AVERAGE TARGET PRICE – R$12.78
| (R$ 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% | 9,253 | 3.7% | 9,607 | 3.8% | 9,965 | 3.7% |
| Net revenue | 2,270 | 5.9% | 2,424 | 6.8% | 2,580 | 6.4% | 2,743 | 6.3% |
| Adjusted EBITDA | 694 | 7.3% | 774 | 11.5% | 809 | 4.5% | 859 | 6.3% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.9 | 1.3 p.p. | 31.3 | -0.6 p.p. | 31.3 | – |
| Net income | 534 | -0.6 p.p. | 569 | 6.7% | 585 | 2.8% | 608 | 3.9% |
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% | 2,413 | 6.3% | 2,632 | 9.1% | 2,866 | 8.9% |
| Adjusted EBITDA | 694 | 7.3% | 774 | 11.5% | 854 | 10.3% | 939 | 9.9% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 32.1 | 1.5 p.p. | 32.5 | 0.4 p.p. | 32.8 | 0.3 p.p. |
| Net income | 534 | -0.6 p.p. | 567 | 6.3% | 599 | 5.5% | 656 | 9.6% |
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% | 9,209 | 3.2% | 9,457 | 2.7% | 9,712 | 2.7% |
| Net revenue | 2,270 | 5.9% | 2,417 | 6.5% | 2,561 | 6.0% | 2,709 | 5.8% |
| Adjusted EBITDA | 694 | 7.3% | 772 | 11.2% | 802 | 3.9% | 844 | 5.2% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 31.9 | 1.3 p.p. | 31.3 | -0.6 p.p. | 31.1 | -0.2 p.p. |
| Net income | 534 | -0.6 p.p. | 564 | 5.7% | 570 | 1.1% | 579 | 1.6% |
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$14.00 (Buy)
| (R$ 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% | 2,406 | 5.9% | 2,541 | 5.6% | 2,721 | 7.0% |
| Adjusted EBITDA | 694 | 7.3% | 781 | 12.5% | 775 | -0.8% | 826 | 6.6% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 32.5 | 1.9 p.p. | 30.5 | -2.0 p.p | 30.4 | -0.1 p.p. |
| Net income | 534 | -0.6 p.p. | 574 | 7.5% | 567 | -1.2% | 605 | 6.7% |
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% | 9,285 | 4.0% | 9,594 | 3.3% | 9,916 | 3.4% |
| Net revenue | 2,270 | 5.9% | 2,419 | 6.6% | 2,549 | 5.4% | 2,669 | 4.7% |
| Adjusted EBITDA | 694 | 7.3% | 776 | 11.8% | 816 | 5.2% | 856 | 4.9% |
| Adjusted EBITDA margin (%) | 30.6 | 0.4 p.p. | 32.1 | 1.5 p.p. | 32.0 | -0.1 p.p. | 32.1 | 0.1 p.p. |
| Net income | 534 | -0.6 p.p. | 564 | 5.6% | 594 | 5.3% | 600 | 1.0% |
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% |
