Consensus
AVERAGE TARGET PRICE – R$18.54
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 55,018 | 9.7% | 60,160 | 9.3% | 65,052 | 8.1% |
| Net income | 4,569 | 24.9% | 5,096 | 11.5% | 5,389 | 5.7% |
TARGET PRICE – R$18.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 56,092 | – | 61,285 | 9.3% | 66,002 | 7.7% |
| Net income | 4,600 | – | 5,298 | 15.2% | 5,830 | 10.0% |
TARGET PRICE – R$20.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | – | – | – | – | – | – |
| Net income | 4,790 | 31.0% | 5,195 | 8.5% | 5,688 | 9.5% |
TARGET PRICE – R$16.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 55,356 | 10.3% | 60.604 | 9.5% | 65,768 | 8.5% |
| Net income | 4,488 | 22.7% | 4,719 | 5.1% | 4,761 | 0.9% |
TARGET PRICE – R$19.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 56,186 | 12.0% | 61,576 | 9.6% | 65,842 | 6.9% |
| Net income | 4,540 | 24.1% | 5,188 | 14.3% | 5,373 | 3.6% |
TARGET PRICE – (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | – | – | – | – | – | – |
| Net income | – | – | – | – | – | – |
TARGET PRICE – R$19.50 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ A/A | 2027E | Δ A/A | 2028E | Δ A/A |
|---|---|---|---|---|---|---|
| Revenue | 55,818 | 11.3% | 60,250 | 7.9% | 64,281 | 6.7% |
| Net income | 4,545 | 24.3% | 4,919 | 8.2% | 5,124 | 4.2% |
TARGET PRICE – R$19.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 56,196 | 12.0% | 61,988 | 10.3% | 68,463 | 10.4% |
| Net income | 4,640 | 26.9% | 5,318 | 14.6% | 5,524 | 3.9% |
TARGET PRICE – R$16.75 (Neutral)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | – | – | – | – | – | – |
| Net income | – | – | – | – | – | – |
TARGET PRICE – R$19.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 55,658 | 10.9% | 61,439 | 10.4% | 65,591 | 6.8% |
| Net income | 4,645 | 27.0% | 4,949 | 6.5% | 5,186 | 4.8% |
TARGET PRICE – R$19.60 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 48,993 | 14.3% | 53,528 | 9.3% | 58,158 | 8.6% |
| Net income | 4,270 | 19.3% | 4,839 | 13.3% | 5,163 | 6.7% |
TARGET PRICE – R$18.10 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 55,321 | 10.3% | 61,105 | 10.5% | 66,612 | 9.0% |
| Net income | 4,490 | 22.8% | 5,559 | 23.8% | 6,144 | 10.5% |
TARGET PRICE – R$19.00 (Buy)
| (R$ million, except otherwise specified) | 2026E | Δ Y/Y | 2027E | Δ Y/Y | 2028E | Δ Y/Y |
|---|---|---|---|---|---|---|
| Revenue | 55,538 | 10.7% | 59,669 | 7.4% | 64,754 | 8.5% |
| Net income | 4,680 | 28.0% | 4,976 | 6.3% | 5,092 | 2.3% |
