Analyst Coverage

CONSENSUS

	2021	2022
Net Revenue (R$ million)	6,976	7,492
Gross income (R$ million)	1,943	2,083
Gross Margin (%)	28%	28%
EBITDA (R$ million)	1080	1129
EBITDA Margin (%)	14%	14%
Net Income (R$ million)	738	740
Net Margin (%)	10%	10%
ROE (%)	14%	13%

ANALYSTS COVERAGE

INSTITUTION	ANALYST	TARGET PRICE	RECOMENDATION
BB Banco de Investimento S.A.	Kamila Oliveira	22.30	Buy
BofA Global Research	Carlos Peyrelongue	21.00	Buy
Bradesco BBI	Bruno Mendonça	21.00	Buy
BTG Pactual	Gustavo Cambauva	23.00	Buy
CITI	André Mazini	14.00	Buy
Credit Suisse – Latin America	Daniel Gasparete	17.00	Neutral
Eleven Financial	Raul Lemos	22.00	Buy
Itaú BBA	Alex Ferraz	21.40	Buy
JP Morgan	Marcelo Motta	18.00	Buy
Morgan Stanley	Jorel Guilloty	17.00	Buy
Safra	Luiz Pecanha	24.00	Buy
Santander	Fanny Avino	19.00	Buy
XP	Renan Manda	23.00	Neutral