We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 1Q25 (March) results after the close on Thursday. We believe the Betterware division has continued to drive higher sales and improved gross margin via price increases, which when combined with continued product newness and higher SKU levels, should drive another solid quarter. We also believe JAFRA Mexico has remained a market share gainer, with a continued focus on leveraging their leading position in fragrance to drive incremental purchases in new categories. Further, given: 1) the company (as a Mexican importer) is not directly affected by the recent United States driven tariff issues, which could be a potential positive); 2) the weakening USD vs. the MXN will be a key plus; and 3) the recent market led drop in BWMX to a near 52-week low and a dividend yield of almost 13%, we believe BWMX offers one of the most compelling investment opportunities in the consumer space. As such, we reiterate our Buy rating and $22.50 price target for BWMX.