AVERAGE TARGET PRICE – R$12.51
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,236 | 3.5% | 9,588 | 3.8% | 9,940 | 3.7% |
| Net revenue | 2,270 | 5.9% | 2,429 | 7.0% | 2,585 | 6.4% | 2,745 | 6.2% |
| Adjusted EBITDA | 694 | 7.3% | 771 | 11.0% | 811 | 5.3% | 863 | 6.3% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.7 | 1.1 p.p. | 31.4 | -0.3 p.p. | 31.4 | – |
| Net income | 534 | -0.6 p.p. | 575 | 7.7% | 594 | 3.4% | 615 | 3.4% |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | – | – | – | – | – | – |
| Net revenue | 2,270 | 5.9% | 2,437 | 7.4% | 2,614 | 7.3% | 2,822 | 8.0% |
| Adjusted EBITDA | 694 | 7.3% | 776 | 11.8% | 863 | 11.2% | 947 | 9.7% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.8 | 3.9% | 33.0 | 3.8% | 33.6 | 1.8% |
| Net income | 534 | -0.6 p.p. | 592 | 10.9% | 644 | 8.8% | 699 | 8.5% |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,142 | 2.4% | 9,355 | 2.3% | 9,566 | 2.3% |
| Net revenue | 2,270 | 5.9% | 2,439 | 7.4% | 2,595 | 6.4% | 2,745 | 5.8% |
| Adjusted EBITDA | 694 | 7.3% | 779 | 12.2% | 790 | 1.4% | 833 | 5.4% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.9 | 4.2% | 30.5 | -4.4% | 30.3 | -0.7% |
| Net income | 534 | -0.6 p.p. | 575 | 7.7% | 588 | 2.3% | 580 | -1.4% |
TARGET PRICE – R$11.50 (Sell)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,287 | 4.1% | 9,552 | 2.9% | 9,998 | 4.7% |
| Net revenues | 2,270 | 5.9% | 2,423 | 6.7% | 2,583 | 6.6% | 2,731 | 5.7% |
| Adjusted EBITDA | 694 | 7.3% | 763 | 9.9% | 782 | 2.5% | 831 | 6.3% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.5 | 2.9% | 30.3 | -3.8% | 30.4 | 0.3% |
| Net income | 534 | -0.6 p.p. | 564 | 5.6% | 578 | 2.5% | 589 | 1.9% |
TARGET PRICE – R$15.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,323 | 4.5% | 9,756 | 4.6% | – | – |
| Net revenue | 2,270 | 5.9% | 2,453 | 8.1% | 2,662 | 8.5% | – | – |
| Adjusted EBITDA | 694 | 7.3% | 760 | 9.5% | 838 | 10.3% | – | – |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.0 | 1.3% | 31.5 | 1.6% | – | – |
| Net income | 534 | -0.6 p.p. | 601 | 12.5% | 660 | 9.8% | – | – |
TARGET PRICE – R$11.00 (Sell)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | – | – | – | – | – | – |
| Net revenue | 2,270 | 5.5% | – | – | – | – | – | – |
| Adjusted EBITDA | 694 | 7.3% | – | – | – | – | – | – |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | – | – | – | – | – | – |
| Net income | 534 | -0.6 p.p. | – | – | – | – | – | – |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | – | – | – | – | – | – |
| Net revenue | 2,270 | 5.9% | – | – | – | – | – | – |
| Adjusted EBITDA | 694 | 7.3% | – | – | – | – | – | – |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | – | – | – | – | – | – |
| Net income | 534 | -0.6 p.p. | – | – | – | – | – | – |
TARGET PRICE – R$11.00 (Sell)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,200 | 3.0% | 9.403 | 2.2% | 9,677 | 2.9% |
| Net revenue | 2,270 | 5.9% | 2,408 | 6.1% | 2.510 | 4.2% | 2,610 | 4.0% |
| Adjusted EBITDA | 694 | 7.3% | 759 | 10.0% | 779 | 2.7% | 810 | 3.9% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.5 | 0.9 p.p. | 31.0 | -0.5 p.p. | 31.0 | – |
| Net income | 534 | -0.6 p.p. | 555 | 3.9% | 559 | 0.7% | 574 | 2.6% |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,174 | 2.8% | 9,568 | 4.3% | 9,967 | 4.2% |
| Net revenue | 2,270 | 5.9% | 2,432 | 7.1% | 2,555 | 5.1% | 2,758 | 7.9% |
| Adjusted EBITD | 694 | 7.3% | 790 | 13.8% | 816 | 3.3% | 790 | -3.2% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 32.5 | 1.9 p.p | 31.9 | -0.6 p.p. | 31.2 | -0.7 p.p. |
| Net income | 534 | -0.6 p.p. | 573 | 7.3% | 563 | -1.7% | 603 | 7.1% |
TARGET PRICE – R$13.00 (Neutral)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,291 | 4.1% | 9,791 | 5.4% | 10,264 | 4.8% |
| Net revenue | 2,270 | 5.9% | 2,416 | 6.4% | 2,599 | 7.6% | 2,816 | 8.3% |
| Adjusted EBITDA | 694 | 7.3% | 772 | 11.2% | 838 | 8.5% | 914 | 9.1% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 32.0 | 1.4 p.p. | 32.2 | 0.2 p.p. | 32.5 | 0.3 p.p. |
| Net income | 534 | -0.6 p.p. | 569 | 6.6% | 605 | 6.3% | 664 | 9.8% |
TARGET PRICE – R$11.00 (Sell)
| (R$ million, except otherwise specified) | 2024A | Δ Y/Y | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|---|---|
| Members (thousand) | 8,924 | 3.6% | 9,220 | 3.3% | 9,546 | 3.5% | 9,886 | 3.6% |
| Net revenue | 2,270 | 5.9% | 2,404 | 5.9% | 2,523 | 5.0% | 2,654 | 5.2% |
| Adjusted EBITDA | 694 | 7.3% | 747 | 7.6% | 795 | 6.4% | 841 | 5.8% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.1 | 1.6% | 31.5 | 1.3% | 31.7 | 0.6% |
| Net income | 534 | -0.6 p.p. | 577 | 8.1% | 581 | 0.7% | 592 | 1.9% |
TARGET PRICE – R$13.10 (Buy)
| (R$ million, except otherwise specified) | 2025E | Δ Y/Y | 2026E | Δ Y/Y | 2027E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Members (thousand) | 9,255 | 3.7% | 9,733 | 5.2% | 10,219 | 5.0% |
| Net revenue | 2,452 | 8.0% | 2,622 | 6.9% | 2,823 | 7.7% |
| Adjusted EBITDA | 792 | 14.1% | 802 | 1.3% | 866 | 8.0% |
| Adjusted EBITDA margin (%) | 32.3 | 1.7 p.p. | 30.6 | -1.7 p.p. | 30.7 | 0.1 p.p. |
| Net income | 566 | 6.1% | 572 | 1.1% | 617 | 7.9% |
