ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$18.11

Consensus 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,406 7,736 8,090
Net revenues (R$ million) 1,592 1,828 1,986 2,177
Adjusted EBITDA (R$ million) 415 445 495 558
Adjusted EBITDA margin (%) 26.1 24.3 24.9 25.6
Net income (R$ million) 285 300 340 387

 

TARGET PRICE - R$18.00 (Neutral)

BTG PACTUAL projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,377 7,675 7,973
Net revenues (R$ million) 1,592 1,814 1,944 2,110
Adjusted EBITDA (R$ million) 415 417 442 493
Adjusted EBITDA margin (%) 26.1 23.0 22.7 23.4
Net income (R$ million) 285 290 335 355

 

TARGET PRICE - R$19.00 (Neutral)

CITIBANK projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,382
Net revenues (R$ million) 1,592 1,833 1,979 2,185
Adjusted EBITDA (R$ million) 415 443 496 556
Adjusted EBITDA margin (%) 26.1 24.2 25.1 25.5
Net income (R$ million) 285 310 339 383

 

TARGET PRICE - R$22.00 (Buy)

ELEVEN projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230
Net revenues (R$ million) 1,592 1,821 1,997 2,157
Adjusted EBITDA (R$ million) 415 437 513 562
Adjusted EBITDA margin (%) 26.1 24.0 25.7 26.1
Net income (R$ million) 285 299 361 397

 

TARGET PRICE - R$18.00 (Buy)

HSBC projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230
Net revenues (R$ million) 1,592 1,831 2,063 2,375
Adjusted EBITDA (R$ million) 415 464 552 669
Adjusted EBITDA margin (%) 26.1 25.4 26.8 28.2
Net income (R$ million) 285 322 397 486

 

TARGET PRICE - R$17.00 (Hold)

ITAÚ BBA projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,409 7,675 8,093
Net revenues (R$ million) 1,592 1,819 1,958 2,140
Adjusted EBITDA (R$ million) 415 431 477 545
Adjusted EBITDA margin (%) 26.1 23.7 24.4 25.5
Net income (R$ million) 285 266 312 360

 

TARGET PRICE - R$17.00 (Sell)

J.P. MORGAN projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,307 7,609 7,911
Net revenues (R$ million) 1,592 1,865 2,021 2,179
Adjusted EBITDA (R$ million) 415 497 540 570
Adjusted EBITDA margin (%) 26.1 26.6 26.7 26.2
Net income (R$ million) 285 322 360 395

 

TARGET PRICE - R$19.70 (Buy)

J.Safra projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,361 7,562 7,833
Net revenues (R$ million) 1,592 1,804 1,913 2,041
Adjusted EBITDA (R$ million) 415 443 484 522
Adjusted EBITDA margin (%) 26.1 24.5 25.3 25.6
Net income (R$ million) 285 300 328 361

TARGET PRICE - R$17.00 (Sell)

MERRILL LYNCH projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,389 7,419 7,479
Net revenues (R$ million) 1,592 1,817 1,953 2,159
Adjusted EBITDA (R$ million) 415 400 431 497
Adjusted EBITDA margin (%) 26.1 22.0 22.1 23.0
Net income (R$ million) 285 277 290 340

 

TARGET PRICE - R$16.50 (Sell)

MORGAN STANLEY projections 2018A 2019E 2019E 2021E
Members (thousand) 7,230 7,400 8,100 8,600
Net revenues (R$ million) 1,592 1,833 2,027 2,225
Adjusted EBITDA (R$ million) 415 453 488 562
Adjusted EBITDA margin (%) 26.1 24.7 24.1 25.3
Net income (R$ million) 285 299 333 390

 

TARGET PRICE - R$18.00 (Hold)

SANTANDER projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,373 7,693
Net revenues (R$ million) 1,592 1,813 1,915 2,056
Adjusted EBITDA (R$ million) 415 415 446 501
Adjusted EBITDA margin (%) 26.1 22.9 23.3 24.3
Net income (R$ million) 285 284 299 339

 

TARGET PRICE - R$17.00 (Neutral)

UBS projections 2018A 2019E 2020E 2021E
Members (thousand) 7,230 7,657 8,156 8,743
Net revenues (R$ million) 1,592 1,854 2,080 2,322
Adjusted EBITDA (R$ million) 415 490 572 660
Adjusted EBITDA margin (%) 26.1 26.4 27.5 28.4
Net income (R$ million) 285 331 387 447