Analyst Projections

Average Target Price - R$ 19.24

Consensus 2021E 2022E
Net sales (R$ million) R$ 34,505 R$ 39,063
Gross margin (%) 30.4% 30.5%
Adjusted EBITDA (R$ million) R$ 2,769 R$ 3,168
Financial result (R$ million) R$ (1,003) R$ (1,250)
Net income (R$ million) R$ 720 R$ 732

 

TARGET PRICE (Buy) - R$ 20.00

Banco do Brasil projections 2021E 2022E 
Net sales(R$ million) R$ 34,230 R$ 38,682
Gross margin (%) 30.3% 30.4%
Adjusted EBITDA (R$ million) R$ 2,571 R$ 3,122
Financial result (R$ million) R$ (1,035) R$ (1,157)
Net income (R$ million) R$ 725 R$ 849

 

TARGET PRICE (Buy) - R$ 19.20

BofA Merrill Lynch projections 2021E 2022E
Net sales(R$ million) R$ 34,463 R$ 39,649
Gross margin (%) 30.5% 30.4%
Adjusted EBITDA (R$ million) R$ 1,856 R$ 2,195
Financial result (R$ million) R$ (1,029) R$ (1,225)
Net income (R$ million) R$ 792 R$ 844

 

TARGET PRICE (Neutral) - R$ 17.00

Bradesco projections 2021E 2022E 
Net sales(R$ million) R$ 33,614 R$ 39,203
Gross margin (%) 30.1% 30.1%
Adjusted EBITDA (R$ million) R$ 2,430 R$ 3,216
Financial result (R$ million) R$ (1,270) R$ (1,754)
Net income (R$ million) R$ 208 R$ 366

 

TARGET PRICE (Buy) - R$ 25.00

Brasil Plural projections 2021E 2022E 
Net sales(R$ million) R$ 31,731
Gross margin (%) 31.3%
Adjusted EBITDA (R$ million) R$ 3,006
Financial result (R$ million) R$ (892)
Net income (R$ million) R$ 794

 

TARGET PRICE (Buy) - R$ 21.00

BTG Pactual projections 2021E 2022E 
Net sales(R$ million) R$ 31,157 R$ 34,800
Gross margin (%) 29.2% 29.3%
Adjusted EBITDA (R$ million) R$ 2,374 R$ 2,859
Financial result (R$ million)
Net income (R$ million) R$ 629 R$ 923

 

TARGET PRICE (Buy) - R$ 20.00

Citi projections 2021E 2022E
Net sales(R$ million) R$ 34,533 R$ 39,817
Gross margin (%) 31.2% 31.3%
Adjusted EBITDA (R$ million) R$ 2,594 R$ 3,251
Financial result (R$ million) R$ (1,019) R$ (1,187)
Net income (R$ million) R$ 461 R$ 746

 

TARGET PRICE (Buy) - R$ 24.00

Credit Suisse projections 2021E 2022E 
Net sales(R$ million) R$ 35,389 R$ 39,390
Gross margin (%) 30.2% 30.9%
Adjusted EBITDA (R$ million) R$ 2,679 R$ 3,443
Financial result (R$ million) R$ (1,050)
Net income (R$ million) R$ 1,003 R$ 878

 

TARGET PRICE (Buy) - R$ 20.00

Eleven Financial projections 2021E 2022E 
Net sales(R$ million) R$ 41,052
Gross margin (%) 31.0%
Adjusted EBITDA (R$ million) R$ 4,913
Financial result (R$ million) R$ (987)
Net income (R$ million) R$ 1,889

 

TARGET PRICE (Sell) - R$ 13.40

Goldman Sachs projections 2021E 2022E 
Net sales(R$ million) R$ 34,591 R$ 39,896
Gross margin (%) 29.4% 28.1%
Adjusted EBITDA (R$ million) R$ 2,410 R$ 2,599
Financial result (R$ million) R$ (1.027) R$ (1,176)
Net income (R$ million) R$ 434 R$ 305

 

TARGET PRICE (Neutral) - R$ 12.00

HSBC projections 2021E 2022E 
Net sales(R$ million) R$ 33,460 R$ 37,765
Gross margin (%)
Adjusted EBITDA (R$ million) R$ 2,634 R$ 2,998
Financial result (R$ million) R$ (864) R$ (959)
Net income (R$ million) R$ 679 R$ 459

 

TARGET PRICE (Buy) - R$ 16.50

Itaú BBA projections 2021E 2022E 
Net sales(R$ million) R$ 33,801 R$ 38,321
Gross margin (%) 30.7% 31.2%
Adjusted EBITDA (R$ million) R$ 2,819 R$ 3,409
Financial result (R$ million) R$ (1,394) R$ (1,571)
Net income (R$ million) R$ 663 R$ 793

 

TARGET PRICE (Neutral) - R$ 14.00

J.P. Morgan projections 2021E 2022E 
Net sales(R$ million) R$ 35,885 R$ 41,445
Gross margin (%) 31.0% 31.4%
Adjusted EBITDA (R$ million) R$ 3,091 R$ 3,929
Financial result (R$ million) R$ (1,415) R$ (1,846)
Net income (R$ million) R$ 731 R$ 783

 

TARGET PRICE (Neutral) - R$ 14.00

Morgan Stanley projections 2021E 2022E 
Net sales(R$ million) R$ 34,165 R$ 39,418
Gross margin (%) 31.2% 31.7%
Adjusted EBITDA (R$ million) R$ 2,722 R$ 3,708
Financial result (R$ million) R$ (1.162) R$ (1,356)
Net income (R$ million) R$ 592 R$ 684

 

TARGET PRICE (Buy) - R$ 27.00

Safra projections 2021E 2022E 
Net sales(R$ million) R$ 36,479
Gross margin (%) 29.1%
Adjusted EBITDA (R$ million) R$ 2,880
Financial result (R$ million) R$ (814)
Net income (R$ million) R$ 516

 

TARGET PRICE (Buy) - R$ 24.00

Santander projections 2021E 2022E 
Net sales(R$ million) R$ 32,948
Gross margin (%) 30.5%
Adjusted EBITDA (R$ million) R$ 2,733
Financial result (R$ million) R$ (500)
Net income (R$ million) R$ 884

 

TARGET PRICE (Neutral) - R$ 20.00

UBS projections 2021E 2022E
Net sales(R$ million) R$ 34,525 R$ 38,121
Gross margin (%) 30.6% 31.0%
Adjusted EBITDA (R$ million) R$ 2,487 R$ 2,965
Financial result (R$ million) R$ (765) R$ (855)
Net income (R$ million) R$ 501 R$ 664

 

TARGET PRICE (Buy) - R$ 20.00

XP projections 2021E 2022E 
Net sales(R$ million) R$ 34,563 R$ 41,307
Gross margin (%) 30.0% 30.1%
Adjusted EBITDA (R$ million) R$ 2,869 R$ 3,490
Financial result (R$ million) R$ (879) R$ (869)
Net income (R$ million) R$ 735 R$ 1,217