Please find our updated model reflecting Q1 results here.

The release of Q1 numbers has not altered our fundamental view on Cerba. While the results were broadly uneventful, we were surprised by

While the latest figures do not alter our overall view, we are reviewing them in greater detail. The bonds have

Please find our unchanged analysis here. 

A lot has happened since we took a short position in early February across Cerba’s capital structure. There were rumours, counter-rumours and eventually a statement from the Company stating that Cerba, like any other company, has regular discussions

Cerba Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Cerba page.

Please find our updated model on Cerba here. 

As we stated in our November note post Q3 results, Cerba remains significantly overleveraged on a reported EBITDA basis, with the sponsor likely out of

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,

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

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. 

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

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

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

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

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

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

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