Intrinsic value of Globant - GLOB

Previous Close

$52.89

  Intrinsic Value

$11.17

stock screener

  Rating & Target

str. sell

-79%

Previous close

$52.89

 
Intrinsic value

$11.17

 
Up/down potential

-79%

 
Rating

str. sell

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 0001), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  28.10
  25.79
  23.71
  21.84
  20.16
  18.64
  17.28
  16.05
  14.94
  13.95
  13.05
  12.25
  11.52
  10.87
  10.28
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
Revenue, $m
  530
  666
  824
  1,004
  1,207
  1,431
  1,679
  1,948
  2,239
  2,552
  2,885
  3,238
  3,611
  4,004
  4,416
  4,847
  5,296
  5,765
  6,253
  6,761
  7,289
  7,838
  8,408
  9,000
  9,616
  10,257
  10,923
  11,615
  12,337
  13,088
Variable operating expenses, $m
  445
  558
  687
  835
  1,001
  1,185
  1,388
  1,609
  1,848
  2,104
  2,366
  2,656
  2,962
  3,285
  3,622
  3,976
  4,345
  4,729
  5,130
  5,546
  5,979
  6,430
  6,897
  7,383
  7,889
  8,414
  8,960
  9,528
  10,120
  10,736
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
  445
  558
  687
  835
  1,001
  1,185
  1,388
  1,609
  1,848
  2,104
  2,366
  2,656
  2,962
  3,285
  3,622
  3,976
  4,345
  4,729
  5,130
  5,546
  5,979
  6,430
  6,897
  7,383
  7,889
  8,414
  8,960
  9,528
  10,120
  10,736
Operating income, $m
  84
  109
  137
  169
  206
  246
  291
  339
  391
  447
  518
  582
  649
  719
  793
  871
  952
  1,036
  1,124
  1,215
  1,310
  1,408
  1,511
  1,617
  1,728
  1,843
  1,963
  2,087
  2,217
  2,352
EBITDA, $m
  109
  137
  169
  206
  247
  294
  344
  400
  459
  523
  592
  664
  741
  821
  906
  994
  1,086
  1,182
  1,283
  1,387
  1,495
  1,608
  1,724
  1,846
  1,972
  2,104
  2,240
  2,382
  2,530
  2,684
Interest expense (income), $m
  0
  12
  20
  30
  41
  54
  68
  84
  102
  121
  142
  164
  188
  213
  239
  267
  297
  327
  359
  393
  427
  464
  501
  540
  581
  623
  667
  713
  760
  809
  861
Earnings before tax, $m
  73
  89
  107
  129
  152
  178
  207
  237
  270
  306
  354
  394
  436
  480
  526
  574
  624
  677
  731
  787
  846
  907
  970
  1,036
  1,105
  1,176
  1,250
  1,327
  1,407
  1,491
Tax expense, $m
  20
  24
  29
  35
  41
  48
  56
  64
  73
  83
  96
  106
  118
  130
  142
  155
  169
  183
  197
  213
  228
  245
  262
  280
  298
  318
  338
  358
  380
  403
Net income, $m
  53
  65
  78
  94
  111
  130
  151
  173
  197
  223
  259
  288
  318
  350
  384
  419
  456
  494
  534
  575
  618
  662
  708
  757
  806
  858
  913
  969
  1,027
  1,088

