AVERAGE TARGET PRICE - R$15.49
| Consensus | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,196 | 7,514 | 7,778 |
| Net revenues (R$ million) | 1,795 | 1,794 | 1,872 | 2,009 |
| Adjusted EBITDA (R$ million) | 418 | 492 | 464 | 503 |
| Adjusted EBITDA margin (%) | 23.3 | 27.5 | 24.8 | 25.0 |
| Net income (R$ million) | 285 | 333 | 316 | 348 |
TARGET PRICE - R$13.50 (Neutral)
| BTG PACTUAL projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,193 | 7,408 | 7,655 |
| Net revenues (R$ million) | 1,795 | 1,753 | 1,817 | 1,959 |
| Adjusted EBITDA (R$ million) | 418 | 5311 | 377 | 450 |
| Adjusted EBITDA margin (%) | 23.3 | 29.2 | 20.7 | 23.0 |
| Net income (R$ million) | 285 | 375 | 287 | 338 |
TARGET PRICE - R$17.00 (Buy)
| BTG PACTUAL projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,820 | 1,989 | 2,194 |
| Adjusted EBITDA (R$ million) | 418 | 494 | 536 | 593 |
| Adjusted EBITDA margin (%) | 23.3 | 27.1 | 26.9 | 27.0 |
| Net income (R$ million) | 285 | 335 | 388 | 446 |
TARGET PRICE - R$15.00 (Neutral)
| CITIBANK projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,051 | 7,630 | 8,116 |
| Net revenues (R$ million) | 1,795 | 1,732 | 1,999 | 2,260 |
| Adjusted EBITDA (R$ million) | 418 | 444 | 519 | 589 |
| Adjusted EBITDA margin (%) | 23.3 | 25.6 | 25.9 | 26.0 |
| Net income (R$ million) | 285 | 288 | 340 | 393 |
TARGET PRICE - R$15.00 (Neutral)
| Credit Suisse projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 6,845 | 7,254 | 7,359 |
| Net revenues (R$ million) | 1,795 | 1,777 | 1,771 | 1,874 |
| Adjusted EBITDA (R$ million) | 418 | 459 | 430 | 535 |
| Adjusted EBITDA margin (%) | 23.3 | 25.8 | 24.3 | 28.5 |
| Net income (R$ million) | 285 | 312 | 297 | 378 |
TARGET PRICE - R$17.00 (Buy)
| ELEVEN projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,809 | 1,758 | 1,865 |
| Adjusted EBITDA (R$ million) | 418 | 519 | 512 | 439 |
| Adjusted EBITDA margin (%) | 23.3 | 23.1 | 29.1 | 23.6 |
| Net income (R$ million) | 285 | 285 | 344 | 292 |
TARGET PRICE - R$17.00 (Buy)
| HSBC projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | – | – | – |
| Net revenues (R$ million) | 1,795 | 1,788 | 1,936 | 2,185 |
| Adjusted EBITDA (R$ million) | 418 | 517 | 496 | 594 |
| Adjusted EBITDA margin (%) | 23.3 | 28.9 | 25.6 | 27.2 |
| Net income (R$ million) | 285 | 353 | 339 | 426 |
TARGET PRICE - R$17.00 (Hold)
| ITAÚ BBA projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,675 | 8,093 | – |
| Net revenues (R$ million) | 1,795 | 1,958 | 2,140 | – |
| Adjusted EBITDA (R$ million) | 418 | 477 | 545 | – |
| Adjusted EBITDA margin (%) | 23.3 | 24.4 | 25.5 | – |
| Net income (R$ million) | 285 | 312 | 360 | – |
TARGET PRICE - R$14.50 (Sell)
| J.P. MORGAN projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,782 | 8,136 | 8,455 |
| Net revenues (R$ million) | 1,795 | 1,948 | 2,095 | 2,258 |
| Adjusted EBITDA (R$ million) | 418 | 460 | 484 | 514 |
| Adjusted EBITDA margin (%) | 23.3 | 23.6 | 23.1 | 22.8 |
| Net income (R$ million) | 285 | 306 | 322 | 345 |
TARGET PRICE - R$14.30 (Neutral)
| J.Safra projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,200 | 7,300 | – |
| Net revenues (R$ million) | 1,795 | 1,693 | 1,736 | 1,853 |
| Adjusted EBITDA (R$ million) | 418 | 522 | 400 | 455 |
| Adjusted EBITDA margin (%) | 23.3 | 30.9 | 23.0 | 24.6 |
| Net income (R$ million) | 285 | 354 | 271 | 309 |
TARGET PRICE - R$14.00 (Buy)
| MERRILL LYNCH projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,145 | 7,433 | 7,786 |
| Net revenues (R$ million) | 1,795 | 1,730 | 1,778 | 1,961 |
| Adjusted EBITDA (R$ million) | 418 | 541 | 428 | 474 |
| Adjusted EBITDA margin (%) | 23.3 | 31.3 | 24.1 | 24.2 |
| Net income (R$ million) | 285 | 349 | 278 | 320 |
TARGET PRICE - R$15.20 (Neutral)
| MORGAN STANLEY projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 6,894 | 7,391 | 7,779 |
| Net revenues (R$ million) | 1,795 | 1,741 | 1,793 | 1,977 |
| Adjusted EBITDA (R$ million) | 418 | 426 | 455 | 495 |
| Adjusted EBITDA margin (%) | 23.3 | 24.5 | 25.4 | 25.1 |
| Net income (R$ million) | 285 | 295 | 325 | 356 |
TARGET PRICE - R$16.60 (Buy)
| SANTANDER projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7.068 | 7.321 | 7.607 |
| Net revenues (R$ million) | 1,795 | 1,717 | 1,697 | 1,837 |
| Adjusted EBITDA (R$ million) | 418 | 541 | 444 | 479 |
| Adjusted EBITDA margin (%) | 23.3 | 31.5 | 26.2 | 26.1 |
| Net income (R$ million) | 285 | 368 | 278 | 310 |
TARGET PRICE - R$17.00 (Buy)
| UBS projections | 2019A | 2020E | 2021E | 2022E |
| Members (thousand) | 7,400 | 7,105 | 7,170 | 7,470 |
| Net revenues (R$ million) | 1,795 | 1,860 | 1,896 | 2,034 |
| Adjusted EBITDA (R$ million) | 418 | 548 | 473 | 518 |
| Adjusted EBITDA margin (%) | 23.3 | 29.5 | 24.9 | 25.5 |
| Net income (R$ million) | 285 | 374 | 347 | 378 |