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

Small Cap Consumer Research

Equity research on small cap consumer names.

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, $22.50 price target and projections for Betterware de Mexico after reviewing the March 2025 catalog.</li><li>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).</li><li>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.</li></ul>

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.

BWMX: Snapping the Catalog: Growing Spring Confidence; Reiterate Buy, $22.50 PT