ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$14.83

Consensus 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,779 8,118 8,503
Net revenues (R$ million) 1,765 1,872 2,010 2,172
Adjusted EBITDA (R$ million) 544 504 527 589
Adjusted EBITDA margin (%) 30.8 27.0 26.3 27.2
Net income (R$ million) 361 339 359 401

 

TARGET PRICE - R$13.50 (Neutral)

BTG PACTUAL projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,966 8,341
Net revenues (R$ million) 1,765 1,832 1,966 2,129
Adjusted EBITDA (R$ million) 544 555 591 609
Adjusted EBITDA margin (%) 30.8 30.3 30.1 28.6
Net income (R$ million) 361 384 439 446

 

TARGET PRICE - R$18.00 (Buy)

BTG PACTUAL projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510
Net revenues (R$ million) 1,765 1,877 1,985 2,103
Adjusted EBITDA (R$ million) 544 475 506 547
Adjusted EBITDA margin (%) 30.8 25.3 25.5 26.0
Net income (R$ million) 361 310 333 361

 

TARGET PRICE - R$15.00 (Comprar)

CITIBANK projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,630 8,116
Net revenues (R$ million) 1,765 1,842 2,040
Adjusted EBITDA (R$ million) 544 478 532
Adjusted EBITDA margin (%) 30.8 25.9 26.1
Net income (R$ million) 361 316 355

 

TARGET PRICE - R$15.00 (Neutral)

Credit Suisse projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,254 7,359
Net revenues (R$ million) 1,765 1,771 1,874
Adjusted EBITDA (R$ million) 544 430 535
Adjusted EBITDA margin (%) 30.8 24.3 28.5
Net income (R$ million) 361 297 378

 

TARGET PRICE - R$14.00 (Neutral)

ELEVEN projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510
Net revenues (R$ million) 1,765 1,906 1,865
Adjusted EBITDA (R$ million) 544 445 439
Adjusted EBITDA margin (%) 30.8 23.3 23.6
Net income (R$ million) 361 297 292

 

TARGET PRICE - R$14.00 (Hold)

ITAÚ BBA projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,774 8.149
Net revenues (R$ million) 1,765 1,850 2.022
Adjusted EBITDA (R$ million) 544 448 510
Adjusted EBITDA margin (%) 30.8 24.2 25.2
Net income (R$ million) 361 287 336

 

TARGET PRICE - R$14.50 (Sell)

J.P. MORGAN projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 8,136 8,455
Net revenues (R$ million) 1,765 2,095 2,258
Adjusted EBITDA (R$ million) 544 484 514
Adjusted EBITDA margin (%) 30.8 23.1 22.8
Net income (R$ million) 361 322 345

 

TARGET PRICE - R$16.00 (Neutral)

J.Safra projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510      8,066       8,396
Net revenues (R$ million) 1,765 1,867 2,064 2,240
Adjusted EBITDA (R$ million) 544 557 548 589
Adjusted EBITDA margin (%) 30.8 29.8 26.6 26.3
Net income (R$ million) 361 396 404 422

TARGET PRICE - R$15.00 (Neutral)

MERRILL LYNCH projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,433 7,786
Net revenues (R$ million) 1,765 1,851 2,028 2,260
Adjusted EBITDA (R$ million) 544 569 516 572
Adjusted EBITDA margin (%) 30.8 30.5 25.5 25.3
Net income (R$ million) 361 384 340 377

 

TARGET PRICE - R$13.00 (Neutral)

MORGAN STANLEY projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,954 8,458
Net revenues (R$ million) 1,765 1,857 2,013 2,148
Adjusted EBITDA (R$ million) 544 569 560 618
Adjusted EBITDA margin (%) 30.8 30.7 27.8 28.8
Net income (R$ million) 361 376 371 432

 

TARGET PRICE - R$15.00 (Hold)

SANTANDER projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,9111 8,214 8,503
Net revenues (R$ million) 1,765 1,848 1,983 2,141
Adjusted EBITDA (R$ million) 544 575 555 598
Adjusted EBITDA margin (%) 30.8 31.1 28.0 27.9
Net income (R$ million) 361 392 381 397

 

TARGET PRICE - R$15.00 (Neutral)

UBS projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,670 7,910
Net revenues (R$ million) 1,765 1,863 2,018 2,180
Adjusted EBITDA (R$ million) 544 462 515
Adjusted EBITDA margin (%) 30.8 25.0 26.0
Net income (R$ million) 361 305 337 369