AVERAGE TARGET PRICE - R$11.99
| Consensus | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,935 | 9,228 | 9,623 |
| Net revenues (R$ million) | 2,143 | 2,265 | 2,402 | 2,538 |
| Adjusted EBITDA (R$ million) | 647 | 702 | 748 | 795 |
| Adjusted EBITDA margin (%) | 30.2 | 31.0 | 31.1 | 31.3 |
| Net income (R$ million) | 537 | 520 | 540 | 572 |
TARGET PRICE - R$13.00 (Neutral)
| BTG Pactual projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | – | – | – |
| Net revenues (R$ million) | 2,143 | 2,255 | 2,404 | 2,548 |
| Adjusted EBITDA (R$ million) | 647 | 728 | 791 | 842 |
| Adjusted EBITDA margin (%) | 30.2 | 32.3 | 32.9 | 33.0 |
| Net income (R$ million) | 537 | 533 | 561 | 598 |
TARGET PRICE - R$11.00 (Neutral)
| CITIBANK projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,814 | 9,041 | – |
| Net revenues (R$ million) | 2,143 | 2,239 | 2,351 | 2,477 |
| Adjusted EBITDA (R$ million) | 647 | 661 | 704 | 739 |
| Adjusted EBITDA margin (%) | 30.2 | 29.5 | 29.9 | 29.9 |
| Net income (R$ million) | 537 | 495 | 514 | 535 |
TARGET PRICE - R$12.00 (Sell)
| Goldman Sachs projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,964 | 9,302 | 9,646 |
| Net revenues (R$ million) | 2,143 | 2,253 | 2,393 | 2,556 |
| Adjusted EBITDA (R$ million) | 647 | 691 | 726 | 818 |
| Adjusted EBITDA margin (%) | 30.2 | 30.7 | 30.3 | 32.0 |
| Net income (R$ million) | 537 | 520 | 554 | 602 |
TARGET PRICE - R$12.00 (Neutral)
| ITAÚ BBA projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,963 | 9,330 | 9,721 |
| Net revenues (R$ million) | 2,143 | 2,309 | 2,493 | 2,685 |
| Adjusted EBITDA (R$ million) | 647 | 718 | 788 | 854 |
| Adjusted EBITDA margin (%) | 30.2 | 31.1 | 31.6 | 31.8 |
| Net income (R$ million) | 537 | 512 | 560 | 609 |
TARGET PRICE - R$11.00 (Sell)
| J.P. MORGAN projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,900 | 9,100 | – |
| Net revenues (R$ million) | 2,143 | 2,295 | 2,427 | – |
| Adjusted EBITDA (R$ million) | 647 | 768 | 806 | – |
| Adjusted EBITDA margin (%) | 30.2 | 33.5 | 35.9 | – |
| Net income (R$ million) | 537 | 517 | 530 | – |
TARGET PRICE - R$13.50 (Neutral)
| J.Safra projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,619 | – | – | – |
| Net revenues (R$ million) | 2,143 | – | – | – |
| Adjusted EBITDA (R$ million) | 647 | – | – | – |
| Adjusted EBITDA margin (%) | 30.2 | – | – | – |
| Net income (R$ million) | 537 | – | – | – |
TARGET PRICE - R$13.00 (Neutral)
| Merrill Lynch projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,9243 | 9,229 | 9,516 |
| Net revenues (R$ million) | 2,143 | 2,240 | 2,338 | 2,429 |
| Adjusted EBITDA (R$ million) | 647 | 694 | 723 | 739 |
| Adjusted EBITDA margin (%) | 30.2 | 31.0 | 30.9 | 30.4 |
| Net income (R$ million) | 537 | 527 | 543 | 548 |
TARGET PRICE - R$12.00 (Neutral)
| SANTANDER projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | – | – | – |
| Net revenues (R$ million) | 2,143 | 2,257 | 2,390 | 2,544 |
| Adjusted EBITDA (R$ million) | 647 | 698 | 752 | 805 |
| Adjusted EBITDA margin (%) | 30.2 | 30.9 | 31.5 | 31.6 |
| Net income (R$ million) | 537 | 539 | 555 | 573 |
TARGET PRICE - R$11.50 (Neutral)
| UBS projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,908 | 9,268 | 9,610 |
| Net revenues (R$ million) | 2,143 | 2,259 | 2,402 | 2,554 |
| Adjusted EBITDA (R$ million) | 647 | 693 | 745 | 802 |
| Adjusted EBITDA margin (%) | 30.2 | 30.7 | 31.0 | 31.4 |
| Net income (R$ million) | 537 | 528 | 539 | 575 |
TARGET PRICE - R$11.90 (Neutral)
| XP RESEARCH projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 8,898 | 9,186 | – |
| Net revenues (R$ million) | 2,143 | 2,280 | 2,424 | – |
| Adjusted EBITDA (R$ million) | 647 | 696 | 719 | – |
| Adjusted EBITDA margin (%) | 30.2 | 30.5 | 29.7 | – |
| Net income (R$ million) | 537 | 505 | 516 | – |
TARGET PRICE - R$11.00 (Sell)
| MORGAN STANLEY projections | 2023A | 2024E | 2025E | 2026E |
| Members (thousand) | 8,618 | 9,111 | 9,369 | 9,624 |
| Net revenues (R$ million) | 2,143 | 2,264 | 2,395 | 2,507 |
| Adjusted EBITDA (R$ million) | 647 | 676 | 724 | 763 |
| Adjusted EBITDA margin (%) | 30.2 | 29.9 | 30.2 | 30.4 |
| Net income (R$ million) | 537 | 519 | 530 | 537 |