AVERAGE TARGET PRICE - R$12.08
| Consensus | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,189 | 9,483 | – |
| Net revenues (R$ million) | 2,270 | 2,413 | 2,558 | 2,683 |
| Adjusted EBITDA (R$ million) | 694 | 755 | 800 | 843 |
| Adjusted EBITDA margin (%) | 30.6 | 31.3 | 31.3 | 31.4 |
| Net income (R$ million) | 534 | 587 | 596 | 609 |
TARGET PRICE - R$13.00 (Neutral)
| BTG Pactual projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,437 | 2,614 | 2,822 |
| Adjusted EBITDA (R$ million) | 694 | 776 | 863 | 947 |
| Adjusted EBITDA margin (%) | 30.6 | 31.8 | 33.0 | 33.6 |
| Net income (R$ million) | 534 | 592 | 644 | 699 |
TARGET PRICE - R$11.00 (Neutral)
| CITIBANK projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,142 | 9,355 | 9,566 |
| Net revenues (R$ million) | 2,270 | 2,426 | 2,550 | 2,694 |
| Adjusted EBITDA (R$ million) | 694 | 753 | 779 | 818 |
| Adjusted EBITDA margin (%) | 30.6 | 31.1 | 30.5 | 30.4 |
| Net income (R$ million) | 534 | 578 | 587 | 583 |
TARGET PRICE - R$11.50 (Sell)
| Goldman Sachs projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,416 | 2,577 | 2,714 |
| Adjusted EBITDA (R$ million) | 694 | 738 | 789 | 836 |
| Adjusted EBITDA margin (%) | 30.6 | 30.6 | 30.6 | 30.8 |
| Net income (R$ million) | 534 | 562 | 597 | 607 |
TARGET PRICE - R$14.00 (Neutral)
| ITAÚ BBA projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,323 | 9,756 | – |
| Net revenues (R$ million) | 2,270 | 2,453 | 2,662 | – |
| Adjusted EBITDA (R$ million) | 694 | 760 | 838 | – |
| Adjusted EBITDA margin (%) | 30.6 | 31.0 | 31.5 | – |
| Net income (R$ million) | 534 | 601 | 660 | – |
TARGET PRICE - R$11.00 (Sell)
| J.P. MORGAN projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,100 | 9,292 | – |
| Net revenues (R$ million) | 2,270 | 2,413 | 2,553 | – |
| Adjusted EBITDA (R$ million) | 694 | 786 | 786 | – |
| Adjusted EBITDA margin (%) | 30.6 | 32.6 | 30.8 | – |
| Net income (R$ million) | 534 | 734 | 569 | – |
TARGET PRICE - R$13.00 (Neutral)
| J.Safra projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | – | – | – |
| Adjusted EBITDA (R$ million) | 694 | – | – | – |
| Adjusted EBITDA margin (%) | 30.6 | – | – | – |
| Net income (R$ million) | 534 | – | – | – |
TARGET PRICE - R$12.00 (Neutral)
| Merrill Lynch projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,446 | 2,528 | 2,614 |
| Adjusted EBITDA (R$ million) | 694 | 742 | 764 | 788 |
| Adjusted EBITDA margin (%) | 30.6 | 30.5 | 30.2 | 30.1 |
| Net income (R$ million) | 534 | 569 | 590 | 595 |
TARGET PRICE - R$11.50 (Neutral)
| SANTANDER projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,383 | – | – |
| Adjusted EBITDA (R$ million) | 694 | 746 | – | – |
| Adjusted EBITDA margin (%) | 30.6 | 31.3 | – | – |
| Net income (R$ million) | 534 | 566 | – | – |
TARGET PRICE - R$12.00 (Neutral)
| UBS projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,164 | 9,499 | 9,817 |
| Net revenues (R$ million) | 2,270 | 2,405 | 2,560 | 2,715 |
| Adjusted EBITDA (R$ million) | 694 | 753 | 819 | 880 |
| Adjusted EBITDA margin (%) | 30.6 | 31.3 | 32.0 | 32.4 |
| Net income (R$ million) | 534 | 552 | 589 | 631 |
TARGET PRICE - R$12.90 (Neutral)
| XP RESEARCH projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,186 | 9,450 | 9,717 |
| Net revenues (R$ million) | 2,270 | 2,353 | 2,458 | 2,569 |
| Adjusted EBITDA (R$ million) | 694 | 748 | 766 | 789 |
| Adjusted EBITDA margin (%) | 30.6 | 31.8 | 31.1 | 30.7 |
| Net income (R$ million) | 534 | 544 | 549 | 559 |
TARGET PRICE - R$10.00 (Sell)
| MORGAN STANLEY projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,220 | 9,546 | 9,886 |
| Net revenues (R$ million) | 2,270 | 2,404 | 2,523 | 2,654 |
| Adjusted EBITDA (R$ million) | 694 | 747 | 795 | 841 |
| Adjusted EBITDA margin (%) | 30.6 | 31.1 | 31.5 | 31.7 |
| Net income (R$ million) | 534 | 577 | 581 | 592 |