Betterware: Tupperware's New Numbers Offer Early Encouragement

Betterware earns a reiterated 'Buy' rating, with a two-year price target of $24.70–$25.60, implying ~48% upside plus a 7% dividend yield.

Tupperware's integration is accretive, boosting pro forma EPS by 36.6% and lowering payout ratios, while adding 301,000 representatives and strategic cross-selling potential.

I expect revenue to reach MXN 20.2–20.8 billion in FY 2027, with EBITDA of $240–$246 million, aligning with consensus and peer multiples.

Risks include Tupperware's turnaround, MLM sector churn, and competition from e-commerce platforms, tempering conviction to 'Buy' rather than 'Strong Buy.'

As a good Brazilian by birth, I have to say I'm loving covering Betterware ( BWMX ) or BeFra, if you prefer. Don't get me wrong, dear reader. I don't usually care about perfumes (I'm not smelly, mind you) or the trinkets