AVERAGE TARGET PRICE - R$16.80
| Consensus | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,441 | 7,760 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,901 | 2,061 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 488 | 521 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 25.6 | 25.1 |
| Net income (R$ million) | 285 | 285 | 334 | 360 |
TARGET PRICE - R$15.00 (Neutral)
| BTG PACTUAL projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,097 | 7,308 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,745 | 1,807 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 511 | 419 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 29.3 | 23.2 |
| Net income (R$ million) | 285 | 285 | 382 | 317 |
TARGET PRICE - R$15.00 (Neutral)
| CITIBANK projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,051 | 7,630 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,732 | 1,999 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 444 | 519 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 25.6 | 25.9 |
| Net income (R$ million) | 285 | 285 | 288 | 340 |
TARGET PRICE - R$22.00 (Buy)
| ELEVEN projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | – | – |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,997 | 2,157 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 513 | 562 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 25.7 | 26.1 |
| Net income (R$ million) | 285 | 285 | 361 | 397 |
TARGET PRICE - R$18.00 (Buy)
| HSBC projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | – | – |
| Net revenues (R$ million) | 1,592 | 1,795 | 2,063 | 2,375 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 552 | 669 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 26.8 | 28.2 |
| Net income (R$ million) | 285 | 285 | 391 | 479 |
TARGET PRICE - R$17.00 (Hold)
| ITAÚ BBA projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,675 | 8,093 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,958 | 2,140 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 477 | 545 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 24.4 | 25.5 |
| Net income (R$ million) | 285 | 285 | 312 | 360 |
TARGET PRICE - R$16.00 (Sell)
| J.P. MORGAN projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,782 | 8,136 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,948 | 2,095 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 460 | 484 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 23.6 | 23.1 |
| Net income (R$ million) | 285 | 285 | 306 | 322 |
TARGET PRICE - R$14.60 (Neutral)
| J.Safra projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,200 | 7,300 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,851 | 1,949 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 442 | 465 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 23.9 | 23.9 |
| Net income (R$ million) | 285 | 285 | 303 | 316 |
TARGET PRICE - R$17.00 (Sell)
| MERRILL LYNCH projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,419 | 7,479 |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,953 | 2,159 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 431 | 497 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 22.1 | 23.0 |
| Net income (R$ million) | 285 | 285 | 290 | 340 |
TARGET PRICE - R$15.20 (Sell)
| MORGAN STANLEY projections | 2018A | 2019A | 2019E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 8,100 | 8,600 |
| Net revenues (R$ million) | 1,592 | 1,795 | 2,027 | 2,225 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 511 | 562 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 25.2 | 25.3 |
| Net income (R$ million) | 285 | 285 | 333 | 390 |
TARGET PRICE - R$18.00 (Hold)
| SANTANDER projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 7,693 | – |
| Net revenues (R$ million) | 1,592 | 1,795 | 1,883 | 1,921 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 535 | 454 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 28.4 | 23.6 |
| Net income (R$ million) | 285 | 285 | 362 | 312 |
TARGET PRICE - R$17.00 (Neutral)
| UBS projections | 2018A | 2019A | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 8,156 | 8,743 |
| Net revenues (R$ million) | 1,592 | 1,795 | 2,041 | 2,282 |
| Adjusted EBITDA (R$ million) | 415 | 418 | 572 | 660 |
| Adjusted EBITDA margin (%) | 26.1 | 23.3 | 27.5 | 28.4 |
| Net income (R$ million) | 285 | 285 | 389 | 448 |