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 |