We are reiterating our Buy rating, $17 price target and projections for Betterware as we look at the year ahead. We believe Betterware, with the namesake division revamped and set to register YoY revenue growth in 4Q23 is poised to once again register the strong, consistent returns which the COV-19 driven environment ups and downs occluded. Further, we believe there remain multiple key catalysts beyond the return to growth at Betterware Mexico, from continued multiple upgrades at JAFRA, the start of expansion into the United States and South America and further debt reductions and cost-cutting. As such, we remain upbeat on BWMX and reiterate our Buy rating and $17 price target.
