Water Tower Research Publishes Initiation of Coverage Report on Betterware de Mexico, S.A.P.I. de C.V., “Building a Leading Multi-Brand P2P Platform in Latin America”

July 14, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Betterware de Mexico, S.A.P.I. de C.V. (NYSE: BWMX) titled, “Building a Leading Multi-Brand P2P Platform in Latin America”. The report can be accessed here.

Founded as Betterware de Mexico in 1995 and acquired by entrepreneur Luis Campos in 2001, BeFra has evolved into a publicly traded, multi-brand direct-selling portfolio spanning household products, beauty, food storage and drinkware, with operations throughout the Americas.

Betterware, founded in 1995, is Mexico’s leading direct-to-consumer household products company, offering ~370 innovative SKUs across home organization, space saving, cleaning, and hygiene categories. The brand pioneered a person-to-person selling model that has delivered a ~16% revenue CAGR over 25 years.

Jafra Cosmetics, acquired in April 2022, is a premium yet accessible beauty brand with 70 years of heritage and more than 1,200 SKUs across fragrances, color cosmetics, skincare, and toiletries. Under BeFra’s ownership, Jafra has risen from the 14th to the seventh largest beauty brand in Mexico and reached the number one position in the Mexican fragrance category across all channels.

Tupperware, whose Latin American operating assets were acquired by BeFra in June 2026, is one of the most iconic consumer brands in the region, with a leading position in food containers and drinkware across Mexico and Brazil. BeFra acquired 100% of Tupperware’s Latin American businesses, along with a perpetual, royalty-free, and exclusive license to the Tupperware brand across the entire Latin American region, for $250 million at an implied multiple of 3.0x 2025E EV/EBITDA.

BeFra trades at a discount to its broader peer group despite its strong operating track record and diversified business model. Based on consensus estimates, the shares trade at 7.7x FY26 EPS and 6.0x FY27 EPS, compared with peer averages of 11.2x and 9.6x, respectively. Relative to the broader S&P SmallCap 600, the discount is even more pronounced, with the index trading at 16.7x and 14.2x forward earnings. While BeFra trades above its closest direct-selling peers, Herbalife and Nu Skin, the direct-selling industry as a whole has remained under valuation pressure following the post-pandemic contraction in distributor activity and slower industry growth. As a result, the market appears to continue valuing much of the sector through a common lens, despite meaningful differences among companies in business mix, financial profile, growth strategy, and execution.

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