Analyst Projections

Average Target Price - R$ 19.82

Consensus 2021E 2020A* 
Net sales (R$ million) R$ 33,966 R$ 28,881
Gross margin (%) 30.4% 29.9%
Adjusted EBITDA (R$ million) R$ 2,867 R$ 2,300
Financial result (R$ million) R$ (863) R$ (1,135)
Net income (R$ million) R$ 734 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 24.80

Banco do Brasil projections 2021E 2020A* 
Net sales(R$ million) R$ 32,943 R$ 28,881
Gross margin (%) 33.0% 29.9%
Adjusted EBITDA (R$ million) R$ 3,404 R$ 2,300
Financial result (R$ million) R$ (1,183) R$ (1,135)
Net income (R$ million) R$ 724 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 24.00

BofA Merrill Lynch projections 2021E 2020A* 
Net sales(R$ million) R$ 32,111 R$ 28,881
Gross margin (%) 29.9% 29.9%
Adjusted EBITDA (R$ million) R$ 1,484 R$ 2,300
Financial result (R$ million) R$ (547) R$ (1,135)
Net income (R$ million) R$ 545 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Neutral) - R$ 17.00

Bradesco projections 2021E 2020A* 
Net sales(R$ million) R$ 32,475 R$ 28,881
Gross margin (%) 30.2% 29.9%
Adjusted EBITDA (R$ million) R$ 2,856 R$ 2,300
Financial result (R$ million) R$ (981) R$ (1,135)
Net income (R$ million) R$ 602 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 24.00

Brasil Plural projections 2021E 2020A* 
Net sales(R$ million) R$ 31,731 R$ 28,881
Gross margin (%) 31.3% 29.9%
Adjusted EBITDA (R$ million) R$ 3,006 R$ 2,300
Financial result (R$ million) R$ (892) R$ (1,135)
Net income (R$ million) R$ 794 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 21.00

BTG Pactual projections 2021E 2020A* 
Net sales(R$ million) R$ 31,157 R$ 28,881
Gross margin (%) 29.2% 29.9%
Adjusted EBITDA (R$ million) R$ 2,374 R$ 2,300
Financial result (R$ million) R$ (1,135)
Net income (R$ million) R$ 629 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 19.00

Citi projections 2021E 2020A* 
Net sales(R$ million) R$ 33,013 R$ 28,881
Gross margin (%) 30.3% 29.9%
Adjusted EBITDA (R$ million) R$ 2,588 R$ 2,300
Financial result (R$ million) R$ (896) R$ (1,135)
Net income (R$ million) R$ 556 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 24.00

Credit Suisse projections 2021E 2020A* 
Net sales(R$ million) R$ 35,389 R$ 28,881
Gross margin (%) 30.2% 29.9%
Adjusted EBITDA (R$ million) R$ 2,679 R$ 2,300
Financial result (R$ million) R$ (1,135)
Net income (R$ million) R$ 1,003 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 28.00

Eleven Financial projections 2021E 2020A* 
Net sales(R$ million) R$ 41,052 R$ 28,881
Gross margin (%) 31.0% 29.9%
Adjusted EBITDA (R$ million) R$ 4,913 R$ 2,300
Financial result (R$ million) R$ (987) R$ (1,135)
Net income (R$ million) R$ 1,889 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Sell) - R$ 12.90

Goldman Sachs projections 2021E 2020A* 
Net sales(R$ million) R$ 33,052 R$ 28,881
Gross margin (%) 29.9% 29.9%
Adjusted EBITDA (R$ million) R$ 2,540 R$ 2,300
Financial result (R$ million) R$ (878) R$ (1,135)
Net income (R$ million) R$ 487 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Neutral) - R$ 13.00

HSBC projections 2021E 2020A* 
Net sales(R$ million) R$ 32,562 R$ 28,881
Gross margin (%) 29.9%
Adjusted EBITDA (R$ million) R$ 2,770 R$ 2,300
Financial result (R$ million) R$ (703) R$ (1,135)
Net income (R$ million) R$ 606 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 16.50

Itaú BBA projections 2021E 2020A* 
Net sales(R$ million) R$ 34,444 R$ 28,881
Gross margin (%) 30.1% 29.9%
Adjusted EBITDA (R$ million) R$ 3,033 R$ 2,300
Financial result (R$ million) R$ (1,022) R$ (1,135)
Net income (R$ million) R$ 760 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Neutral) - R$ 13.00

J.P. Morgan projections 2021E 2020A* 
Net sales(R$ million) R$ 35,343 R$ 28,881
Gross margin (%) 30.3% 29.9%
Adjusted EBITDA (R$ million) R$ 3,276 R$ 2,300
Financial result (R$ million) R$ (1,144) R$ (1,135)
Net income (R$ million) R$ 694 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Neutral) - R$ 16.00

Morgan Stanley projections 2021E 2020A* 
Net sales(R$ million) R$ 33,634 R$ 28,881
Gross margin (%) 31.3% 29.9%
Adjusted EBITDA (R$ million) R$ 2,852 R$ 2,300
Financial result (R$ million) R$ (761) R$ (1,135)
Net income (R$ million) R$ 545 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 27.00

Safra projections 2021E 2020A* 
Net sales(R$ million) R$ 36,479 R$ 28,881
Gross margin (%) 29.1% 29.9%
Adjusted EBITDA (R$ million) R$ 2,880 R$ 2,300
Financial result (R$ million) R$ (814) R$ (1,135)
Net income (R$ million) R$ 516 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 24.00

Santander projections 2021E 2020A* 
Net sales(R$ million) R$ 32,948 R$ 28,881
Gross margin (%) 30.5% 29.9%
Adjusted EBITDA (R$ million) R$ 2,733 R$ 2,300
Financial result (R$ million) R$ (500) R$ (1,135)
Net income (R$ million) R$ 884 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Neutral) - R$ 20.00

UBS projections 2021E 2020A* 
Net sales(R$ million) R$ 34,525 R$ 28,881
Gross margin (%) 30.6% 29.9%
Adjusted EBITDA (R$ million) R$ 2,487 R$ 2,300
Financial result (R$ million) R$ (765) R$ (1,135)
Net income (R$ million) R$ 501 R$ 167

* Held in 2020 (Recurring)

TARGET PRICE (Buy) - R$ 20.00

XP projections 2021E 2020A* 
Net sales(R$ million) R$ 34,563 R$ 28,881
Gross margin (%) 30.0% 29.9%
Adjusted EBITDA (R$ million) R$ 2,869 R$ 2,300
Financial result (R$ million) R$ (879) R$ (1,135)
Net income (R$ million) R$ 735 R$ 167

* Held in 2020 (Recurring)