5D·

"que tengas un buen fin de semana" 🪅 Tupper lives on, and much more

Hello my dears,

As I promised some of you, today there is a retail value with a double-digit EBIT margin.

But that's not the end of the story, and it probably won't satisfy some people either.

That is why there is another one:

double-digit sales growth
Net profit grows by 56% this year
Debt free
P/E ratio below 10
Dividend yield between 6-9 %
Lots of potential through expansion into new markets (Latin America / USA)

My dears,

to find such a value for you, my search had to go as far as MEXICO to find such a value for you.

I look forward to many comments.

And have fun with Betterware de Mexico

$BWMX (+0.34%)

Betterware de MexicoS.A.B. DE C.V. is a Mexico-based company that sells household appliances via an online portal. The company has a catalog that lists the company's various household products, including kitchen appliances, gardening tools and accessories for everyday use, as well as other categories. The company operates in all Mexican states, as Betterware's products reach every city in Mexico due to the strategic location of its production facility.

Number of employees: 2,595

About BeFra

BeFra comprises the Mexico Group's leading direct selling brands, Betterware and Jafra. They offer a unique and wide range of products for every corner of the home through Betterware and beauty products through Jafra, with a combined network of 63,000 distributors and 1.13 million employees in Mexico and the US.

Their asset-light business model and state-of-the-art social selling platform enables their brand partners to create and build their own business by providing them with the best merchandising and digital tools as well as a broad portfolio of innovative products to create business opportunities. They work with a proven direct selling model through printed catalogs and digital social selling for both of their brands in Mexico and in the United States, where they also have an online presence.

2020 - Betterware de México is listed on the Nasdaq, becoming the first Mexican company to do so.
2022- Betterware de México acquires Jafra, expands its product portfolio to the beauty segment and gains access to the US market.
2024- Betterware de México establishes the new trade name, BeFra, consolidating the Group's brands under this corporate brand.
2024- Betterware launches operations in the United States, targeting the large and rapidly growing Hispanic population.

Betterware

Betterware is a leading direct-to-consumer company in Mexico focused on the home organization segment. In April 2024, we launched operations in the United States, targeting the large and fast-growing Hispanic population.

Mexico:
betterware.com.mx

United States:
betterware.com

Jafra

Jafra is a leading direct-to-consumer company in the beauty industry with a strong presence in Mexico and the United States.

Mexico:
jafra.com.mx

United States:
jafra.com

BeFra to acquire Tupperware businesses in Latin America

TW+Investor+Presentation.pdf

Products Betterware

Betterware México

Products JAFRA

JAFRA.com: Kosmetik, Hautpflege, Spa und Parfüm – Jafra Cosmetics International

4Q25+Presentation+ER+VF.pdf

MXN in millions

Estimates

Year Sales Change

2024 14.101 8,39 %

2025 14.265 1,16 %

2026 17.401 21,98 %

2027 20.862 19,89 %

Year EBIT Change

2024 1.686 -28,12 %

2025 2.273 34,81 %

2026 2.964 30,38 %

2027 3.880 30,9 %

Year Net result Change

2024 711,7 -32,18 %

2025 1.043 46,51 %

2026 1.633 56,56 %

2027 2.104 28,89 %

Net debt not available

Year Free cash flow Change CAPEX

2023 2.236 101,18 % 131,1

2024 1.601 -28,37 % 222,3

2025 1.977 23,45 % 116

Year EBIT margin EBITDA margin

2024 11,96 % 19,68 %

2025 15,94 % 18,67 %

2026 17,03 % 19,31 %

2027 18,6 % 20,82 %

Year Earnings per share Change

2024 19,07 -32,38 %

2025 27,94 46,51 %

2026 42,17

2027 53,45 26,76 %

Year P/E ratio PEG

2024 12.2x -0.4x

2025 9.16x 0.2x

2026 7.26x -0.5x

2027 5.73x 0.2x

Market value 11,409

Number of shares (in thousands) 37,244

Date of publication 26.02.2026

@Get_Rich_or_Die_Tryin
@Raketentoni
@Dividendenopi
@Max095
@Klein-Anleger
@Multibagger
@Liebesspieler
@SAUgut777

$BWMX (+0.34%)

33 Comments

Raketentoni@Raketentoni

Hello Tenbagger,

you've really dug deep into the (Tupperware) can! 😉
At first glance, the story about Betterware de Mexico (BWMX) and the takeover of Tupperware's Latin American business sounds like a feast for bargain hunters. But before we set off the confetti cannon here, we need to correct your homework. You seem to have had your rose-colored glasses on when reading the figures.

