ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$15.39

Consensus 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,263 7,665 7,989
Net revenues (R$ million) 1,795 1,779 1,869 2,015
Adjusted EBITDA (R$ million) 418 531 457 506
Adjusted EBITDA margin (%) 23.3 29.9 24.5 25.2
Net income (R$ million) 285 358 308 347

 

TARGET PRICE - R$13.50 (Neutral)

BTG PACTUAL projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,193 7,408 7,655
Net revenues (R$ million) 1,795 1,753 1,817 1,959
Adjusted EBITDA (R$ million) 418 5311 377 450
Adjusted EBITDA margin (%) 23.3 29.2 20.7 23.0
Net income (R$ million) 285 375 287 338

 

TARGET PRICE - R$17.00 (Buy)

BTG PACTUAL projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400
Net revenues (R$ million) 1,795 1,820 1,989 2,194
Adjusted EBITDA (R$ million) 418 494 536 593
Adjusted EBITDA margin (%) 23.3 27.1 26.9 27.0
Net income (R$ million) 285 335 388 446

 

TARGET PRICE - R$16.00 (Comprar)

CITIBANK projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,051 7,630 8,116
Net revenues (R$ million) 1,795 1,756 1,842 2,040
Adjusted EBITDA (R$ million) 418 527 478 532
Adjusted EBITDA margin (%) 23.3 30.0 25.9 26.1
Net income (R$ million) 285 352 316 355

 

TARGET PRICE - R$15.00 (Neutral)

Credit Suisse projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 6,845 7,254 7,359
Net revenues (R$ million) 1,795 1,777 1,771 1,874
Adjusted EBITDA (R$ million) 418 537 430 535
Adjusted EBITDA margin (%) 23.3 30.3 24.3 28.5
Net income (R$ million) 285 361 297 378

 

TARGET PRICE - R$17.00 (Buy)

ELEVEN projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400
Net revenues (R$ million) 1,795 1,759 1,906 1,865
Adjusted EBITDA (R$ million) 418 530 445 439
Adjusted EBITDA margin (%) 23.3 30.1 23.3 23.6
Net income (R$ million) 285 354 297 292

 

TARGET PRICE - R$17.00 (Buy)

HSBC projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400
Net revenues (R$ million) 1,795 1,788 1,936 2,185
Adjusted EBITDA (R$ million) 418 517 496 594
Adjusted EBITDA margin (%) 23.3 28.9 25.6 27.2
Net income (R$ million) 285 353 339 426

 

TARGET PRICE - R$14.00 (Hold)

ITAÚ BBA projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,420 7,774 8.149
Net revenues (R$ million) 1,795 1,765 1,850 2.022
Adjusted EBITDA (R$ million) 418 542 448 510
Adjusted EBITDA margin (%) 23.3 30.8 24.2 25.2
Net income (R$ million) 285 362 287 336

 

TARGET PRICE - R$14.50 (Sell)

J.P. MORGAN projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,782 8,136 8,455
Net revenues (R$ million) 1,795 1,948 2,095 2,258
Adjusted EBITDA (R$ million) 418 460 484 514
Adjusted EBITDA margin (%) 23.3 23.6 23.1 22.8
Net income (R$ million) 285 306 322 345

 

TARGET PRICE - R$16.40 (Neutral)

J.Safra projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,352      8,066       8,396
Net revenues (R$ million) 1,795 1,765 1,889 2,046
Adjusted EBITDA (R$ million) 418 549 484 518
Adjusted EBITDA margin (%) 23.3 31.1 25.6 25.3
Net income (R$ million) 285 375 333 357

TARGET PRICE - R$14.00 (Buy)

MERRILL LYNCH projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,145 7,433 7,786
Net revenues (R$ million) 1,795 1,730 1,778 1,961
Adjusted EBITDA (R$ million) 418 541 428 474
Adjusted EBITDA margin (%) 23.3 31.3 24.1 24.2
Net income (R$ million) 285 349 278 320

 

TARGET PRICE - R$15.00 (Neutral)

MORGAN STANLEY projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,425 7,954 8,458
Net revenues (R$ million) 1,795 1,759 1,857 2,013
Adjusted EBITDA (R$ million) 418 549 464 506
Adjusted EBITDA margin (%) 23.3 31.2 25.0 25.1
Net income (R$ million) 285 376 328 363

 

TARGET PRICE - R$17.20 (Buy)

SANTANDER projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7.068 7.321 7.607
Net revenues (R$ million) 1,795 1,753 1,774 1,915
Adjusted EBITDA (R$ million) 418 532 471 507
Adjusted EBITDA margin (%) 23.3 30.3 26.6 26.5
Net income (R$ million) 285 354 301 330

 

TARGET PRICE - R$15.00 (Neutral)

UBS projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,350 7,670 7,910
Net revenues (R$ million) 1,795 1,756 1,863 2,018
Adjusted EBITDA (R$ million) 418 563 462 515
Adjusted EBITDA margin (%) 23.3 32.0 25.0 26.0
Net income (R$ million) 285 385 310 343