ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$16.31

Consensus 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,230 7,529 7,788
Net revenues (R$ million) 1,795 1,840 1,964 2,080
Adjusted EBITDA (R$ million) 418 480 483 528
Adjusted EBITDA margin (%) 23.3 26.2 24.5 25.4
Net income (R$ million) 285 327 334 372

 

TARGET PRICE - R$15.00 (Neutral)

BTG PACTUAL projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,097 7,308 7,552
Net revenues (R$ million) 1,795 1,741 1,801 1,942
Adjusted EBITDA (R$ million) 418 500 375 445
Adjusted EBITDA margin (%) 23.3 28.7 20.8 22.9
Net income (R$ million) 285 369 276 326

 

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$15.00 (Neutral)

CITIBANK projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,051 7,630 8,116
Net revenues (R$ million) 1,795 1,732 1,999 2,260
Adjusted EBITDA (R$ million) 418 444 519 589
Adjusted EBITDA margin (%) 23.3 25.6 25.9 26.0
Net income (R$ million) 285 288 340 393

 

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) 418 459 430 535
Adjusted EBITDA margin (%) 23.3 25.8 24.3 28.5
Net income (R$ million) 285 312 297 378

 

TARGET PRICE - R$20.00 (Buy)

ELEVEN projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400
Net revenues (R$ million) 1,795 1,997 2,157
Adjusted EBITDA (R$ million) 418 513 562
Adjusted EBITDA margin (%) 23.3 25.7 26.1
Net income (R$ million) 285 361 397

 

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$17.00 (Hold)

ITAÚ BBA projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,675 8,093
Net revenues (R$ million) 1,795 1,958 2,140
Adjusted EBITDA (R$ million) 418 477 545
Adjusted EBITDA margin (%) 23.3 24.4 25.5
Net income (R$ million) 285 312 360

 

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$14.30 (Neutral)

J.Safra projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,200 7,300
Net revenues (R$ million) 1,795 1,693 1,736 1,853
Adjusted EBITDA (R$ million) 418 522 400 455
Adjusted EBITDA margin (%) 23.3 30.9 23.0 24.6
Net income (R$ million) 285 354 271 309

TARGET PRICE - R$17.00 (Sell)

MERRILL LYNCH projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,419 7,479
Net revenues (R$ million) 1,795 1,953 2,158
Adjusted EBITDA (R$ million) 418 431 497
Adjusted EBITDA margin (%) 23.3 22.1 23.0
Net income (R$ million) 285 290 340

 

TARGET PRICE - R$15.20 (Neutral)

MORGAN STANLEY projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 6,894 7,391 7,779
Net revenues (R$ million) 1,795 1,741 1,793 1,977
Adjusted EBITDA (R$ million) 418 426 455 495
Adjusted EBITDA margin (%) 23.3 24.5 25.4 25.1
Net income (R$ million) 285 295 325 356

 

TARGET PRICE - R$18.00 (Hold)

SANTANDER projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400
Net revenues (R$ million) 1,795 1,915 2,056 2,220
Adjusted EBITDA (R$ million) 418 446 501 539
Adjusted EBITDA margin (%) 23.3 23.3 24.3 24.3
Net income (R$ million) 285 299 339 365

 

TARGET PRICE - R$17.00 (Buy)

UBS projections 2019A 2020E 2021E 2022E
Members (thousand) 7,400 7,105 7,170 7,470
Net revenues (R$ million) 1,795 1,860 1,896 2,034
Adjusted EBITDA (R$ million) 418 548 473 518
Adjusted EBITDA margin (%) 23.3 29.5 24.9 25.5
Net income (R$ million) 285 374 347 378