Analyst Coverage

CONSENSUS

	2021	2022
Net Revenue (R$ million)	6,962	7,409
Gross income (R$ million)	2,044	2,224
Gross Margin (%)	29%	30%
EBITDA (R$ million)	1060	1147
EBITDA Margin (%)	14%	14%
Net Income (R$ million)	770	835
Net Margin (%)	11%	11%
ROE (%)	14%	14%

ANALYSTS COVERAGE

INSTITUTION	ANALYST	TARGET PRICE	RECOMENDATION
BB Banco de Investimento S.A.	Kamila Oliveira	22.30	Buy
BofA Global Research	Nicole Inui	26.50	Buy
Bradesco BBI	Bruno Mendonça	28.00	Buy
BTG Pactual	Gustavo Cambauva	23.00	Buy
CITI	André Mazini	19.00	Neutral
Credit Suisse – Latin America	Daniel Gasparete	24.00	Neutral
Eleven Financial	Raul Lemos	22.00	Buy
Itaú BBA	Alex Ferraz	20.20	Neutral
JP Morgan	Marcelo Motta	26.00	Buy
Morgan Stanley	Jorel Guilloty	17.00	Sell
Safra	Luiz Pecanha	22.90	Buy
Santander	Fanny Avino	26.00	Buy
XP	Renan Manda	23.00	Neutral