Noumi's revenue growth of 6% year on year in the March Q exceeded Bell Potter's forecast, with double digit growth in plant-based beverages the standout with more modest growth in Dairy & Nutritionals.

In terms of outlook, Noumi continues to focus on margins in Dairy & Nutritionals and opportunities to grow plant-based revenues, remains cautious on consumer spending in Australia and notes global dairy prices continue to be a headwind.

Bell Potter continues to see Noumi as a relative value play on the growth in alternative plant based proteins, where peer group multiples have continued to expand.

Speculative Buy and 17.5c target retained.

Target price is $0.18.Current Price is $0.12. Difference: $0.06 - (brackets indicate current price is over target). If NOU meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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