Let's put your wild theses through the tough quality check (as of March 2026):

1. "Debt-free"? Uh, no.
That's the biggest goat in your post. BWMX is anything but debt-free. If you look at the current balance sheet, there are around 4 billion Mexican pesos (over USD 200 million) in liabilities laughing at you. This results in a debt-to-equity ratio (debt-equity ratio) of around 300%! The management is working hard to reduce debt, but to speak of "debt-free" is simply wrong. How do you think they manage takeovers like Jafra and Tupperware? With leftover plastic bowls? 😅

2. "Double-digit sales growth"? Probably rather homeopathic.
A look at the fresh Q4 figures for 2025 shows: Sales growth for the year as a whole was pretty much exactly 1.16%. The management's official guidance for 2026 also assumes growth of just 4 to 8%. There is no trace of "double-digit" growth here.

Let's pour that into our strict quality formulas:

* Core Quality Formula (qualitative growth):
Sales growth (approx. 1.2%) + Operating margin (EBITDA margin approx. 19-21%) = Score: ~21 to 22.
Verdict: This is absolutely solid (between 15 and 25), but not the outstanding growth miracle (> 25) that you are trying to sell it as here.

* Cash flow quality & dividend filter:
The P/E ratio is actually at a visually favorable 10 to 11, and the dividend yield of around 7 to 8% is a dream at first glance. But: BWMX currently pays out over 80% of its profits (high payout ratio). When you are sitting on a considerable mountain of debt and have to integrate a new acquisition (Tupperware LatAm) at the same time, such a payout is often on the edge of your seat. If consumption in Mexico stutters, this dividend is quickly no longer securely covered by free cash flow.

Conclusion according to our exclusion criteria:

The story is cool, no question. Direct-to-consumer with strong brands in Latin America has potential, and they are now reasonably converting profits back into cash. But your due diligence was a bit "creative". As long as growth doesn't really explode into double digits and the balance sheet is so heavily leveraged by acquisitions, it remains an exciting but risky turnaround story for the watchlist - and not a blind buy.
Next time, please take a closer look at the balance sheet before inviting us to the Tupperware party! 🍻

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Tenbagger2024@Tenbagger2024

@Raketentoni Thank you, Mr. Prompt. I should really start complaining to Marketsceener. But luckily I have you, my dear Prompt

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Raketentoni@Raketentoni

@Tenbagger2024 yes sorry he is a bit cheeky again today 😬

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Tenbagger2024@Tenbagger2024

@Raketentoni I did a special search in Mexico for Prompt

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Raketentoni@Raketentoni

@Tenbagger2024 I'll introduce an Italian tomorrow Mr. Prompt was on vacation 😂

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Tenbagger2024@Tenbagger2024

@Raketentoni I am very pleased about that. I am invested in Italy at $LTMC. What does Mr. Prompt think?

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Tenbagger2024@Tenbagger2024

@Raketentoni also introduces you as a Nordic share $MTRS

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Raketentoni@Raketentoni

@Tenbagger2024 I can make a note of it ⚠️

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

@Raketentoni I had also thrown something into the room in another post today 😉 Take a look at $ITRN. I found it quite interesting.

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Raketentoni@Raketentoni

@Get_Rich_or_Die_Tryin I've already made a note of it. Tomorrow it's Italy first and then we'll continue 😬

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

@Tenbagger2024 I have of course already decided to grow them. The growth is actually rather manageable. The payout ratio is already quite high.

