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, projections and $22.50 price target for Betterware de Mexico as we look ahead to key trends in 2H24 and beyond.</li><li>We believe Betterware, with JAFRA continuing to gain market share in the Mexican cosmetics market and the Betterware division focused on expanding overall market share and expansion into the United States ongoing, continues to register multiple growth drivers which, when coupled with the ability to further leverage the overall supply chain, position the company for material top and bottom line upside.</li><li>With BWMX also offering a highly attractive dividend yield of over 10%, we believe the risk/reward in the name remains compelling, and we are reiterating our Buy rating and $22.50 price target.</li></ul>

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico as we look ahead to key trends in 2H24 and beyond.We believe Betterware, with JAFRA continuing to gain market share in the Mexican cosmetics market and the Betterware division focused on expanding overall market share and expansion into the United States ongoing, continues to register multiple growth drivers which, when coupled with the ability to further leverage the overall supply chain, position the company for material top and bottom line upside.With BWMX also offering a highly attractive dividend yield of over 10%, we believe the risk/reward in the name remains compelling, and we are reiterating our Buy rating and $22.50 price target.

BWMX: 2H24 Signposts: Showing the Power of the Model; Reiterate Buy, $22.50 PT