AVERAGE TARGET PRICE – R$14.39
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,666 | 4.3% | 10,073 | 4.2% |
| Net revenue | 2,390 | 5.3% | 2,597 | 8.7% | 2,764 | 6.4% |
| Adjusted EBITDA | 741 | 6.7% | 816 | 10.1% | 873 | 7.0% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 31.4 | 0.4 p.p. | 31.6 | 0.2 p.p. |
| Net income | 550 | 4.1% | 592 | 7.6% | 614 | 3.7% |
TARGET PRICE – R$18.00 (Buy)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | – | – | – | – |
| Net revenue | 2,390 | 5.3% | 2,632 | 10.1% | 2,866 | 8.9% |
| Adjusted EBITDA | 741 | 6.7% | 854 | 15.2% | 939 | 9.9% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 32.5 | 1.5 p.p. | 32.8 | 0.3 p.p. |
| Net income | 550 | 4.1% | 599 | 8.9% | 656 | 9.6% |
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | – | – | – | – |
| Net revenue | 2,390 | 5.3% | – | – | – | – |
| Adjusted EBITDA | 741 | 6.7% | – | – | – | – |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | – | – | – | – |
| Net income | 550 | 4.1% | – | – | – | – |
TARGET PRICE – R$11.50 (Sell)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,552 | 3.1% | 9,998 | 4.7% |
| Net revenues | 2,390 | 5.3% | 2,583 | 8.0% | 2,731 | 5.7% |
| Adjusted EBITDA | 741 | 6.7% | 782 | 5.7% | 831 | 6.3% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 30.3 | -0.7 p.p. | 30.4 | 0.1 p.p. |
| Net income | 550 | 4.1% | 578 | 5.0% | 589 | 1.9% |
TARGET PRICE – R$17.00 (Neutral)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,756 | 5.3% | – | – |
| Net revenue | 2,390 | 5.3% | 2,662 | 11.4% | – | – |
| Adjusted EBITDA | 741 | 6.7% | 838 | 13.0% | – | – |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 31.5 | 0.5 p.p. | – | – |
| Net income | 550 | 4.1% | 660 | 20.0% | – | – |
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | – | – | – | – |
| Net revenue | 2,390 | 5.3% | – | – | – | – |
| Adjusted EBITDA | 741 | 6.7% | – | – | – | – |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | – | – | – | – |
| Net income | 550 | 4.1% | – | – | – | – |
TARGET PRICE – R$13.50 (Neutral)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | – | – | – | – |
| Net revenue | 2,390 | 5.3% | – | – | – | – |
| Adjusted EBITDA | 741 | 6.7% | – | – | – | – |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | – | – | – | – |
| Net income | 550 | 4.1% | – | – | – | – |
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | – | – | – | – |
| Net revenue | 2,390 | 5.3% | – | – | – | – |
| Adjusted EBITDA | 741 | 6.7% | – | – | – | – |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | – | – | – | – |
| Net income | 550 | 4.1% | – | – | – | – |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,568 | 3.3% | 9,967 | 4.2% |
| Net revenue | 2,390 | 5.3% | 2,555 | 6.9% | 2,699 | 5.6% |
| Adjusted EBITD | 741 | 6.7% | 816 | 10.1% | 843 | 3.3% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 31.9 | 0.9 p.p. | 31.2 | -0.7 p.p. |
| Net income | 550 | 4.1% | 563 | 2.4% | 573 | 1.8% |
TARGET PRICE – R$12.50 (Neutral)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,791 | 5.7% | 10,264 | 4.8% |
| Net revenue | 2,390 | 5.3% | 2,575 | 7.7% | 2,796 | 8.6% |
| Adjusted EBITDA | 741 | 6.7% | 803 | 8.4% | 901 | 12.2% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 31.2 | 0.2 p.p. | 32.2 | 1.0 p.p. |
| Net income | 550 | 4.1% | 579 | 5.3% | 650 | 12.3% |
TARGET PRICE – R$16.50 (Neutral)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,594 | 3.6% | 9,916 | 3.4% |
| Net revenue | 2,390 | 5.3% | 2,549 | 6.7% | 2,669 | 4.7% |
| Adjusted EBITDA | 741 | 6.7% | 816 | 10.1% | 856 | 4.9% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 32.0 | 1.0 p.p. | 32.1 | 0.1 p.p. |
| Net income | 550 | 4.1% | 594 | 8.0% | 600 | 1.0% |
TARGET PRICE – R$13.10 (Buy)
| (R$ million, except otherwise specified) | 2025A | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,264 | 3.8% | 9,733 | 5.1% | 10,219 | 5.0% |
| Net revenue | 2,390 | 5.3% | 2,622 | 9.7% | 2,823 | 7.7% |
| Adjusted EBITDA | 741 | 6.7% | 802 | 8.2% | 866 | 8.0% |
| Adjusted EBITDA margin (%) | 31.0 | 0.4 p.p. | 30.6 | -0.4 p.p. | 30.7 | 0.1 p.p. |
| Net income | 550 | 4.1% | 572 | 4.0% | 617 | 7.9% |
