Cerba - Testing our Patience - Positioning

The Q4 2023 results have demonstrated that there are deeper problems lurking at Cerba which management is trying to solve. Our analysis focuses on margins relative to tariff cuts as well as then medium-term impact of the loss of high margin Covid related business? When will growth pick up in the Research division? What will be the size and effect of the tariff cuts in Italy (Cerba's second largest market)? After a thorough internal debate, we have reached a conclusion on these questions and have altered our positioning.