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  453
  569
  704
  858
  1,031
  1,223
  1,435
  1,665
  1,914
  2,181
  2,466
  2,768
  3,087
  3,422
  3,774
  4,142
  4,527
  4,928
  5,345
  5,779
  6,230
  6,699
  7,186
  7,693
  8,219
  8,766
  9,336
  9,928
  10,544
  11,186
Adjusted assets (=assets-cash), $m
  453
  569
  704
  858
  1,031
  1,223
  1,435
  1,665
  1,914
  2,181
  2,466
  2,768
  3,087
  3,422
  3,774
  4,142
  4,527
  4,928
  5,345
  5,779
  6,230
  6,699
  7,186
  7,693
  8,219
  8,766
  9,336
  9,928
  10,544
  11,186
Revenue / Adjusted assets
  1.170
  1.170
  1.170
  1.170
  1.171
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
Average production assets, $m
  112
  141
  174
  212
  255
  302
  354
  411
  472
  538
  609
  683
  762
  845
  932
  1,023
  1,118
  1,216
  1,319
  1,427
  1,538
  1,654
  1,774
  1,899
  2,029
  2,164
  2,305
  2,451
  2,603
  2,761
Working capital, $m
  48
  60
  74
  90
  109
  129
  151
  175
  202
  230
  260
  291
  325
  360
  397
  436
  477
  519
  563
  609
  656
  705
  757
  810
  865
  923
  983
  1,045
  1,110
  1,178
Total debt, $m
  61
  90
  125
  164
  208
  256
  310
  369
  432
  500
  572
  649
  730
  815
  904
  998
  1,095
  1,197
  1,303
  1,413
  1,528
  1,647
  1,771
  1,900
  2,033
  2,172
  2,317
  2,467
  2,624
  2,787
Total liabilities, $m
  115
  145
  179
  218
  262
  311
  364
  423
  486
  554
  626
  703
  784
  869
  959
  1,052
  1,150
  1,252
  1,358
  1,468
  1,582
  1,702
  1,825
  1,954
  2,088
  2,227
  2,371
  2,522
  2,678
  2,841
Total equity, $m
  338
  425
  525
  640
  769
  913
  1,070
  1,242
  1,428
  1,627
  1,839
  2,065
  2,303
  2,553
  2,816
  3,090
  3,377
  3,676
  3,987
  4,311
  4,648
  4,997
  5,361
  5,739
  6,131
  6,540
  6,964
  7,406
  7,866
  8,345
Total liabilities and equity, $m
  453
  570
  704
  858
  1,031
  1,224
  1,434
  1,665
  1,914
  2,181
  2,465
  2,768
  3,087
  3,422
  3,775
  4,142
  4,527
  4,928
  5,345
  5,779
  6,230
  6,699
  7,186
  7,693
  8,219
  8,767
  9,335
  9,928
  10,544
  11,186
Debt-to-equity ratio
  0.180
  0.210
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
Adjusted equity ratio
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  65
  78
  94
  111
  130
  151
  173
  197
  223
  259
  288
  318
  350
  384
  419
  456
  494
  534
  575
  618
  662
  708
  757
  806
  858
  913
  969
  1,027
  1,088
Depreciation, amort., depletion, $m
  24
  28
  32
  37
  42
  47
  54
  61
  68
  76
  73
  82
  92
  102
  112
  123
  135
  147
  159
  172
  185
  199
  214
  229
  244
  261
  278
  295
  314
  333
Funds from operations, $m
  77
  93
  110
  130
  153
  177
  204
  234
  265
  299
  332
  370
  410
  452
  496
  542
  590
  640
  693
  747
  803
  861
  922
  985
  1,051
  1,119
  1,190
  1,264
  1,341
  1,421
Change in working capital, $m
  10
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  49
  51
  53
  55
  58
  60
  62
  65
  68
Cash from operations, $m
  67
  80
  96
  114
  135
  157
  182
  210
  239
  271
  302
  338
  377
  417
  459
  504
  550
  598
  649
  701
  755
  812
  871
  932
  996
  1,062
  1,130
  1,202
  1,276
  1,353
Maintenance CAPEX, $m
  -10
  -13
  -17
  -21
  -26
  -31
  -36
  -43
  -50
  -57
  -65
  -73
  -82
  -92
  -102
  -112
  -123
  -135
  -147
  -159
  -172
  -185
  -199
  -214
  -229
  -244
  -261
  -278
  -295
  -314
New CAPEX, $m
  -25
  -29
  -33
  -38
  -43
  -47
  -52
  -57
  -61
  -66
  -70
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
Cash from investing activities, $m
  -35
  -42
  -50
  -59
  -69
  -78
  -88
  -100
  -111
  -123
  -135
  -148
  -161
  -175
  -189
  -203
  -218
  -234
  -250
  -266
  -283
  -301
  -319
  -339
  -359
  -379
  -402
  -424
  -447
  -472
Free cash flow, $m
  32
  38
  46
  55
  66
  79
  94
  110
  128
  148
  167
  190
  216
  242
  271
  300
  332
  365
  399
  435
  472
  511
  551
  593
  637
  682
  729
  778
  829
  881
Issuance/(repayment) of debt, $m
  25
  30
  34
  39
  44
  49
  54
  58
  63
  68
  72
  77
  81
  85
  89
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  150
  157
  163
Issuance/(repurchase) of shares, $m
  21
  22
  22
  21
  18
  13
  7
  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  
  46
  52
  56
  60
  62
  62
  61
  58
  63
  68
  72
  77
  81
  85
  89
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  150
  157
  163
Total cash flow (excl. dividends), $m
  79
  90
  103
  115
  128
  141
  154
  169
  191
  216
  239
  267
  297
  328
  360
  394
  429
  466
  505
  545
  587
  630
  675
  722
  770
  821
  874
  928
  985
  1,044
Retained Cash Flow (-), $m
  -74
  -87
  -101
  -115
  -129
  -143
  -158
  -172
  -186
  -199
  -212
  -225
  -238
  -250
  -263
  -275
  -287
  -299
  -311
  -324
  -337
  -350
  -364
  -378
  -393
  -408
  -425
  -442
  -460
  -479
Prev. year cash balance distribution, $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 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
  4
  3
  2
  1
  -1
  -2
  -3
  -3
  6
  17
  27
  42
  59
  77
  97
  119
  143
  168
  194
  221
  250
  280
  312
  344
  378
  413
  449
  486
  525
  566
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
  4
  3
  2
  0
  -1
  -2
  -2
  -2
  3
  9
  13
  18
  22
  26
  29
  30
  31
  31
  30
  28
  26
  23
  20
  18
  15
  12
  10
  8
  6
  4
Current shareholders' claim on cash, %
  98.9
  98.0
  97.3
  96.8
  96.4
  96.2
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

