Market Projections - off - Grupo Casas Bahia | RI

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Average Target Price - R$ 4.62

Consensus	2024E	2025E
Net sales (R$ million)	R$ 27,197	R$ 28,838
Gross margin (%)	30.9%	31.1%
Adjusted EBITDA (R$ million)	R$ 1,813	R$ 2,313
Financial result (R$ million)	-R$ 1,350	-R$ 1,299
Net income (R$ million)	-R$ 869	-R$ 965

TARGET PRICE (Sell) - R$ 3.80

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Banco do Brasil projections	2024E	2025E
Net sales (R$ million)	R$ 27,235	R$ 28,617
Gross margin (%)	30.7%	29.3%
Adjusted EBITDA (R$ million)	R$ 1,947	R$ 2,075
Financial result (R$ million)	R$ (1,639)	R$ (2,540)
Net income (R$ million)	R$ (604)	R$ (1,095)

TARGET PRICE (Sell) - R$ 3.25

BofA Merrill Lynch projections	2024E	2025E
Net sales(R$ million)	R$ 26,714	R$ 28,133
Gross margin (%)	–	–
Adjusted EBITDA (R$ million)	–	–
Financial result (R$ million)	–	–
Net income (R$ million)	-R$ 936	-R$ 1,266

TARGET PRICE (Neutral) - R$ 9.00

Bradesco projections	2024E	2025E
Net sales (R$ million)	R$ 28,697	R$ 30,512
Gross margin (%)	–	–
Adjusted EBITDA (R$ million)	R$ 2,058	R$ 3,008
Financial result (R$ million)	–	–
Net income (R$ million)	-R$ 1.086	R$ 0

TARGET PRICE (Neutral) - R$ 3.00

BTG Pactual projections	2024E	2025E
Net sales(R$ million)	R$ 27,031	R$ 28,637
Gross margin (%)	30.8%	31.6%
Adjusted EBITDA (R$ million)	R$ 1,939	R$ 2,561
Financial result (R$ million)	–	–
Net income (R$ million)	R$ (689)	R$ (754)

TARGET PRICE (Sell) - R$ 4.00

Genial projections	2024E	2025E
Net sales(R$ million)	R$ 28,156	R$ 29,715
Gross margin (%)	30.40%	31.10%
Adjusted EBITDA (R$ million)	R$ 2,114	R$ 2,692
Financial result (R$ million)	-R$ 2,510	-R$ 2,326
Net income (R$ million)	-R$ 1,274	-R$ 602

TARGET PRICE (Sell) - R$ 2.90

Goldman Sachs projections	2024E	2025E
Net sales (R$ million)	R$ 26,827	R$ 28,285
Gross margin (%)	–	–
Adjusted EBITDA (R$ million)	R$ 1,722	R$ 2,318
Financial result (R$ million)	–	–
Net income (R$ million)	-R$ 847	-R$ 1,393

TARGET PRICE (Sell) - -

Morgan Stanley projections	2024E	2025E
Net sales(R$ million)	R$ 26.822	R$ 28.788
Gross margin (%)	30.9%	31.4%
Adjusted EBITDA (R$ million)	R$ 1,919	R$ 2,418
Financial result (R$ million)	R$ (1,945)	R$ (2,928)
Net income (R$ million)	R$ (857)	R$ (1.164)

TARGET PRICE (Sell) - R$ 3.20

Safra projections	2024E	2025E
Net sales (R$ million)	R$ 26,935	R$ 28,886
Gross margin (%)	31.4%	31.5%
Adjusted EBITDA (R$ million)	R$ 2,385	R$ 2,970
Financial result (R$ million)	–	–
Net income (R$ million)	-R$ 861	-R$ 905

TARGET PRICE (Neutral) - R$ 3.90

Santander projections	2024E	2025E
Net sales(R$ million)	R$ 27,072	R$ 28,674
Gross margin (%)	30.9%	31.5%
Adjusted EBITDA (R$ million)	R$ 1,928	R$ 2,552
Financial result (R$ million)	-R$ 2,004<	-R$ 0
Net income (R$ million)	-R$ 813	-R$ 1,020

TARGET PRICE (Neutral) - R$ 8.00

XP projections	2024E	2025E
Net sales(R$ million)	R$ 31.377	–
Gross margin (%)	29.70%	–
Adjusted EBITDA (R$ million)	R$ 2.066	–
Financial result (R$ million)	–	–
Net income (R$ million)	-R$ 1.051	-/td>