ODPV3 |

Analyst Projections

AVERAGE TARGET PRICE - R$15.26

Consensus 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,751 8,078 8,503
Net revenues (R$ million) 1,765 1,871 2,014 2,191
Adjusted EBITDA (R$ million) 544 460 508 590
Adjusted EBITDA margin (%) 30.8 24.6 25.3 26.9
Net income (R$ million) 361 312 347 394

 

TARGET PRICE - R$13.50 (Neutral)

BTG PACTUAL projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,682 7,940
Net revenues (R$ million) 1,765 1,832 1,975
Adjusted EBITDA (R$ million) 544 399 466
Adjusted EBITDA margin (%) 30.8 21.8 23.6
Net income (R$ million) 361 323 350

 

TARGET PRICE - R$14.50 (Buy)

BTG PACTUAL projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510
Net revenues (R$ million) 1,765 1,877 1,985 2,103
Adjusted EBITDA (R$ million) 544 475 506 547
Adjusted EBITDA margin (%) 30.8 25.3 25.5 26.0
Net income (R$ million) 361 310 333 361

 

TARGET PRICE - R$16.00 (Comprar)

CITIBANK projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,630 8,116
Net revenues (R$ million) 1,765 1,842 2,040
Adjusted EBITDA (R$ million) 544 478 532
Adjusted EBITDA margin (%) 30.8 25.9 26.1
Net income (R$ million) 361 316 355

 

TARGET PRICE - R$15.00 (Neutral)

Credit Suisse projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,254 7,359
Net revenues (R$ million) 1,765 1,771 1,874
Adjusted EBITDA (R$ million) 544 430 535
Adjusted EBITDA margin (%) 30.8 24.3 28.5
Net income (R$ million) 361 297 378

 

TARGET PRICE - R$17.00 (Buy)

ELEVEN projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510
Net revenues (R$ million) 1,765 1,906 1,865
Adjusted EBITDA (R$ million) 544 445 439
Adjusted EBITDA margin (%) 30.8 23.3 23.6
Net income (R$ million) 361 297 292

 

TARGET PRICE - R$16.00 (Buy)

HSBC projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510
Net revenues (R$ million) 1,765 1,890 2,084 2,304
Adjusted EBITDA (R$ million) 544 473 546 642
Adjusted EBITDA margin (%) 30.8 25.0 26.2 27.9
Net income (R$ million) 361 328 392 460

 

TARGET PRICE - R$14.00 (Hold)

ITAÚ BBA projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,774 8.149
Net revenues (R$ million) 1,765 1,850 2.022
Adjusted EBITDA (R$ million) 544 448 510
Adjusted EBITDA margin (%) 30.8 24.2 25.2
Net income (R$ million) 361 287 336

 

TARGET PRICE - R$14.50 (Sell)

J.P. MORGAN projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 8,136 8,455
Net revenues (R$ million) 1,765 2,095 2,258
Adjusted EBITDA (R$ million) 544 484 514
Adjusted EBITDA margin (%) 30.8 23.1 22.8
Net income (R$ million) 361 322 345

 

TARGET PRICE - R$16.40 (Neutral)

J.Safra projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510      8,066       8,396
Net revenues (R$ million) 1,765 1,889 2,046
Adjusted EBITDA (R$ million) 544 484 518
Adjusted EBITDA margin (%) 30.8 25.6 25.3
Net income (R$ million) 361 333 357

TARGET PRICE - R$14.00 (Buy)

MERRILL LYNCH projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,433 7,786
Net revenues (R$ million) 1,765 1,778 1,961
Adjusted EBITDA (R$ million) 544 428 474
Adjusted EBITDA margin (%) 30.8 24.1 24.2
Net income (R$ million) 361 278 320

 

TARGET PRICE - R$15.00 (Neutral)

MORGAN STANLEY projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,954 8,458
Net revenues (R$ million) 1,765 1,857 2,013
Adjusted EBITDA (R$ million) 544 464 506
Adjusted EBITDA margin (%) 30.8 25.0 25.1
Net income (R$ million) 361 328 363

 

TARGET PRICE - R$17.50 (Buy)

SANTANDER projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,9111 8,214 8,503
Net revenues (R$ million) 1,765 1,876 2,036 2,178
Adjusted EBITDA (R$ million) 544 509 539 581
Adjusted EBITDA margin (%) 30.8 27.1 26.5 26.7
Net income (R$ million) 361 333 357 387

 

TARGET PRICE - R$15.00 (Neutral)

UBS projections 2020A 2021E 2022E 2023E
Members (thousand) 7,510 7,670 7,910
Net revenues (R$ million) 1,765 1,863 2,018 2,180
Adjusted EBITDA (R$ million) 544 462 515
Adjusted EBITDA margin (%) 30.8 25.0 26.0
Net income (R$ million) 361 305 337 369