Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

Betterware de Mexico Sab de CV / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating and $30 price target for Betterware de Mexico after the company announced strong, above consensus, 2Q26 (June) results, which included both Betterware and JAFRA registering YoY top line growth and the first month of newly acquired Tupperware LatAm operations materially exceeding expectations.</li><li> Further, management materially increased the quarterly dividend payout, signalling strong confidence going forward.</li><li> We believe new, post-acquisition guidance remains achievable (and in our view conservative) and we believe Betterware is now positioned to register strong organic (and Tupperware LatAm driven) growth.</li></ul>

We are reiterating our Buy rating and $30 price target for Betterware de Mexico after the company announced strong, above consensus, 2Q26 (June) results, which included both Betterware and JAFRA registering YoY top line growth and the first month of newly acquired Tupperware LatAm operations materially exceeding expectations. Further, management materially increased the quarterly dividend payout, signalling strong confidence going forward. We believe new, post-acquisition guidance remains achievable (and in our view conservative) and we believe Betterware is now positioned to register strong organic (and Tupperware LatAm driven) growth.

BWMX: 2Q Review: Momentum (& Dividend) Rising; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating and $30 price target, tweaking our 2Q projections and updating our USD model for actual 2Q exchange rates with Betterware de Mexico announcing 2Q26 (June) results after the close next Thursday.</li><li> We believe, with the Tupperware LatAm acquisition completed, Betterware division momentum back on the upswing and JAFRA Mexico beginning to rebound, management will be upbeat on the potential for continued organic growth and for Tupperware LatAm to drive further upside and serve as a gateway for further South American expansion.</li><li> As such, and with BWMX trading at 6.2X our 2027 EPS, we believe investors are missing what will be a compelling Mexican, Brazilian and South American expansion play for the near and longer term (with a 6.8% dividend yield), and we reiterate our Buy rating and $30 price target for BWMX.</li></ul>

We are reiterating our Buy rating and $30 price target, tweaking our 2Q projections and updating our USD model for actual 2Q exchange rates with Betterware de Mexico announcing 2Q26 (June) results after the close next Thursday. We believe, with the Tupperware LatAm acquisition completed, Betterware division momentum back on the upswing and JAFRA Mexico beginning to rebound, management will be upbeat on the potential for continued organic growth and for Tupperware LatAm to drive further upside and serve as a gateway for further South American expansion. As such, and with BWMX trading at 6.2X our 2027 EPS, we believe investors are missing what will be a compelling Mexican, Brazilian and South American expansion play for the near and longer term (with a 6.8% dividend yield), and we reiterate our Buy rating and $30 price target for BWMX.

BWMX: 2Q Preview: Entering a New World; Reiterate Buy, $30 Price Target

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>BeFra has evolved from a single-brand household products company into a differentiated Latin American direct-selling platform with a demonstrated ability to acquire, integrate, and revitalize consumer brands. </li><li>Founded as Betterware de México in 1995, the company has transformed itself through the acquisitions of Jafra Cosmetics in 2022 and Tupperware Latin America in 2026 into a three-brand portfolio spanning household products, beauty, food storage and drinkware. </li><li>Management has demonstrated a repeatable operating playbook focused on product innovation, sales force productivity, digital enablement, and disciplined capital allocation, positioning the company to generate growth both organically and through future acquisitions.</li></ul>

BeFra has evolved from a single-brand household products company into a differentiated Latin American direct-selling platform with a demonstrated ability to acquire, integrate, and revitalize consumer brands. Founded as Betterware de México in 1995, the company has transformed itself through the acquisitions of Jafra Cosmetics in 2022 and Tupperware Latin America in 2026 into a three-brand portfolio spanning household products, beauty, food storage and drinkware. Management has demonstrated a repeatable operating playbook focused on product innovation, sales force productivity, digital enablement, and disciplined capital allocation, positioning the company to generate growth both organically and through future acquisitions.