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 50.9
Price to Sales 5.7
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 59.1
Price to Free Cash Flow 261.8
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 $413.439 million for the last fiscal year's total revenue generated by Globant. The default revenue input number comes from 0001 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 28.1% 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 84.7%.

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 32.8% 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 21.1%.

Life of production assets of 8.3 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%. 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 - $263.404 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 36.343 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 $1.9 billion.

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COMPANY NEWS

▶ Globant: 3Q Earnings Snapshot   [04:57PM  Associated Press]
▶ IBD 50 Stock With 120% Gain Leads These Hot Growth Stocks In, Near Buy Zones   [Sep-09-18 08:00AM  Investor's Business Daily]
▶ Globant: 2Q Earnings Snapshot   [04:37PM  Associated Press]
▶ Globant SA to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Is Globant SA (NYSE:GLOB) A Cash Cow?   [08:06AM  Simply Wall St.]
▶ 3 ETFs to Gain Frontier Markets Exposure   [Aug-10-18 11:33AM  Investopedia]
▶ [$$] Martin Sorrell Criticizes WPPs Strategy Following His Departure   [Jun-21-18 11:41PM  The Wall Street Journal]
▶ June Best Growth Stocks   [Jun-05-18 12:02PM  Simply Wall St.]
▶ Globant: 1Q Earnings Snapshot   [May-10-18 05:57PM  Associated Press]
▶ Top Growth Stocks To Buy Now   [Apr-21-18 12:02PM  Simply Wall St.]
▶ Globant Files Annual Report for 2017   [Apr-16-18 04:45PM  PR Newswire]
▶ Globant Launches Its Media Over-the-Top (OTT) Studio   [Apr-06-18 10:00AM  PR Newswire]
▶ Globant tops Street 4Q forecasts   [Feb-15-18 05:43PM  Associated Press]
▶ Globant SA to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Globant Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Jan-17-18 03:00AM  Investor's Business Daily]
▶ Globant Hits 80-Plus Relative Strength Rating Benchmark   [Dec-20-17 03:00AM  Investor's Business Daily]
▶ Globant SA Value Analysis (NYSE:GLOB) : November 21, 2017   [Nov-21-17 12:38PM  Capital Cube]
▶ Globant meets 3Q profit forecasts   [Nov-16-17 04:24PM  Associated Press]
▶ Globant SA to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ 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]

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