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 |