AVERAGE TARGET PRICE - R$13.08
| Consensus | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,117 | 8,502 |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,010 | 2,112 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 553 | 584 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 27.6 | 27.6 |
| Net income (R$ million) | 361 | 380 | 402 | 402 |
TARGET PRICE - R$11.50 (Neutral)
| BTG PACTUAL projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,267 | 8,584 |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,927 | 2,046 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 578 | 620 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 30.0 | 30.3 |
| Net income (R$ million) | 361 | 380 | 466 | 452 |
TARGET PRICE - R$12.00 (Neutral)
| CITIBANK projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,116 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,040 | – |
| Adjusted EBITDA (R$ million) | 544 | 581 | 532 | – |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 26.1 | – |
| Net income (R$ million) | 361 | 380 | 355 | – |
TARGET PRICE - R$10.91 (Neutral)
| Credit Suisse projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 7,359 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,979 | 2,063 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 547 | 534 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 27.6 | 25.9 |
| Net income (R$ million) | 361 | 380 | 583 | 368 |
TARGET PRICE - R$14.00 (Neutral)
| ELEVEN projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | – | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,993 | 2,123 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 622 | 635 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 31.2 | 29.9 |
| Net income (R$ million) | 361 | 380 | 430 | 437 |
TARGET PRICE - R$11.00 (Sell)
| Goldman Sachs projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,180 | 8,420 |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,863 | 1,919 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 640 | 507 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 34.4 | 26.4 |
| Net income (R$ million) | 361 | 380 | 469 | 393 |
TARGET PRICE - R$14.00 (Hold)
| ITAÚ BBA projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8.149 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2.022 | – |
| Adjusted EBITDA (R$ million) | 544 | 581 | 510 | – |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 25.2 | – |
| Net income (R$ million) | 361 | 380 | 336 | – |
TARGET PRICE - R$14.50 (Sell)
| J.P. MORGAN projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,455 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,258 | – |
| Adjusted EBITDA (R$ million) | 544 | 581 | 514 | – |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 22.8 | – |
| Net income (R$ million) | 361 | 380 | 345 | – |
TARGET PRICE - R$11.50 (Neutral)
| J.Safra projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,396 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,064 | 2,240 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 548 | 589 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 26.6 | 26.3 |
| Net income (R$ million) | 361 | 380 | 407 | 421 |
TARGET PRICE - R$15.00 (Neutral)
| MERRILL LYNCH projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 7,786 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,028 | 2,260 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 516 | 572 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 25.5 | 25.3 |
| Net income (R$ million) | 361 | 380 | 340 | 377 |
TARGET PRICE - R$13.50 (Neutral)
| MORGAN STANLEY projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,458 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 2,013 | 2,148 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 560 | 618 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 27.8 | 28.8 |
| Net income (R$ million) | 361 | 380 | 371 | 432 |
TARGET PRICE - R$15.00 (Hold)
| SANTANDER projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 8,214 | 8,503 |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,983 | 2,141 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 555 | 598 |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 28.0 | 27.9 |
| Net income (R$ million) | 361 | 380 | 381 | 397 |
TARGET PRICE - R$14.00 (Neutral)
| UBS projections | 2020A | 2021A | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,984 | 7,910 | – |
| Net revenues (R$ million) | 1,765 | 1,842 | 1,952 | 2,066 |
| Adjusted EBITDA (R$ million) | 544 | 581 | 515 | – |
| Adjusted EBITDA margin (%) | 30.8 | 31.5 | 26.4 | – |
| Net income (R$ million) | 361 | 380 | 340 | 343 |