Intrinsic value of Globant - GLOB

Previous Close

$40.71

  Intrinsic Value

$40.14

stock screener

  Rating & Target

hold

-1%

Previous close

$40.71

 
Intrinsic value

$40.14

 
Up/down potential

-1%

 
Rating

hold

We calculate the intrinsic value of GLOB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.17
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  323
  404
  497
  602
  720
  850
  993
  1,148
  1,316
  1,495
  1,685
  1,887
  2,100
  2,323
  2,558
  2,802
  3,058
  3,324
  3,601
  3,889
  4,189
  4,500
  4,824
  5,160
  5,509
  5,873
  6,251
  6,644
  7,054
  7,480
  7,925
Variable operating expenses, $m
 
  333
  409
  494
  589
  695
  811
  936
  1,072
  1,217
  1,371
  1,528
  1,700
  1,882
  2,071
  2,270
  2,477
  2,692
  2,917
  3,150
  3,393
  3,645
  3,907
  4,179
  4,462
  4,756
  5,062
  5,381
  5,713
  6,058
  6,418
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  273
  333
  409
  494
  589
  695
  811
  936
  1,072
  1,217
  1,371
  1,528
  1,700
  1,882
  2,071
  2,270
  2,477
  2,692
  2,917
  3,150
  3,393
  3,645
  3,907
  4,179
  4,462
  4,756
  5,062
  5,381
  5,713
  6,058
  6,418
Operating income, $m
  50
  70
  88
  108
  130
  155
  182
  212
  244
  278
  314
  359
  399
  442
  486
  533
  581
  632
  685
  739
  796
  856
  917
  981
  1,047
  1,117
  1,188
  1,263
  1,341
  1,422
  1,507
EBITDA, $m
  61
  83
  102
  124
  148
  175
  204
  236
  270
  307
  346
  388
  432
  478
  526
  576
  629
  683
  740
  800
  861
  925
  992
  1,061
  1,133
  1,208
  1,285
  1,366
  1,450
  1,538
  1,629
Interest expense (income), $m
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  49
Earnings before tax, $m
  50
  70
  87
  106
  128
  152
  178
  207
  237
  270
  305
  349
  388
  429
  472
  517
  564
  613
  664
  716
  771
  829
  888
  950
  1,014
  1,081
  1,150
  1,222
  1,297
  1,376
  1,457
Tax expense, $m
  14
  19
  23
  29
  34
  41
  48
  56
  64
  73
  82
  94
  105
  116
  127
  140
  152
  165
  179
  193
  208
  224
  240
  256
  274
  292
  310
  330
  350
  371
  393
Net income, $m
  36
  51
  63
  77
  93
  111
  130
  151
  173
  197
  223
  255
  283
  313
  345
  377
  412
  447
  484
  523
  563
  605
  648
  693
  740
  789
  839
  892
  947
  1,004
  1,064