My direct comparison (as my previous replacement player for the portfolio from Mexico) was against $FEMSAUB (which I find more interesting than the pure cola bottling business), so of course they didn't do too badly in terms of growth.

I like the profile overall. The risk is that you tend to be in the lower middle class in terms of products, where you can save more quickly in case of doubt and also in the household goods sector. Femsa is a force to be reckoned with, they are represented everywhere in Mexico with their OXXO kiosks.

Definitely on the watch list as a possible replacement candidate for the portfolio. Thank you dear.🙏🏻

and @Raketentoni and Mr. Prompt: with a P/E ratio of around 10, they are still slightly undervalued at the upper end of the sales growth range. And net debt/EBITDA is 1.5, which I think is still within reason, honestly.🤷🏼‍♂️

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View all 10 further answers

Maximilian@Max095

Thank you very much and have a nice Sunday! 😊☀️

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Tenbagger2024@Tenbagger2024

@Max095 I wish you too, my dear

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Timo@Aktienorang-Utan

Even on a Sunday, you don't miss the opportunity to be busy and invest your valuable time for us. Thank you ❤️

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Tenbagger2024@Tenbagger2024

@Aktienorang-Utan Thank you dear, yes I had promised. Hope you like the company

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Frank@schlimmschlimm

Thank you very much! Have a nice Sunday!

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Dividendenopi👴@Dividendenopi

What a lot there is... thanks for looking it up. I did a quick skim before heading out to the garden. Please take a look at the last quarterly report for Q4/2025 on the company website, where I can quickly see something other than net debt not existing. The report is a bit more extensive, I'll read it in more detail today.

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Tenbagger2024@Tenbagger2024

@Dividendenopi oh with pleasure, I would be delighted. As always, I got my figures from Market Screener. Of course, the deal with Tuperware may make them look completely different now. I could imagine that Market Screener didn't include that yet. Thanks for pointing this out. I look forward to your research. And glad you're still keeping an eye on it. Have fun in the garden. Maybe tomorrow Prompt will provide a few more figures on the company. @Raketentoni . And chief strategist @Get_Rich_or_Die_Tryin will certainly have a few more figures to provide. 🙈

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Tenbagger2024@Tenbagger2024

@Dividendenopi perhaps have another look at the dividend. I also had different information there

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Dividendenopi👴@Dividendenopi

@Tenbagger2024 I'm either no longer allowed in the garden or I have to get a Miss Prompta...🤷‍♀️😉 It seems to be a waste of time to study the quarterly reports for answers and divide distributions by the number of shares to get a dividend yield. It's all in the Toni. But my first glance was correct that the non-existent net debt is not correct. Dividend yield is ok and consistent at this level, but also expensive. On the subject of market screeners, I've noticed that retrospective figures are sometimes recorded and listed really "sloppily" and that forward figures are often far too euphoric and sometimes differ considerably from company statements. Anyway. AI is nice and so is the rest, I'll stick to my book, my slow way of working and my assessment. I'm not suitable for snap judgments. It's not really worth it without AI, and I have limited confidence in it based on my previous experience. But I'm learning. And then buckle up... 😁😂😂

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Tenbagger2024@Tenbagger2024

@Dividendenopi So my AI usually uses the taps I have opened. I will open the last company presentation during the next presentation. And then instruct the AI which multiples I want. The good thing is that the AI also calculates multiples that don't exist. We'll see what comes out of it

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Dividendenopi👴@Dividendenopi

@Tenbagger2024 fine, as I said I'm learning, absolutely uncharted territory and minefield at the same time. I can't even manage to "duplicate" the dividend opi in my profile picture 🤷‍♂️😂 for other pictures. How am I supposed to open anything or anything else? It doesn't really matter. I'm always fascinated by what the AI can tease out here. I've managed my 62 years so far quite well without it and my remaining life expectancy won't change drastically for the worse without AI either

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Tenbagger2024@Tenbagger2024

@Dividendenopi but at least you have the courage to try it. And with Prompt you are already Best Friend

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