We are reiterating our Buy rating, $22.50 price targe and projections for Betterware de Mexico with the company reporting 2Q24 (June) results after the close on Thursday. We believe, while the Betterware division may be a drag (due primarily to foreign exchange), JAFRA continued to shine and the expansion into the United States has slowly begun to gain momentum at both Betterware and JAFRA. Further, we expect management to remain positive over key trends and for the company to once again reiterate overall guidance for 2024. With BWMX continuing to trade under 6.5X our 2025 EPS and registering a dividend yield of over 9%, we view the risk/reward in the name as compelling and reiterate our Buy rating and $22.50 price target for BWMX.
