Please find our updated analysis post the Q3 2024 results on Cerba here.

The organic growth continued (post-COVID normalisation) for the routine & specialty testing business. The forward looking KPIs for the Research Division (backlog,

Saahil Dey29 November 2024CERBA

Cerba - comment

Cerba reported Q3 2024 which showed progress in their turnaround. The company reported €439m revenue in Q3 2024, up by +0.2% which was

Saahil Dey21 November 2024CERBA

Sarria: Best ideas in under 5 minutes.

We are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.

Wolfgang Felix26 September 2024GENERAL, ADLER, REKEEP, CERBA, EMERIA, OCADO, MORRISOS, MORRISONS

Cerba - comment

It seems like the rating agencies are only catching up. Moody’s downgraded the corporate family rating to Caa1 from B3, the ratings on the senior

Saahil Dey18 September 2024CERBA

Cerba - Light at the end of the tunnel? - Positioning

Please find our updated analysis post Q2 2024 results here.

We are changing our outlook on Cerba from a negative to a positive stance as we see signs of a turnaround. While we might be early on

Saahil Dey11 September 2024CERBA

Cerba - comment

While the credit story seems to going in the direction we laid out in our initiation, we will review our position post-call this week. Cerba reported Q2 2024 results of

Saahil Dey2 September 2024CERBA

Cerba - Q1 Results - Testing our Patience.

Please find our updated model post the Q1 2024 results, here.

Since our initiation and short position in both the 2029 and 2028 notes, the only material change in the story is the announcement of the sale of the vet

Saahil Dey4 June 2024CERBA

Cerba - comment

Q1 2024 results were saved by the vet, otherwise, it was more of the same. In a quarter (that was strong seasonably), revenues came in at €503 million which were boosted by

Saahil Dey31 May 2024CERBA

Cerba - Testing our Patience - Positioning

Please find our updated model and positioning on Cerba, here.

After listening to the Q4 2024 earnings call, we have the following observations: The trajectory of the Q4 2023 results was a continuation of the Q3 2023 results which were

Saahil Dey30 April 2024CERBA

Cerba - comment

The company reported its Q4 2023 results yesterday well below even our estimates and our initial view is that Cerba is clearly “testing” the patience of investors as it was another weak quarter. Q4 2023 revenues were down 17% at EUR 482 million vs

Saahil Dey25 April 2024CERBA

Cerba - Testing the market - Positioning

Please find our initiation on Cerba here.

Cerba needs to diversify away from the commoditised routine lab test division to other divisions that are less vulnerable to volatility and cuts in tariffs imposed by

Saahil Dey22 April 2024CERBA