Analyst Coverage

Equity Analysts Fixed Income Analysts

Institution Analyst Target Price Rating Date
Bank of America Merrill Lynch Caio Ribeiro R$66.00 Buy Oct-23
Bradesco BBI Thiago Lofiego R$45.00 Underperform Jul-23
BTG Pactual Leonardo Correa R$79.00 Buy Dec-23
Citibank Stefan Weskott R$70.00
 Buy Nov-23
CICC Yan Chen R$50.50
 Neutral Aug-23
Goldman Sachs Marcio Farid R$53.00 Neutral Oct-23
HSBC Jonathan Brandt R$65.00 Buy Oct-23
Itau BBA Daniel Sasson R$66.00 Outperform Nov-23
J.P. Morgan Rodolfo Angele R$69.50 Overweight Oct-23
Morgan Stanley Jens Spiess R$57.00 Equal-weight Oct-23
Santander Rafael Barcellos R$75.00 Outperform Dec-23
Scotiabank Alfonso Salazar R$64.00 Outperform Apr-23
UBS Cleve Rueckert R$53.00 Neutral Sep-22
XP Investimentos Guilherme Nippes R$73.00 Buy Nov-23
Average
R$63.29

Lowest
R$45.00

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 39,093 37,617 43,750 17,685 14,577 18,611 15,088 3,549 3,553 Jul-23
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 39,304 44,546 52,431 18,248 19,617 24,498 10,376 5,096 7,752 Nov-23
JP Morgan 40,386 40,514 44,772 18,634 17,292 19,760 10,375 2,958 4,167 Oct-23
Morgan Stanley 39,265 42,799 49,335 17,831 19,842 23,879 9,726 4,430 7,560 Sep-23
Santander 39,019 45,006 - 18,646 22,841 - 10,116 6,343 - Dec-23
Scotiabank 39,024 38,961 44,447 18,227 17,652 22,456 13,201 6,852 7,627 Oct-23
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 39,290 40,403 46,500 18,745 18,729 22,509 12,037 6,233 6,868
Minimum 38,564 34,276 37,644 17,685 14,577 18,585 9,587 2,958 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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