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  285
  280
  344
  417
  499
  590
  689
  796
  912
  1,036
  1,169
  1,309
  1,456
  1,611
  1,774
  1,943
  2,121
  2,305
  2,497
  2,697
  2,905
  3,121
  3,345
  3,578
  3,821
  4,073
  4,335
  4,608
  4,892
  5,187
  5,496
Adjusted assets (=assets-cash), $m
  224
  280
  344
  417
  499
  590
  689
  796
  912
  1,036
  1,169
  1,309
  1,456
  1,611
  1,774
  1,943
  2,121
  2,305
  2,497
  2,697
  2,905
  3,121
  3,345
  3,578
  3,821
  4,073
  4,335
  4,608
  4,892
  5,187
  5,496
Revenue / Adjusted assets
  1.442
  1.443
  1.445
  1.444
  1.443
  1.441
  1.441
  1.442
  1.443
  1.443
  1.441
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
  1.442
Average production assets, $m
  41
  51
  63
  76
  91
  108
  126
  146
  167
  190
  214
  240
  267
  295
  325
  356
  388
  422
  457
  494
  532
  572
  613
  655
  700
  746
  794
  844
  896
  950
  1,006
Working capital, $m
  79
  39
  48
  58
  69
  82
  95
  110
  126
  143
  162
  181
  202
  223
  246
  269
  294
  319
  346
  373
  402
  432
  463
  495
  529
  564
  600
  638
  677
  718
  761
Total debt, $m
  32
  35
  53
  73
  96
  122
  150
  180
  212
  247
  284
  324
  365
  409
  454
  502
  552
  604
  658
  714
  772
  833
  896
  962
  1,030
  1,100
  1,174
  1,251
  1,331
  1,414
  1,500
Total liabilities, $m
  76
  79
  97
  117
  140
  166
  194
  224
  256
  291
  328
  368
  409
  453
  498
  546
  596
  648
  702
  758
  816
  877
  940
  1,006
  1,074
  1,144
  1,218
  1,295
  1,375
  1,458
  1,544
Total equity, $m
  209
  201
  248
  300
  359
  424
  495
  573
  656
  745
  840
  941
  1,047
  1,158
  1,275
  1,397
  1,525
  1,657
  1,796
  1,939
  2,089
  2,244
  2,405
  2,573
  2,747
  2,928
  3,117
  3,313
  3,517
  3,730
  3,951
Total liabilities and equity, $m
  285
  280
  345
  417
  499
  590
  689
  797
  912
  1,036
  1,168
  1,309
  1,456
  1,611
  1,773
  1,943
  2,121
  2,305
  2,498
  2,697
  2,905
  3,121
  3,345
  3,579
  3,821
  4,072
  4,335
  4,608
  4,892
  5,188
  5,495
Debt-to-equity ratio
  0.153
  0.170
  0.210
  0.240
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Adjusted equity ratio
  0.661
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  36
  51
  63
  77
  93
  111
  130
  151
  173
  197
  223
  255
  283
  313
  345
  377
  412
  447
  484
  523
  563
  605
  648
  693
  740
  789
  839
  892
  947
  1,004
  1,064
Depreciation, amort., depletion, $m
  11
  13
  14
  16
  18
  20
  22
  24
  27
  30
  33
  29
  33
  36
  40
  43
  47
  51
  56
  60
  65
  70
  75
  80
  85
  91
  97
  103
  109
  116
  123
Funds from operations, $m
  0
  64
  77
  93
  111
  130
  152
  175
  200
  227
  255
  284
  316
  349
  384
  421
  459
  499
  540
  583
  628
  675
  723
  773
  825
  880
  936
  995
  1,056
  1,120
  1,186
Change in working capital, $m
  -31
  8
  9
  10
  11
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
Cash from operations, $m
  31
  56
  69
  83
  100
  118
  138
  160
  184
  210
  237
  264
  295
  328
  362
  397
  434
  473
  514
  556
  599
  645
  692
  741
  792
  845
  900
  957
  1,017
  1,079
  1,144
Maintenance CAPEX, $m
  0
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -33
  -36
  -40
  -43
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -116
New CAPEX, $m
  -24
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
Cash from investing activities, $m
  -28
  -15
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -43
  -47
  -52
  -56
  -61
  -66
  -71
  -75
  -81
  -86
  -93
  -98
  -105
  -111
  -118
  -124
  -131
  -139
  -147
  -155
  -163
  -172
Free cash flow, $m
  3
  41
  51
  62
  75
  90
  107
  125
  145
  167
  190
  213
  239
  267
  296
  327
  359
  392
  427
  463
  501
  540
  581
  623
  668
  713
  761
  811
  862
  916
  971
Issuance/(repayment) of debt, $m
  -1
  16
  18
  21
  23
  25
  28
  30
  33
  35
  37
  39
  41
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
Issuance/(repurchase) of shares, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  8
  16
  18
  21
  23
  25
  28
  30
  33
  35
  37
  39
  41
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
Total cash flow (excl. dividends), $m
  14
  56
  69
  83
  98
  116
  135
  155
  178
  202
  227
  252
  280
  310
  342
  374
  408
  444
  481
  519
  559
  601
  644
  689
  736
  784
  835
  887
  942
  999
  1,058
Retained Cash Flow (-), $m
  -49
  -40
  -46
  -52
  -59
  -65
  -71
  -77
  -83
  -89
  -95
  -101
  -106
  -111
  -117
  -122
  -127
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -213
  -222
Prev. year cash balance distribution, $m
 
  48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  64
  22
  30
  40
  51
  63
  78
  94
  112
  132
  151
  174
  199
  225
  252
  281
  311
  343
  376
  410
  446
  483
  521
  561
  603
  646
  691
  738
  786
  836
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  61
  20
  26
  33
  39
  46
  53
  59
  64
  69
  72
  74
  76
  75
  74
  71
  68
  63
  58
  52
  46
  40
  34
  29
  23
  19
  15
  11
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Globant S.A. is a digitally native technology services company. The Company’s principal operating subsidiary is based in Buenos Aires, Argentina. During the year ended December 31, 2015, 83.7% of its revenues were generated by clients in North America, 11.0% in Latin America and Asia, and 5.3% in Europe. It builds digital journeys, which consists of different software products, including mobile apps, Web apps, sensors and other software and hardware appliances that work orchestrated by a backend that uses big data and fast data to create a understanding of each consumer and how to act upon each scenario. The Company delivers digital journeys with a comprehensive approach that includes Stay Relevant, which helps its customers stay fit for the future of their industries; Discover, which think and conceive specific digital journeys for each customer; Build, which creates each digital journey leveraging the work of its Studios, its services over platforms and its agile pods methodologies.

