ODPV3 |

Analyst Projections

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