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 September catalog.</li><li>While last year's catalog saw record discounting levels (over 70% of SKUs), this year was a materially more normal focus, with inline levels of discounts and newness and a focus on key Fall items as the new season begins in earnest.</li><li>On a "like for like" basis, this month saw solid YoY gains in SKUs and newness, as Betterware continues to focus on the key drivers to increase the overall network and to drive higher returns.</li></ul>

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the September catalog.While last year's catalog saw record discounting levels (over 70% of SKUs), this year was a materially more normal focus, with inline levels of discounts and newness and a focus on key Fall items as the new season begins in earnest.On a "like for like" basis, this month saw solid YoY gains in SKUs and newness, as Betterware continues to focus on the key drivers to increase the overall network and to drive higher returns.

BWMX: Snapping the Catalog: Remain True to the Business Model; Reiterate Buy