AVERAGE TARGET PRICE - R$12.69
| Consensus | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,917 | 9,195 |
| Net revenues (R$ million) | 2,143 | 2,294 | 2,442 |
| Adjusted EBITDA (R$ million) | 647 | 719 | 766 |
| Adjusted EBITDA margin (%) | 30.2 | 31.3 | 31.7 |
| Net income (R$ million) | 537 | 518 | 545 |
TARGET PRICE - R$13.50 (Neutral)
| BTG PACTUAL projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | – | – |
| Net revenues (R$ million) | 2,143 | 2,349 | 2,541 |
| Adjusted EBITDA (R$ million) | 647 | 743 | 809 |
| Adjusted EBITDA margin (%) | 30.2 | 31.6 | 31.8 |
| Net income (R$ million) | 537 | 531 | 574 |
TARGET PRICE - R$14.00 (Neutral)
| CITIBANK projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,814 | 9,041 |
| Net revenues (R$ million) | 2,143 | 2,300 | 2,463 |
| Adjusted EBITDA (R$ million) | 647 | 707 | 761 |
| Adjusted EBITDA margin (%) | 30.2 | 30.8 | 30.9 |
| Net income (R$ million) | 537 | 508 | 540 |
TARGET PRICE - R$11.00 (Sell)
| Goldman Sachs projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,908 | 9,258 |
| Net revenues (R$ million) | 2,143 | 2,245 | 2,377 |
| Adjusted EBITDA (R$ million) | 647 | 697 | 728 |
| Adjusted EBITDA margin (%) | 30.2 | 31.0 | 30.6 |
| Net income (R$ million) | 537 | 507 | 544 |
TARGET PRICE - R$14.00 (Neutral)
| ITAÚ BBA projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,963 | 9,330 |
| Net revenues (R$ million) | 2,143 | 2,309 | 2,493 |
| Adjusted EBITDA (R$ million) | 647 | 718 | 788 |
| Adjusted EBITDA margin (%) | 30.2 | 31.1 | 31.6 |
| Net income (R$ million) | 537 | 512 | 560 |
TARGET PRICE - R$10.50 (Sell)
| J.P. MORGAN projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,900 | 9,100 |
| Net revenues (R$ million) | 2,143 | 2,295 | 2,427 |
| Adjusted EBITDA (R$ million) | 647 | 768 | 806 |
| Adjusted EBITDA margin (%) | 30.2 | 33.5 | 35.9 |
| Net income (R$ million) | 537 | 517 | 530 |
TARGET PRICE - R$13.50 (Sell)
| J.Safra projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,619 | – | – |
| Net revenues (R$ million) | 2,143 | – | – |
| Adjusted EBITDA (R$ million) | 647 | – | – |
| Adjusted EBITDA margin (%) | 30.2 | – | – |
| Net income (R$ million) | 537 | – | – |
TARGET PRICE - R$12.00 (Neutral)
| MERRILL LYNCH projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 9,051 | 9,270 |
| Net revenues (R$ million) | 2,143 | 2,295 | 2,386 |
| Adjusted EBITDA (R$ million) | 647 | 745 | 801 |
| Adjusted EBITDA margin (%) | 30.2 | 32.4 | 33.6 |
| Net income (R$ million) | 537 | 541 | 562 |
TARGET PRICE - R$14.50 (Buy)
| SANTANDER projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | – | – |
| Net revenues (R$ million) | 2,143 | 2,281 | 2,437 |
| Adjusted EBITDA (R$ million) | 647 | 693 | 741 |
| Adjusted EBITDA margin (%) | 30.2 | 30.4 | 30.4 |
| Net income (R$ million) | 537 | 507 | 529 |
TARGET PRICE - R$11.90 (Neutral)
| XP RESEARCH projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,898 | 9,186 |
| Net revenues (R$ million) | 2,143 | 2,280 | 2,424 |
| Adjusted EBITDA (R$ million) | 647 | 696 | 719 |
| Adjusted EBITDA margin (%) | 30.2 | 30.5 | 29.7 |
| Net income (R$ million) | 537 | 505 | 516 |
TARGET PRICE - R$11.00 (Sell)
| MORGAN STANLEY projections | 2023A | 2024E | 2025E |
| Members (thousand) | 8,618 | 8,887 | 9,181 |
| Net revenues (R$ million) | 2,143 | 2,288 | 2,431 |
| Adjusted EBITDA (R$ million) | 647 | 703 | 743 |
| Adjusted EBITDA margin (%) | 30.2 | 30.7 | 30.5 |
| Net income (R$ million) | 537 | 533 | 549 |