AVERAGE TARGET PRICE - R$12.49
| Consensus | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | 8,572 | 8,837 | 9,263 |
| Net revenues (R$ million) | 1,962 | 2,149 | 2,312 | 2,487 |
| Adjusted EBITDA (R$ million) | 576 | 677 | 713 | 764 |
| Adjusted EBITDA margin (%) | 29.4 | 31.5 | 30.8 | 30.7 |
| Net income (R$ million) | 452 | 516 | 518 | 549 |
TARGET PRICE - R$13.50 (Neutral)
| BTG PACTUAL projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | – | – | – |
| Net revenues (R$ million) | 1,962 | 2,149 | 2,350 | 2,542 |
| Adjusted EBITDA (R$ million) | 576 | 710 | 780 | 849 |
| Adjusted EBITDA margin (%) | 29.4 | 33.0 | 33.2 | 33.4 |
| Net income (R$ million) | 452 | 529 | 551 | 595 |
TARGET PRICE - R$12.00 (Neutral)
| CITIBANK projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | 8,567 | 8,814 | 9,041 |
| Net revenues (R$ million) | 1,962 | 2,154 | 2,307 | 2,466 |
| Adjusted EBITDA (R$ million) | 576 | 650 | 693 | 743 |
| Adjusted EBITDA margin (%) | 29.4 | 30.2 | 30.1 | 30.1 |
| Net income (R$ million) | 452 | 509 | 494 | 521 |
TARGET PRICE - R$11.00 (Sell)
| Goldman Sachs projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | 8,646 | 9,052 | 9,463 |
| Net revenues (R$ million) | 1,962 | 2,149 | 2,288 | 2,466 |
| Adjusted EBITDA (R$ million) | 576 | 688 | 656 | 706 |
| Adjusted EBITDA margin (%) | 29.4 | 32.0 | 28.7 | 28.6 |
| Net income (R$ million) | 452 | 520 | 499 | 555 |
TARGET PRICE - R$14.00 (Neutral)
| ITAÚ BBA projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | 8,503 | 8,911 | 9,286 |
| Net revenues (R$ million) | 1,962 | 2,161 | 2,351 | 2,560 |
| Adjusted EBITDA (R$ million) | 576 | 685 | 709 | 782 |
| Adjusted EBITDA margin (%) | 29.4 | 31.7 | 30.1 | 30.5 |
| Net income (R$ million) | 452 | 533 | 538 | 586 |
TARGET PRICE - R$11.00 (Sell)
| J.P. MORGAN projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | 8,572 | 8,572 | – |
| Net revenues (R$ million) | 1,962 | 2,119 | 2,259 | 2,433 |
| Adjusted EBITDA (R$ million) | 576 | 727 | 752 | 748 |
| Adjusted EBITDA margin (%) | 29.4 | 34.3 | 33.3 | 30.7 |
| Net income (R$ million) | 452 | 537 | 518 | 518 |
TARGET PRICE - R$11.00 (Neutral)
| J.Safra projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | – | – | – |
| Net revenues (R$ million) | 1,962 | – | – | – |
| Adjusted EBITDA (R$ million) | 576 | – | – | – |
| Adjusted EBITDA margin (%) | 29.4 | – | – | – |
| Net income (R$ million) | 452 | – | – | – |
TARGET PRICE - R$12.00 (Neutral)
| MERRILL LYNCH projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | – | – | – |
| Net revenues (R$ million) | 1,962 | 2,144 | 2,270 | 2,371 |
| Adjusted EBITDA (R$ million) | 576 | 639 | 684 | 724 |
| Adjusted EBITDA margin (%) | 29.4 | 29.8 | 30.1 | 30.5 |
| Net income (R$ million) | 452 | 479 | 516 | 520 |
TARGET PRICE - R$15.40 (Buy)
| SANTANDER projections | 2022A | 2023E | 2024E | 2025E |
| Members (thousand) | 8,318 | – | – | – |
| Net revenues (R$ million) | 1,962 | 2,164 | 2,359 | 2,571 |
| Adjusted EBITDA (R$ million) | 576 | 641 | 717 | 793 |
| Adjusted EBITDA margin (%) | 29.4 | 29.7 | 30.4 | 30.8 |
| Net income (R$ million) | 452 | 502 | 507 | 550 |