FINANCIAL RATIOS  of  Globant (GLOB)

Valuation Ratios
P/E Ratio 39.2
Price to Sales 4.4
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 45.5
Price to Free Cash Flow 201.5
Growth Rates
Sales Growth Rate 27.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 27.9%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 9.1%
Total Debt to Equity 15.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.2%
Ret/ On Assets - 3 Yr. Avg. 16.5%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 20.4%
Return On Equity 19.5%
Return On Equity - 3 Yr. Avg. 22.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 40.6%
Gross Margin - 3 Yr. Avg. 38.9%
EBITDA Margin 18.9%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 16.8%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 30.2%
Payout Ratio 0%

GLOB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLOB stock intrinsic value calculation we used $323 million for the last fiscal year's total revenue generated by Globant. The default revenue input number comes from 2016 income statement of Globant. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GLOB stock valuation model: a) initial revenue growth rate of 25% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GLOB is calculated based on our internal credit rating of Globant, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Globant.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GLOB stock the variable cost ratio is equal to 83%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GLOB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Globant.

Corporate tax rate of 27% is the nominal tax rate for Globant. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GLOB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GLOB are equal to 12.7%.

Life of production assets of 8.2 years is the average useful life of capital assets used in Globant operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GLOB is equal to 9.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $209 million for Globant - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 34.881 million for Globant is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Globant at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Closing Bell Ringer: Wednesday, October 18, 2017   [Oct-18-17 03:59PM  CNBC Videos]
▶ ETFs with exposure to Globant SA : October 12, 2017   [Oct-12-17 10:32AM  Capital Cube]
▶ New Strong Sell Stocks for September 5th   [Sep-05-17 10:08AM  Zacks]
▶ Globant SA Value Analysis (NYSE:GLOB) : August 24, 2017   [Aug-24-17 05:09PM  Capital Cube]
▶ Globant misses 2Q profit forecasts   [Aug-17-17 09:52PM  Associated Press]
▶ Snapchat Isn't Interested in Becoming Facebook   [Aug-09-17 07:00AM  Bloomberg]
▶ New Strong Sell Stocks for July 26th   [Jul-26-17 09:22AM  Zacks]
▶ ETFs with exposure to Globant SA : July 6, 2017   [Jul-06-17 01:53PM  Capital Cube]
▶ New Strong Sell Stocks for June 9th   [Jun-09-17 08:10AM  Zacks]
▶ Globant buys Raleigh's PointSource in deal worth up to $28 million   [Jun-02-17 08:59AM  American City Business Journals]
▶ Globant meets 1Q profit forecasts   [May-18-17 04:24PM  Associated Press]
▶ Globant SA Value Analysis (NYSE:GLOB) : April 28, 2017   [Apr-28-17 04:55PM  Capital Cube]
▶ Globant meets 4Q profit forecasts   [Feb-16-17 05:35PM  Associated Press]
▶ 5 Stocks That Short Sellers Need to Fear   [10:06AM  TheStreet.com]
▶ Do Hedge Funds Love Ladder Capital Corp (LADR)?   [Dec-15-16 02:56PM  at Insider Monkey]
▶ Is Globant SA (GLOB) A Good Stock To Buy?   [Dec-13-16 05:13AM  at Insider Monkey]
▶ Why Shares of Globant SA Are Getting Crushed Today   [Nov-15-16 12:26PM  at Motley Fool]
▶ 3 Internet of Things Stocks You May Be Overlooking   [Oct-28-16 08:48AM  at Motley Fool]
▶ *** DATA NOT AVAILABLE ***   [Sep-21-16 07:01AM  at noodls]
▶ 3 Bankers & WPP CEO: Invest In Argentina   [Sep-14-16 04:04PM  at Barrons.com]
▶ Globant (GLOB) Stock Slumps on Downbeat Q3 Guidance   [Aug-11-16 02:30PM  at TheStreet]
Financial statements of GLOB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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