Analyst Coverage

Institution Analyst Target Price Rating Date
Bank of America Merrill Lynch Caio Ribeiro R$66.00 Buy Oct-23
Bradesco BBI Rafael Barcellos R$72.50 Outperform Feb-24
BTG Pactual Leonardo Correa R$79.00 Buy Dec-23
Citibank Stefan Weskott R$70.00
Buy Nov-23
CICC Yan Chen R$62.20
Neutral Mar-24
Goldman Sachs Marcio Farid R$53.00 Neutral Oct-23
HSBC Jonathan Brandt R$65.00 Buy Oct-23
Itau BBA Daniel Sasson R$63.00 Outperform Jan-24
J.P. Morgan Rodolfo Angele R$74.00 Overweight Jan-24
Morgan Stanley Jens Spiess R$47.00 Underweight Jan-24
Santander Arthur Biscuola R$75.00 Outperform Dec-23
Scotiabank Alfonso Salazar R$67.00 Outperform Jan-24
UBS Cleve Rueckert R$53.00 Neutral Sep-22
XP Investimentos Lucas Laghi R$73.00 Buy Nov-23
Average
R$65.69

Lowest
R$47.00

Highest
R$79.00

Source: Bloomberg and Brokers' Researches

Legend of recommendations:

Buy/ Outperform/ Overweight = expectation from an analyst that the stock will outperform, within the next 12 months, the average return rate of all stocks this analyst covers

Neutral/ Market perform/ Equal weight = expectation from an analyst that, within the next 12 months, the stock will perform in line with the average return rate of all stocks this analyst covers

Sell/ Underperform/ Underweight = expectation from an analyst that the stock will underperform, within the next 12 months, the average return rate of all stocks this analyst covers

Analyst Estimates

(R$ million) Net Revenue EBITDA Net Income Date
2023e 2024e 2025e 2023e 2024e 2025e 2023e 2024e 2025e
Bank of America Merrill Lynch 38,564 39,906 53,230 17,769 18,827 26,994 13,956 8,417 10,834 Oct-23
Bradesco BBI 39,515 42,143 - 18,229 19,687 - - - - Feb-24
BTG Pactual 39,681 39,353 48,650 18,338 18,144 24,429 14,646 4,580 8,647 Dec-23
Citibank 39,206 41,969 48,725 18,306 19,610 24,053 12,416 7,892 8,662 Nov-23
CICC 40,017 43,572 48,817 23,758 24,008 25,875 9,588 9,913 11,790 Aug-23
Goldman Sachs 38,964 38,769 45,275 18,184 17,430 21,711 9,587 3,081 4,506 Oct-23
HSBC 38,745 37,478 41,198 18,200 17,143 19,521 11,282 6,294 4,714 Oct-23
Itaú BBA 39,298 43,343 49,628 18,163 20,746 24,309 13,627 7,846 6,017 Jan-24
JP Morgan 40,386 40,514 44,772 18,634 17,292 19,760 10,375 2,958 4,167 Oct-23
Morgan Stanley 38,971 40,766 48,866 17,792 18,616 24,289 13,318 1,772 7,473 Jan-24
Santander 39,019 45,006 47,205 18,646 22,841 24,271 10,116 6,343 7,512 Dec-23
Scotiabank 39,617 40,258 45,778 18,140 18,032 23,017 14,380 4,402 7,961 Jan-24
UBS 39,321 34,276 37,644 19,990 15,898 18,585 17,489 6,936 1,168 Sep-22
XP Investimentos 39,472 40,871 46,220 18,617 19,319 22,245 10,667 10,924 8,304 Nov-23
Average 39,350 40,212 45,302 19,034 19,087 22,156 12,637 6,203 5,937
Minimum 38,564 34,276 37,644 17,769 15,898 18,585 9,587 1,772 1,168
Maximum 40,386 45,006 53,230 23,758 24,008 26,994 17,489 10,924 11,790

Source: Bloomberg and Brokers' Researches

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Institution Analyst Phone E-mail
Bank of America Merrill Lynch Roy Yackulic +1 646 855 5490 roy.yackulic@baml.com
Barclays Andrew de Luca +1 212 412 3428 andrew.deluca@barclays.com
BNP Paribas Damien Botton +55 11 3841 3251 damien.botton@br.bnpparibas.com
BTG Pactual Thomas Takats Tenyi +1 646 924 2477 thomas.tenyi@btgpactual.com
Citigroup Nicolas Fabiancic +1 212 723 1684 nicolas.fabiancic@citi.com
Itaú BBA Ciro Matuo +55 11 3073 3049 ciro.matuo@itaubba.com
JP Morgan Júlio Arantes +1 212 834 4317 julio.p.arantes@jpmorgan.com
Morgan Stanley John Haugh +1 212 761 5547 john.haugh@morganstanley.com
SMBC Nikko Roger K. Horn +1 212 224 5332 rhorn@smbcnikko-si.com
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