AVERAGE TARGET PRICE - R$15.26
| Consensus | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,751 | 8,078 | 8,503 |
| Net revenues (R$ million) | 1,765 | 1,871 | 2,014 | 2,191 |
| Adjusted EBITDA (R$ million) | 544 | 460 | 508 | 590 |
| Adjusted EBITDA margin (%) | 30.8 | 24.6 | 25.3 | 26.9 |
| Net income (R$ million) | 361 | 312 | 347 | 394 |
TARGET PRICE - R$13.50 (Neutral)
| BTG PACTUAL projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,682 | 7,940 | – |
| Net revenues (R$ million) | 1,765 | 1,832 | 1,975 | – |
| Adjusted EBITDA (R$ million) | 544 | 399 | 466 | – |
| Adjusted EBITDA margin (%) | 30.8 | 21.8 | 23.6 | – |
| Net income (R$ million) | 361 | 323 | 350 | – |
TARGET PRICE - R$14.50 (Buy)
| BTG PACTUAL projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | – | – | – |
| Net revenues (R$ 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$16.00 (Comprar)
| CITIBANK projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,630 | 8,116 | – |
| Net revenues (R$ 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$17.00 (Buy)
| ELEVEN projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | – | – | – |
| Net revenues (R$ 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$16.00 (Buy)
| HSBC projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | – | – | – |
| Net revenues (R$ million) | 1,765 | 1,890 | 2,084 | 2,304 |
| Adjusted EBITDA (R$ million) | 544 | 473 | 546 | 642 |
| Adjusted EBITDA margin (%) | 30.8 | 25.0 | 26.2 | 27.9 |
| Net income (R$ million) | 361 | 328 | 392 | 460 |
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$16.40 (Neutral)
| J.Safra projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 8,066 | 8,396 | – |
| Net revenues (R$ million) | 1,765 | 1,889 | 2,046 | – |
| Adjusted EBITDA (R$ million) | 544 | 484 | 518 | – |
| Adjusted EBITDA margin (%) | 30.8 | 25.6 | 25.3 | – |
| Net income (R$ million) | 361 | 333 | 357 | – |
TARGET PRICE - R$14.00 (Buy)
| MERRILL LYNCH projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,433 | 7,786 | – |
| Net revenues (R$ million) | 1,765 | 1,778 | 1,961 | – |
| Adjusted EBITDA (R$ million) | 544 | 428 | 474 | – |
| Adjusted EBITDA margin (%) | 30.8 | 24.1 | 24.2 | – |
| Net income (R$ million) | 361 | 278 | 320 | – |
TARGET PRICE - R$15.00 (Neutral)
| MORGAN STANLEY projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,954 | 8,458 | – |
| Net revenues (R$ million) | 1,765 | 1,857 | 2,013 | – |
| Adjusted EBITDA (R$ million) | 544 | 464 | 506 | – |
| Adjusted EBITDA margin (%) | 30.8 | 25.0 | 25.1 | – |
| Net income (R$ million) | 361 | 328 | 363 | – |
TARGET PRICE - R$17.50 (Buy)
| SANTANDER projections | 2020A | 2021E | 2022E | 2023E |
| Members (thousand) | 7,510 | 7,9111 | 8,214 | 8,503 |
| Net revenues (R$ million) | 1,765 | 1,876 | 2,036 | 2,178 |
| Adjusted EBITDA (R$ million) | 544 | 509 | 539 | 581 |
| Adjusted EBITDA margin (%) | 30.8 | 27.1 | 26.5 | 26.7 |
| Net income (R$ million) | 361 | 333 | 357 | 387 |
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 |