Research from Water Tower Research, Water Tower Research

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

Equity Research Firm

Equity Bottom-Up

Betterware de Mexico Sab de CV / Equity Bottom-Up

<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