ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$12.49

Consensus 2023A 2024E 2025E 2026E
Members (thousand) 8,618 8,917 9,195 9,653
Net revenues (R$ million) 2,143 2,292 2,437 2,583
Adjusted EBITDA (R$ million) 647 713 753 797
Adjusted EBITDA margin (%) 30.2 31.1 31.2 30.9
Net income (R$ million) 537 521 547 580

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) 647 748 815
Adjusted EBITDA margin (%) 30.2 31.9 32.1
Net income (R$ million) 537 531 574

TARGET PRICE - R$12.00 (Neutral)

CITIBANK projections 2023A 2024E 2025E 2026E
Members (thousand) 8,618 8,814 9,041
Net revenues (R$ million) 2,143 2,259 2,389 2,522
Adjusted EBITDA (R$ million) 647 679 721 763
Adjusted EBITDA margin (%) 30.2 30.0 30.2 30.3
Net income (R$ million) 537 487 510 539

TARGET PRICE - R$11.00 (Sell)

Goldman Sachs projections 2023A 2024E 2025E 2026E
Members (thousand) 8,618 8,908 9,258 9,584
Net revenues (R$ million) 2,143 2,245 2,377 2,543
Adjusted EBITDA (R$ million) 647 694 725 775
Adjusted EBITDA margin (%) 30.2 30.9 30.5 30.5
Net income (R$ million) 537 507 544 591

TARGET PRICE - R$14.00 (Neutral)

ITAÚ BBA projections 2023A 2024E 2025E 2026E
Members (thousand) 8,618 8,963 9,330 9,721
Net revenues (R$ million) 2,143 2,309 2,493 2,685
Adjusted EBITDA (R$ million) 647 718 788 854
Adjusted EBITDA margin (%) 30.2 31.1 31.6 31.8
Net income (R$ million) 537 512 560 609

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 2,322 2,415
Adjusted EBITDA (R$ million) 647 716 722
Adjusted EBITDA margin (%) 30.2 30.8 29.9
Net income (R$ million) 537 589 613

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