We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico as the company begins their celebration of 30 years of "creating opportunities" with the June catalog. June has seen continued newness and higher pricing, with discounting levels below prior year levels (after outpacing 2024 previously) as the rainy season, summer and mosquito control come to the fore. We believe Betterware management has continued to walk the tightrope between the need for deals for a consumer who is somewhat economically pinched and the need for strong returns at the Betterware division; getting the balance right will be the key to driving results on or above management's guidance. We remain upbeat on the company's potential to achieve our projections and, with BWMX now trading under 4X our 2026 EPS, we believe the value equation is outstanding; we reiterate our Buy rating and $22.50 price target.
