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 |