - R$ 18.00

CREDIT SUISSE projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230
Net revenues (R$ million) 1,437 1,592 1,820 2,009
Adjusted EBITDA (R$ million) 352 415 477 533
Adjusted EBITDA margin (%) 24.5 26.1 26.2 26.5
Net income (R$ million) 245 285 336 376

Last update on August 12, 2019

TARGET PRICE - R$ 20.00

ELEVEN projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230
Net revenues (R$ million) 1,437 1,592 1,783 1,988
Adjusted EBITDA (R$ million) 352 415 473 534
Adjusted EBITDA margin (%) 24.5 26.1 26.5 27.0
Net income (R$ million) 245 285 330 378

Last update on August 12, 2019

TARGET PRICE - R$ 18.00

HSBC projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230
Net revenues (R$ million) 1,437 1,592 1,831 2,063
Adjusted EBITDA (R$ million) 352 415 464 552
Adjusted EBITDA margin (%) 24.5 26.1 25.4 26.8
Net income (R$ million) 245 285 322 397

Last update on August 12, 2019

TARGET PRICE - R$ 16.00

ITAÚ BBA projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,394 7,656
Net revenues (R$ million) 1,437 1,592 1,851 1,993
Adjusted EBITDA (R$ million) 352 415 491 536
Adjusted EBITDA margin (%) 24.5 26.1 26.5 26.9
Net income (R$ million) 245 285 342 369

Last update on August 12, 2019

TARGET PRICE - R$ 17.50

J.P. MORGAN projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,307 7,609
Net revenues (R$ million) 1,437 1,592 1,881 2,024
Adjusted EBITDA (R$ million) 352 415 494 529
Adjusted EBITDA margin (%) 24.5 26.1 26.3 26.1
Net income (R$ million) 245 285 330 358

Last update on August 12, 2019

TARGET PRICE - R$ 19.70

J.Safra projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,361 7,562
Net revenues (R$ million) 1,437 1,592 1,804 1,913
Adjusted EBITDA (R$ million) 352 415 443 484
Adjusted EBITDA margin (%) 24.5 26.1 24.5 25.3
Net income (R$ million) 245 285 300 328

Last update on August 12, 2019

TARGET PRICE - R$ 19.00

MERRILL LYNCH projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,467 7,858
Net revenues (R$ million) 1,437 1,592 1,818 2,000
Adjusted EBITDA (R$ million) 352 415 457 527
Adjusted EBITDA margin (%) 24.5 26.1 25.1 26.3
Net income (R$ million) 245 285 318 374

Last update on August 12, 2019

TARGET PRICE - R$ 18.40

MORGAN STANLEY projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,700 8,300
Net revenues (R$ million) 1,437 1,592 1,812 2,012
Adjusted EBITDA (R$ million) 352 415 460 478
Adjusted EBITDA margin (%) 24.5 26.1 25.4 23.8
Net income (R$ million) 245 285 340 367

Last update on August 12, 2019

TARGET PRICE - R$ 16.50

SANTANDER projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,373 7,693
Net revenues (R$ million) 1,437 1,592 1,824 1,971
Adjusted EBITDA (R$ million) 352 415 469 511
Adjusted EBITDA margin (%) 24.5 26.1 25.7 26.0
Net income (R$ million) 245 285 323 356

Last update on August 12, 2019

TARGET PRICE - R$ 17.00

UBS projections 2017A 2018A 2019E 2020E
Members (thousand) 6,309 7,230 7,657 8,156
Net revenues (R$ million) 1,437 1,592 1,854 2,080
Adjusted EBITDA (R$ million) 352 415 490 572
Adjusted EBITDA margin (%) 24.5 26.1 26.4 27.5
Net income (R$ million) 245 285 331 387

Last update on August 12, 2019