We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico as we look forward to 2026. After a 2025 of moving the needle forward in terms of returns (but at the cost of top line growth at the Betterware division) and lowering inventory levels, we believe the stage is set for Betterware to join JAFRA Mexico registering top line growth and for continuing expansion into new countries. When combined with strong financial discipline and a continued emphasis on deleveraging the balance sheet, we believe BWMX, with a dividend yield of approximately 7.3%, remains a highly compelling investment and reiterate our Buy rating and $22.50 price target.
