Market Projections

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Average Target Price - R$ 5.69

Consensus 2024E 2025E
Net sales (R$ million) R$ 27,643 R$ 28,888
Gross margin (%) 30.6% 31.1%
Adjusted EBITDA (R$ million) R$ 1,778 R$ 2,301
Financial result (R$ million) -R$ 1,727 -R$ 1,573
Net income (R$ million) -R$ 927 -R$ 810

 

TARGET PRICE (Sell) - R$ 6.70

Banco do Brasil projections 2024E  2025E 
Net sales (R$ million) R$ 26,977 R$ 28,147
Gross margin (%) 30.7% 29.8%
Adjusted EBITDA (R$ million) R$ 1,983 R$ 2,210
Financial result (R$ million) R$ (1,743) R$ (1,934)
Net income (R$ million) R$ (625) R$ (613)

 

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$ 9.00

BTG Pactual projections 2024E 2025E 
Net sales(R$ million) R$ 28,083 R$ 30,204
Gross margin (%) 30.1% 31.0%
Adjusted EBITDA (R$ million) R$ 1,845 R$ 2,680
Financial result (R$ million) R$ (2,160) R$ (2,252)
Net income (R$ million) R$ (1.024) R$ (204)

 

TARGET PRICE (Neutral) - R$ 5.10

Citi projections 2024E 2025E
Net sales(R$ million) R$ 26,636 R$ 28,129
Gross margin (%) 31.1% 31.5%
Adjusted EBITDA (R$ million) R$ 2,008 R$ 2,533
Financial result (R$ million)
Net income (R$ million) -R$ 726 -R$ 489

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 (Neutral) - R$ 5.00

Safra projections 2024E 2025E 
Net sales (R$ million) R$ 26,709 R$ 28,297
Gross margin (%) 31.2% 31.3%
Adjusted EBITDA (R$ million) R$ 1,914 R$ 2,600
Financial result (R$ million)
Net income (R$ million) -R$ 958 -R$ 542

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>