The Noumi thesis has been reviewed and reaffirmed, with the updated narrative shifting emphasis from potential growth drivers to the current mix of plant-based, dairy, and capital structure realities following the Arrovest acquisition.
What’s Changed
- Previously, Noumi was framed around broad plant-based and dairy alternative growth and international expansion. Now the focus is on specific Milklab plant-based revenue of A$126 million, 9.8% export growth and 44.6% domestic retail growth as the key revenue and margin drivers.
- The earlier view highlighted balance sheet pressure from A$610 million in convertible notes and a A$150 million statutory net loss. The current view centres on Arrovest’s acquisition of Noumi and the…