AVERAGE TARGET PRICE - R$18.11
| Consensus | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,406 | 7,736 | 8,090 |
| Net revenues (R$ million) | 1,592 | 1,828 | 1,986 | 2,177 |
| Adjusted EBITDA (R$ million) | 415 | 445 | 495 | 558 |
| Adjusted EBITDA margin (%) | 26.1 | 24.3 | 24.9 | 25.6 |
| Net income (R$ million) | 285 | 300 | 340 | 387 |
TARGET PRICE - R$18.00 (Neutral)
| BTG PACTUAL projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,377 | 7,675 | 7,973 |
| Net revenues (R$ million) | 1,592 | 1,814 | 1,944 | 2,110 |
| Adjusted EBITDA (R$ million) | 415 | 417 | 442 | 493 |
| Adjusted EBITDA margin (%) | 26.1 | 23.0 | 22.7 | 23.4 |
| Net income (R$ million) | 285 | 290 | 335 | 355 |
TARGET PRICE - R$19.00 (Neutral)
| CITIBANK projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,382 | – | – |
| Net revenues (R$ million) | 1,592 | 1,833 | 1,979 | 2,185 |
| Adjusted EBITDA (R$ million) | 415 | 443 | 496 | 556 |
| Adjusted EBITDA margin (%) | 26.1 | 24.2 | 25.1 | 25.5 |
| Net income (R$ million) | 285 | 310 | 339 | 383 |
TARGET PRICE - R$22.00 (Buy)
| ELEVEN projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | – | – | – |
| Net revenues (R$ million) | 1,592 | 1,821 | 1,997 | 2,157 |
| Adjusted EBITDA (R$ million) | 415 | 437 | 513 | 562 |
| Adjusted EBITDA margin (%) | 26.1 | 24.0 | 25.7 | 26.1 |
| Net income (R$ million) | 285 | 299 | 361 | 397 |
TARGET PRICE - R$18.00 (Buy)
| HSBC projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | – | – | – |
| Net revenues (R$ million) | 1,592 | 1,831 | 2,063 | 2,375 |
| Adjusted EBITDA (R$ million) | 415 | 464 | 552 | 669 |
| Adjusted EBITDA margin (%) | 26.1 | 25.4 | 26.8 | 28.2 |
| Net income (R$ million) | 285 | 322 | 397 | 486 |
TARGET PRICE - R$17.00 (Hold)
| ITAÚ BBA projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,409 | 7,675 | 8,093 |
| Net revenues (R$ million) | 1,592 | 1,819 | 1,958 | 2,140 |
| Adjusted EBITDA (R$ million) | 415 | 431 | 477 | 545 |
| Adjusted EBITDA margin (%) | 26.1 | 23.7 | 24.4 | 25.5 |
| Net income (R$ million) | 285 | 266 | 312 | 360 |
TARGET PRICE - R$17.00 (Sell)
| J.P. MORGAN projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,307 | 7,609 | 7,911 |
| Net revenues (R$ million) | 1,592 | 1,865 | 2,021 | 2,179 |
| Adjusted EBITDA (R$ million) | 415 | 497 | 540 | 570 |
| Adjusted EBITDA margin (%) | 26.1 | 26.6 | 26.7 | 26.2 |
| Net income (R$ million) | 285 | 322 | 360 | 395 |
TARGET PRICE - R$19.70 (Buy)
| J.Safra projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,361 | 7,562 | 7,833 |
| Net revenues (R$ million) | 1,592 | 1,804 | 1,913 | 2,041 |
| Adjusted EBITDA (R$ million) | 415 | 443 | 484 | 522 |
| Adjusted EBITDA margin (%) | 26.1 | 24.5 | 25.3 | 25.6 |
| Net income (R$ million) | 285 | 300 | 328 | 361 |
TARGET PRICE - R$17.00 (Sell)
| MERRILL LYNCH projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,389 | 7,419 | 7,479 |
| Net revenues (R$ million) | 1,592 | 1,817 | 1,953 | 2,159 |
| Adjusted EBITDA (R$ million) | 415 | 400 | 431 | 497 |
| Adjusted EBITDA margin (%) | 26.1 | 22.0 | 22.1 | 23.0 |
| Net income (R$ million) | 285 | 277 | 290 | 340 |
TARGET PRICE - R$16.50 (Sell)
| MORGAN STANLEY projections | 2018A | 2019E | 2019E | 2021E |
| Members (thousand) | 7,230 | 7,400 | 8,100 | 8,600 |
| Net revenues (R$ million) | 1,592 | 1,833 | 2,027 | 2,225 |
| Adjusted EBITDA (R$ million) | 415 | 453 | 488 | 562 |
| Adjusted EBITDA margin (%) | 26.1 | 24.7 | 24.1 | 25.3 |
| Net income (R$ million) | 285 | 299 | 333 | 390 |
TARGET PRICE - R$18.00 (Hold)
| SANTANDER projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,373 | 7,693 | – |
| Net revenues (R$ million) | 1,592 | 1,813 | 1,915 | 2,056 |
| Adjusted EBITDA (R$ million) | 415 | 415 | 446 | 501 |
| Adjusted EBITDA margin (%) | 26.1 | 22.9 | 23.3 | 24.3 |
| Net income (R$ million) | 285 | 284 | 299 | 339 |
TARGET PRICE - R$17.00 (Neutral)
| UBS projections | 2018A | 2019E | 2020E | 2021E |
| Members (thousand) | 7,230 | 7,657 | 8,156 | 8,743 |
| Net revenues (R$ million) | 1,592 | 1,854 | 2,080 | 2,322 |
| Adjusted EBITDA (R$ million) | 415 | 490 | 572 | 660 |
| Adjusted EBITDA margin (%) | 26.1 | 26.4 | 27.5 | 28.4 |
| Net income (R$ million) | 285 | 331 | 387 | 447 |