Analyst Coverage

Institution Analyst Target Price Rating Date
Bank of America Merrill Lynch Caio Ribeiro R$80.00 Buy Apr-24
Bradesco BBI Rafael Barcellos R$72.50 Outperform Feb-24
BTG Pactual Leonardo Correa R$82.00 Buy May-24
Citibank Stefan Weskott R$70.00
Buy Nov-23
CICC Yan Chen R$71.60
Outperform Apr-24
Goldman Sachs Marcio Farid R$62.00 Neutral Apr-24
HSBC Jonathan Brandt R$65.00 Buy May-24
Itau BBA Daniel Sasson R$75.00 Outperform Mar-24
J.P. Morgan Rodolfo Angele R$76.50 Overweight Apr-24
Morgan Stanley Jens Spiess R$57.00 Equal-weight May-24
Safra Ricardo Monegaglia R$70.00 Outperform May-24
Santander Arthur Biscuola R$75.00 Outperform Dec-23
Scotiabank Alfonso Salazar R$67.00 Outperform Jan-24
XP Investimentos Lucas Laghi R$73.00 Buy Nov-23
Average
R$71.19

Lowest
R$57.00

Highest
R$82.00

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
2024e 2025e 2026e 2024e 2025e 2026e 2024e 2025e 2026e
Bank of America Merrill Lynch 44,609 45,397 - 21,403 21,740 - 7,679 8,149 - Apr-24
Bradesco BBI 42,143 49,161 50,575 19,687 24,530 25,928 8,251 7,743 7,622 Feb-24
BTG Pactual 42,285 50,187 50,379 20,182 25,862 25,757 9,859 8,286 10,216 May-24
Citibank 41,969 48,725 52,523 19,610 24,053 26,078 7,892 8,662 8,156 Nov-23
CICC 47,805 51,033 51,722 26,230 27,552 28,301 11,985 13,638 15,369 Mar-24
Goldman Sachs 47,903 51,046 53,393 24,298 25,597 26,709 5,039 6,769 8,142 Apr-24
HSBC 38,497 43,482 47,687 17,682 20,338 23,131 4,919 5,287 6,536 May-24
Itaú BBA 46,893 49,770 53,328 23,344 24,735 26,710 10,336 6,480 9,463 Mar-24
JP Morgan 41,764 45,758 51,356 19,113 21,446 25,245 3,609 7,869 9,787 Mar-24
Morgan Stanley 46,149 46,330 49,320 22,785 20,631 23,529 3,057 4,907 7,434 May-24
Safra 43,628 48,742 51,482 21,744 24,252 26,715 7,716 8,789 11,171 May-24
Santander 45,006 47,205 - 22,841 24,271 - 6,343 7,512 - Dec-23
Scotiabank 40,258 45,778 51,702 18,032 23,017 27,998 4,402 7,961 11,238 Jan-24
XP Investimentos 40,871 46,220 - 19,319 22,245 - 10,924 8,304 - Nov-23
Average 43,556 47,774 51,224 21,234 23,591 26,009 7,286 7,883 9,558
Minimum 38,497 43,482 47,687 17,682 20,338 23,131 3,057 4,907 6,536
Maximum 47,903 51,046 53,393 26,230 27,552 28,301 11,985 13,638 15,369

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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