We are reiterating our Buy rating and $22.50 price target for Betterware de Mexico, slightly tweaking our 3Q25 projection and updating our USD projections for actual 3Q FX rates with the company announcing results after the close Thursday. We believe Betterware remains highly focused on overall returns for the namesake division, while JAFRA remains in a full market share expansion mode. As such, we believe management will remain upbeat on prospects for 2025 and beyond and the potential for gains from higher margins (and lower overall inventory levels) to fund further growth (including new country expansion) and continue to reduce overall debt levels. With BWMX continuing to register a dividend yield of almost 9% and a valuation under 6X our 2026 EPS, we believe the risk/reward in the name remains compelling, and we reiterate our Buy rating and $22.50 price target for BWMX