We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the January 2026 catalog for the Betterware division. The start of the year brought a smaller (by page number) catalog, and the continuation of the trends of lower YoY SKUs, higher average price points and decreased levels of discounted products, as Betterware continues to focus on driving higher overall returns in a period where the Mexican consumer remains somewhat stressed. That said, newness levels have stabilized, and there are exciting collections rolling out for the new year. We believe their remains further margin upside for the company, and we reiterate our Buy rating and $22.50 price target for BWMX.
