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, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record SKU levels and continues to raise the bar in terms of offerings.</li><li>Management has also continued to focus on key new categories, such as Kid's while combining and pruning pets as a stand-alone offering.</li><li>As such, we believe the Betterware division remains well positioned to drive top line growth in 4Q and into 2024, and we reiterate our Buy rating and $17 price target.</li></ul>

We are reiterating our Buy rating, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record SKU levels and continues to raise the bar in terms of offerings.Management has also continued to focus on key new categories, such as Kid's while combining and pruning pets as a stand-alone offering.As such, we believe the Betterware division remains well positioned to drive top line growth in 4Q and into 2024, and we reiterate our Buy rating and $17 price target.

BWMX: Snapping the Catalog; Ending 2023 on a High Note; Reiterate Buy, $17 PT