Afya

Afya lifted its medical school net average ticket ex‑acquisitions by ~2.8% in 2025 to R$9,060 per month while maintaining very high occupancy across integrated schools, suggesting room for steady ticket compounding against a large demand/supply gap for physicians. Undergraduate scale plus select non‑medical programs broaden cross‑sell.

Constraints: (a) political optics and consumer sensitivity on tuition; (b) regulatory oversight tied to measured quality outcomes; and (c) digital segment requiring product‑led pricing (AI assistants, EMR automation) to offset MAU softness. Net: solid but not unconstrained pricing power, with more leverage in medicine seats than in software.