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. With the dividend now yielding almost 9% and BWMX trading at a 2027 P/E of 6.3X, we view the risk/reward as compelling, and we reiterate our Buy rating and $30 price target.
