AVERAGE TARGET PRICE - R$15.39
| Consensus | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,263 | 7,665 | 7,989 |
| Net revenues (R$ million) | 1,795 | 1,779 | 1,869 | 2,015 |
| Adjusted EBITDA (R$ million) | 418 | 531 | 457 | 506 |
| Adjusted EBITDA margin (%) | 23.3 | 29.9 | 24.5 | 25.2 |
| Net income (R$ million) | 285 | 358 | 308 | 347 |
TARGET PRICE - R$13.50 (Neutral)
| BTG PACTUAL projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,193 | 7,408 | 7,655 |
| Net revenues (R$ million) | 1,795 | 1,753 | 1,817 | 1,959 |
| Adjusted EBITDA (R$ million) | 418 | 5311 | 377 | 450 |
| Adjusted EBITDA margin (%) | 23.3 | 29.2 | 20.7 | 23.0 |
| Net income (R$ million) | 285 | 375 | 287 | 338 |
TARGET PRICE - R$17.00 (Buy)
| BTG PACTUAL projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,820 | 1,989 | 2,194 |
| Adjusted EBITDA (R$ million) | 418 | 494 | 536 | 593 |
| Adjusted EBITDA margin (%) | 23.3 | 27.1 | 26.9 | 27.0 |
| Net income (R$ million) | 285 | 335 | 388 | 446 |
TARGET PRICE - R$16.00 (Comprar)
| CITIBANK projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,051 | 7,630 | 8,116 |
| Net revenues (R$ million) | 1,795 | 1,756 | 1,842 | 2,040 |
| Adjusted EBITDA (R$ million) | 418 | 527 | 478 | 532 |
| Adjusted EBITDA margin (%) | 23.3 | 30.0 | 25.9 | 26.1 |
| Net income (R$ million) | 285 | 352 | 316 | 355 |
TARGET PRICE - R$15.00 (Neutral)
| Credit Suisse projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 6,845 | 7,254 | 7,359 |
| Net revenues (R$ million) | 1,795 | 1,777 | 1,771 | 1,874 |
| Adjusted EBITDA (R$ million) | 418 | 537 | 430 | 535 |
| Adjusted EBITDA margin (%) | 23.3 | 30.3 | 24.3 | 28.5 |
| Net income (R$ million) | 285 | 361 | 297 | 378 |
TARGET PRICE - R$17.00 (Buy)
| ELEVEN projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,759 | 1,906 | 1,865 |
| Adjusted EBITDA (R$ million) | 418 | 530 | 445 | 439 |
| Adjusted EBITDA margin (%) | 23.3 | 30.1 | 23.3 | 23.6 |
| Net income (R$ million) | 285 | 354 | 297 | 292 |
TARGET PRICE - R$17.00 (Buy)
| HSBC projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,788 | 1,936 | 2,185 |
| Adjusted EBITDA (R$ million) | 418 | 517 | 496 | 594 |
| Adjusted EBITDA margin (%) | 23.3 | 28.9 | 25.6 | 27.2 |
| Net income (R$ million) | 285 | 353 | 339 | 426 |
TARGET PRICE - R$14.00 (Hold)
| ITAÚ BBA projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,420 | 7,774 | 8.149 |
| Net revenues (R$ million) | 1,795 | 1,765 | 1,850 | 2.022 |
| Adjusted EBITDA (R$ million) | 418 | 542 | 448 | 510 |
| Adjusted EBITDA margin (%) | 23.3 | 30.8 | 24.2 | 25.2 |
| Net income (R$ million) | 285 | 362 | 287 | 336 |
TARGET PRICE - R$14.50 (Sell)
| J.P. MORGAN projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,782 | 8,136 | 8,455 |
| Net revenues (R$ million) | 1,795 | 1,948 | 2,095 | 2,258 |
| Adjusted EBITDA (R$ million) | 418 | 460 | 484 | 514 |
| Adjusted EBITDA margin (%) | 23.3 | 23.6 | 23.1 | 22.8 |
| Net income (R$ million) | 285 | 306 | 322 | 345 |
TARGET PRICE - R$16.40 (Neutral)
| J.Safra projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,352 | 8,066 | 8,396 |
| Net revenues (R$ million) | 1,795 | 1,765 | 1,889 | 2,046 |
| Adjusted EBITDA (R$ million) | 418 | 549 | 484 | 518 |
| Adjusted EBITDA margin (%) | 23.3 | 31.1 | 25.6 | 25.3 |
| Net income (R$ million) | 285 | 375 | 333 | 357 |
TARGET PRICE - R$14.00 (Buy)
| MERRILL LYNCH projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,145 | 7,433 | 7,786 |
| Net revenues (R$ million) | 1,795 | 1,730 | 1,778 | 1,961 |
| Adjusted EBITDA (R$ million) | 418 | 541 | 428 | 474 |
| Adjusted EBITDA margin (%) | 23.3 | 31.3 | 24.1 | 24.2 |
| Net income (R$ million) | 285 | 349 | 278 | 320 |
TARGET PRICE - R$15.00 (Neutral)
| MORGAN STANLEY projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,425 | 7,954 | 8,458 |
| Net revenues (R$ million) | 1,795 | 1,759 | 1,857 | 2,013 |
| Adjusted EBITDA (R$ million) | 418 | 549 | 464 | 506 |
| Adjusted EBITDA margin (%) | 23.3 | 31.2 | 25.0 | 25.1 |
| Net income (R$ million) | 285 | 376 | 328 | 363 |
TARGET PRICE - R$17.20 (Buy)
| SANTANDER projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7.068 | 7.321 | 7.607 |
| Net revenues (R$ million) | 1,795 | 1,753 | 1,774 | 1,915 |
| Adjusted EBITDA (R$ million) | 418 | 532 | 471 | 507 |
| Adjusted EBITDA margin (%) | 23.3 | 30.3 | 26.6 | 26.5 |
| Net income (R$ million) | 285 | 354 | 301 | 330 |
TARGET PRICE - R$15.00 (Neutral)
| UBS projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,350 | 7,670 | 7,910 |
| Net revenues (R$ million) | 1,795 | 1,756 | 1,863 | 2,018 |
| Adjusted EBITDA (R$ million) | 418 | 563 | 462 | 515 |
| Adjusted EBITDA margin (%) | 23.3 | 32.0 | 25.0 | 26.0 |
| Net income (R$ million) | 285 | 385 | 310 | 343 |