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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.

Research from Water Tower Research

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Equity Bottom-Up

Betterware de Mexico Sab de CV / Equity Bottom-Up

<div><ul><li>BeFra reported 2Q26 results that included Tupperware Latin America for the first time, with consolidated revenue up 16.8% to Ps 4,161.4 million and EBITDA up 15.0% to Ps 780.4 million.</li><li>Excluding Tupperware, organic revenue at Betterware and Jafra grew 4.1% Y/Y and accelerated 5.7% sequentially, evidence that the recovery seen earlier in the year is broadening across the legacy business rather than fading.</li><li>Both legacy brands showed improving momentum. Betterware extended its recovery with revenue up 3.6% in the quarter, supported by continued double-digit growth in Guatemala and the Andean region, while Jafra returned to Y/Y growth, up 4.5%, as consultant base expansion and innovation initiatives introduced last quarter began to take hold. </li></ul></div>

BeFra reported 2Q26 results that included Tupperware Latin America for the first time, with consolidated revenue up 16.8% to Ps 4,161.4 million and EBITDA up 15.0% to Ps 780.4 million.Excluding Tupperware, organic revenue at Betterware and Jafra grew 4.1% Y/Y and accelerated 5.7% sequentially, evidence that the recovery seen earlier in the year is broadening across the legacy business rather than fading.Both legacy brands showed improving momentum. Betterware extended its recovery with revenue up 3.6% in the quarter, supported by continued double-digit growth in Guatemala and the Andean region, while Jafra returned to Y/Y growth, up 4.5%, as consultant base expansion and innovation initiatives introduced last quarter began to take hold. 

BWMX: 2Q26 Results; Organic Recovery Broadens as Tupperware Exceeds Expectations