Cerba - comment

S&P downgraded Cerba bonds yesterday on unsustainable capital structure and strained liquidity. It is as if S&P have read ou

Tomás Mannion3 June 2025CERBA

Cerba - Living in denial.

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

Tomás Mannion22 May 2025CERBA

Cerba - comment

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

Tomás Mannion20 May 2025CERBA

Sarria: Cerba - Back into the fire - Positioning

Buy SideTomás Mannion9 May 2025CERBA

Cerba - comment

The call currently is ongoing, but the initial view of the numbers is worse than we expected. Liquidity will remain tight going forward and we fully expect the

Sell SideTomás Mannion29 April 2025CERBA

Cerba - all a little quick - Positioning

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

Tomás Mannion10 April 2025CERBA

Cerba Idea Pitch Video Now Available

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

Martha Felix2 April 2025CERBA

Cerba - comment

Cerba has lost its CEO, Emmanuel Ligner, who left immediately on March 14th. Mr Ligner was only appointed in March 2024, and this announcement, coupled with

Buy Side, Sell SideTomás Mannion17 March 2025CERBA

Cerba - comment

We are staying short. The Cerba/Houlihan Lokey story isn’t disappearing. An article in Bloomberg alleges that EQT is discussing a liability management

Buy Side, Sell SideTomás Mannion14 March 2025CERBA

Cerba - comment

Unconfirmed, but Cerba is rumoured to have appointed Houlihan Lokey to advise on its outstanding debt, which has applied further pressure to the trading level of

Buy Side, Sell SideTomás Mannion13 March 2025CERBA

Cerba - Agreement at what cost - Positioning

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

Tomás Mannion7 February 2025CERBA

Cerba - comment

Cerba SUNs are up on news released in December that in the context of a new healthcare framework in France signed by biologist unions and the

Saahil Dey3 January 2025CERBA

Cerba - Testing for a Turnaround

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