Investment Research report

Globant SA

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Globant SA
Global Crisis of Management Confidence
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Research Overview

S&P 500
Apr 4, 2018

After conducting a forensic financial and accounting review, Spruce Point believes Globant SA (NYSE: GLOB), a digital IT outsourcing company, has a premium stock valuation that is predicated on organic growth, an outsourced IT operation that has yet to generate meaningful free cash and that the behaviors and decisions of management should give investors significant pause. Based on our investigation, we estimate 40% to 50% downside risk, or $24.50 - $29.50 per share.

The report highlights several key concerns with the company, including:

  • Evidence that the organic growth, which is the driver of valuation, is decelerating
  • We find that the outsourced IT operations have yet to generate meaningful
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