We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the March 2025 catalog. As has been the hallmark since 4Q24, March saw material increases in overall SKU count (up 5.8%) YoY and pricing (12.5% YoY increase). That said, while overall prices increased, this month saw a slowdown in the rate of discounting, with the catalog registering less than 30% of total SKUs on sale; while still up YoY, March 2025 sales rate was the second lowest since August 2024. With the catalog flowing in newness and Spring/Summer goods (the return of the fans!), we view the reduction in discounting as reflecting an increasingly confident Betterware management, and we reiterate our Buy rating and $22.50 price target for BWMX.
