ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$13.08

Consensus 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,117 8,502
Net revenues (R$ million) 1,765 1,842 2,010 2,112
Adjusted EBITDA (R$ million) 544 581 553 584
Adjusted EBITDA margin (%) 30.8 31.5 27.6 27.6
Net income (R$ million) 361 380 402 402

 

TARGET PRICE - R$11.50 (Neutral)

BTG PACTUAL projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,267 8,584
Net revenues (R$ million) 1,765 1,842 1,927 2,046
Adjusted EBITDA (R$ million) 544 581 578 620
Adjusted EBITDA margin (%) 30.8 31.5 30.0 30.3
Net income (R$ million) 361 380 466 452

 

TARGET PRICE - R$12.00 (Neutral)

CITIBANK projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,116
Net revenues (R$ million) 1,765 1,842 2,040
Adjusted EBITDA (R$ million) 544 581 532
Adjusted EBITDA margin (%) 30.8 31.5 26.1
Net income (R$ million) 361 380 355

 

TARGET PRICE - R$10.91 (Neutral)

Credit Suisse projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 7,359
Net revenues (R$ million) 1,765 1,842 1,979 2,063
Adjusted EBITDA (R$ million) 544 581 547 534
Adjusted EBITDA margin (%) 30.8 31.5 27.6 25.9
Net income (R$ million) 361 380 583 368

 

TARGET PRICE - R$14.00 (Neutral)

ELEVEN projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984
Net revenues (R$ million) 1,765 1,842 1,993 2,123
Adjusted EBITDA (R$ million) 544 581 622 635
Adjusted EBITDA margin (%) 30.8 31.5 31.2 29.9
Net income (R$ million) 361 380 430 437

 

TARGET PRICE - R$11.00 (Sell)

Goldman Sachs projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,180 8,420
Net revenues (R$ million) 1,765 1,842 1,863 1,919
Adjusted EBITDA (R$ million) 544 581 640 507
Adjusted EBITDA margin (%) 30.8 31.5 34.4 26.4
Net income (R$ million) 361 380 469 393

 

TARGET PRICE - R$14.00 (Hold)

ITAÚ BBA projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8.149
Net revenues (R$ million) 1,765 1,842 2.022
Adjusted EBITDA (R$ million) 544 581 510
Adjusted EBITDA margin (%) 30.8 31.5 25.2
Net income (R$ million) 361 380 336

 

TARGET PRICE - R$14.50 (Sell)

J.P. MORGAN projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,455
Net revenues (R$ million) 1,765 1,842 2,258
Adjusted EBITDA (R$ million) 544 581 514
Adjusted EBITDA margin (%) 30.8 31.5 22.8
Net income (R$ million) 361 380 345

 

TARGET PRICE - R$11.50 (Neutral)

J.Safra projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,396
Net revenues (R$ million) 1,765 1,842 2,064 2,240
Adjusted EBITDA (R$ million) 544 581 548 589
Adjusted EBITDA margin (%) 30.8 31.5 26.6 26.3
Net income (R$ million) 361 380 407 421

TARGET PRICE - R$15.00 (Neutral)

MERRILL LYNCH projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 7,786
Net revenues (R$ million) 1,765 1,842 2,028 2,260
Adjusted EBITDA (R$ million) 544 581 516 572
Adjusted EBITDA margin (%) 30.8 31.5 25.5 25.3
Net income (R$ million) 361 380 340 377

 

TARGET PRICE - R$13.50 (Neutral)

MORGAN STANLEY projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,458
Net revenues (R$ million) 1,765 1,842 2,013 2,148
Adjusted EBITDA (R$ million) 544 581 560 618
Adjusted EBITDA margin (%) 30.8 31.5 27.8 28.8
Net income (R$ million) 361 380 371 432

 

TARGET PRICE - R$15.00 (Hold)

SANTANDER projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 8,214 8,503
Net revenues (R$ million) 1,765 1,842 1,983 2,141
Adjusted EBITDA (R$ million) 544 581 555 598
Adjusted EBITDA margin (%) 30.8 31.5 28.0 27.9
Net income (R$ million) 361 380 381 397

 

TARGET PRICE - R$14.00 (Neutral)

UBS projections 2020A 2021A 2022E 2023E
Members (thousand) 7,510 7,984 7,910
Net revenues (R$ million) 1,765 1,842 1,952 2,066
Adjusted EBITDA (R$ million) 544 581 515
Adjusted EBITDA margin (%) 30.8 31.5 26.4
Net income (R$ million) 361 380 340 343