AVERAGE TARGET PRICE - R$11.95
| Consensus | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,335 | 9,560 | – |
| Net revenues (R$ million) | 2,270 | 2,400 | 2,546 | 2,677 |
| Adjusted EBITDA (R$ million) | 694 | 757 | 810 | 844 |
| Adjusted EBITDA margin (%) | 30.6 | 31.5 | 31.8 | 31.5 |
| Net income (R$ million) | 534 | 565 | 594 | 606 |
TARGET PRICE - R$13.00 (Neutral)
| BTG Pactual projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,404 | 2,548 | 2,701 |
| Adjusted EBITDA (R$ million) | 694 | 791 | 842 | 895 |
| Adjusted EBITDA margin (%) | 30.6 | 32.9 | 33.1 | 33.1 |
| Net income (R$ million) | 534 | 561 | 598 | 635 |
TARGET PRICE - R$11.00 (Neutral)
| CITIBANK projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,149 | 9,370 | 9,584 |
| Net revenues (R$ million) | 2,270 | 2,414 | 2,558 | 2,692 |
| Adjusted EBITDA (R$ million) | 694 | 738 | 777 | 812 |
| Adjusted EBITDA margin (%) | 30.6 | 30.6 | 30.4 | 30.2 |
| Net income (R$ million) | 534 | 571 | 590 | 594 |
TARGET PRICE - R$12.00 (Sell)
| Goldman Sachs projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,266 | 9,611 | – |
| Net revenues (R$ million) | 2,270 | 2,408 | 2,568 | – |
| Adjusted EBITDA (R$ million) | 694 | 758 | 851 | – |
| Adjusted EBITDA margin (%) | 30.6 | 31.5 | 33.1 | – |
| Net income (R$ million) | 534 | 581 | 629 | – |
TARGET PRICE - R$14.00 (Neutral)
| ITAÚ BBA projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,323 | 9,756 | – |
| Net revenues (R$ million) | 2,270 | 2,453 | 2,662 | – |
| Adjusted EBITDA (R$ million) | 694 | 760 | 838 | – |
| Adjusted EBITDA margin (%) | 30.6 | 31.0 | 31.5 | – |
| Net income (R$ million) | 534 | 601 | 660 | – |
TARGET PRICE - R$10.00 (Sell)
| J.P. MORGAN projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,806 | – | – |
| Net revenues (R$ million) | 2,270 | 2,401 | 2,549 | 2,682 |
| Adjusted EBITDA (R$ million) | 694 | 758 | 805 | 846 |
| Adjusted EBITDA margin (%) | 30.6 | 31.6 | 31.6 | 31.6 |
| Net income (R$ million) | 534 | 566 | 601 | 611 |
TARGET PRICE - R$12.00 (Neutral)
| J.Safra projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | – | – | – |
| Adjusted EBITDA (R$ million) | 694 | – | – | – |
| Adjusted EBITDA margin (%) | 30.6 | – | – | – |
| Net income (R$ million) | 534 | – | – | – |
TARGET PRICE - R$12.00 (Neutral)
| Merrill Lynch projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,371 | 2,480 | – |
| Adjusted EBITDA (R$ million) | 694 | 763 | 787 | – |
| Adjusted EBITDA margin (%) | 30.6 | 32.2 | 31.8 | – |
| Net income (R$ million) | 534 | 571 | 590 | – |
TARGET PRICE - R$11.50 (Neutral)
| SANTANDER projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,383 | – | – |
| Adjusted EBITDA (R$ million) | 694 | 746 | – | – |
| Adjusted EBITDA margin (%) | 30.6 | 31.3 | – | – |
| Net income (R$ million) | 534 | 566 | – | – |
TARGET PRICE - R$12.00 (Neutral)
| UBS projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,277 | 9,612 | 9,928 |
| Net revenues (R$ million) | 2,270 | 2,429 | 2,588 | 2,743 |
| Adjusted EBITDA (R$ million) | 694 | 748 | 814 | 876 |
| Adjusted EBITDA margin (%) | 30.6 | 30.8 | 31.5 | 31.9 |
| Net income (R$ million) | 534 | 554 | 588 | 631 |
TARGET PRICE - R$12.90 (Neutral)
| XP RESEARCH projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | 9,186 | 9,450 | 9,717 |
| Net revenues (R$ million) | 2,270 | 2,353 | 2,458 | 2,569 |
| Adjusted EBITDA (R$ million) | 694 | 748 | 766 | 789 |
| Adjusted EBITDA margin (%) | 30.6 | 31.8 | 31.1 | 30.7 |
| Net income (R$ million) | 534 | 544 | 549 | 559 |
TARGET PRICE - R$11.00 (Sell)
| MORGAN STANLEY projections | 2024A | 2025E | 2026E | 2027E |
| Members (thousand) | 8,924 | – | – | – |
| Net revenues (R$ million) | 2,270 | 2,386 | 2,500 | – |
| Adjusted EBITDA (R$ million) | 694 | – | – | – |
| Adjusted EBITDA margin (%) | 30.6 | – | – | – |
| Net income (R$ million) | 534 | 538 | 541 | – |