BWMX: Initiating Coverage; Building a Leading Multi-Brand P2P Platform in Latin America

<ul><li>We are reiterating our Buy rating, $30 price target and projections for Betterware de Mexico as we look at key trends for 2H26 and beyond.</li><li> The key new driver remains the acquisition of Tupperware LatAm, which closed on June 2nd, 2026.</li><li> We view the Tupperware LatAm transaction, which is immediately accretive, provide entry into the Brazilian market and further solidifies the company’s strong position in Mexico as a game changer, offering multiple expansion vehicles over the next 3 to 5 years.</li></ul>

We are reiterating our Buy rating, $30 price target and projections for Betterware de Mexico as we look at key trends for 2H26 and beyond. The key new driver remains the acquisition of Tupperware LatAm, which closed on June 2nd, 2026. We view the Tupperware LatAm transaction, which is immediately accretive, provide entry into the Brazilian market and further solidifies the company’s strong position in Mexico as a game changer, offering multiple expansion vehicles over the next 3 to 5 years.

BWMX: 2H Signposts: A New World; Reiterate Buy, $30 Price Target

<div><ul><li>BeFra has built a 25-year track record of ~20% revenue CAGR as a group, transforming from a single Mexican household products business into a diversified three-brand platform spanning Betterware, Jafra, and now Tupperware Latin America.</li><li>The person-to-person selling model remains central to BeFra’s differentiation, offering ~1.5 million independent sellers across its three brands an extra-income opportunity that management likens to the broader gig economy, generating ~4.1 billion pesos in earnings for its sales force last year alone.</li><li>The 2022 Jafra acquisition demonstrates BeFra’s brand-turnaround playbook, with the brand nearly doubling in size and climbing from the 14th to the seventh largest beauty brand in Mexico after 15 years of stagnation, driven by refreshed innovation, a revamped catalog, and an expanded US presence.</li></ul></div>

BeFra has built a 25-year track record of ~20% revenue CAGR as a group, transforming from a single Mexican household products business into a diversified three-brand platform spanning Betterware, Jafra, and now Tupperware Latin America.The person-to-person selling model remains central to BeFra’s differentiation, offering ~1.5 million independent sellers across its three brands an extra-income opportunity that management likens to the broader gig economy, generating ~4.1 billion pesos in earnings for its sales force last year alone.The 2022 Jafra acquisition demonstrates BeFra’s brand-turnaround playbook, with the brand nearly doubling in size and climbing from the 14th to the seventh largest beauty brand in Mexico after 15 years of stagnation, driven by refreshed innovation, a revamped catalog, and an expanded US presence.

BWMX: Conference Recap - A House of Brands Built on People-To-People Selling and Disciplined Growth

Mexico

Betterware de Mexico SAB de CV sells household products. The Company offers furniture, sink, electronics, utensils, laundry equipment, cleaners, bath accessories, personal care, and other goods. Betterware de Mexico serves customers in Mexico.

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Betterware de Mexico Sab de CV (BWMX US)

BWMX: 2Q Review: Momentum (& Dividend) Rising; Reiterate Buy, $30 PT

We are reiterating our Buy rating and $30 price target for Betterware de Mexico after the company announced strong, above consensus, 2Q26 (June)...

Small Cap Consumer Research

BWMX: 2Q Preview: Entering a New World; Reiterate Buy, $30 Price Target

We are reiterating our Buy rating and $30 price target, tweaking our 2Q projections and updating our USD model for actual 2Q exchange rates with...

Small Cap Consumer Research

BWMX: Initiating Coverage; Building a Leading Multi-Brand P2P Platform in Latin America

Management has demonstrated a repeatable operating playbook focused on product innovation, sales force productivity, digital enablement, and...

Water Tower Research

BWMX: 2H Signposts: A New World; Reiterate Buy, $30 Price Target

We are reiterating our Buy rating, $30 price target and projections for Betterware de Mexico as we look at key trends for 2H26 and beyond. The...

Small Cap Consumer Research

BWMX: Conference Recap - A House of Brands Built on People-To-People Selling and Disciplined Growth

BeFra has built a 25-year track record of ~20% revenue CAGR as a group, transforming from a single Mexican household products business into a...

Water Tower Research

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