Globant SA (GLOB) — playbook

Globant SA (GLOB)

Spruce Point Capital · 2018-04

arc beats above · slides in the middle · loops below · scroll → 3 LOOPS

Deck intelligence map

5

coverage by narrative range · generated from this deck JSON

Narrative range 23 total

Metadata

Components

Metrics

Tools

Frameworks

Beats

Loops

Hook 1 slides 100% 1/1 slides 100% 1/1 slides · 2 hits

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Expose Contradiction 10 slides 100% 10/10 slides 100% 10/10 slides · 78 hits

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50% 5/10 slides 90% 9/10 slides 100% 10/10 slides · 18 hits 100% 10/10 slides Complication 3 slides 100% 3/3 slides 100% 3/3 slides · 20 hits

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33.3% 1/3 slides · 2 hits 33.3% 1/3 slides 100% 3/3 slides

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Evidence 8 slides 100% 8/8 slides 100% 8/8 slides · 58 hits

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50% 4/8 slides 87.5% 7/8 slides 100% 8/8 slides · 16 hits 100% 8/8 slides Resolution 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits

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Slide inventory

40

every slide · same image gating as the playbook

01

The visual theme uses a digital circuit board motif with a central red globe, suggesting systemic risk or global connectivity issues.front_matter

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02

other

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03

front_matter

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04

This is the primary thesis slide for the short report, outlining the three main pillars of the attack: growth deceleration, cash flow deception, and accounting frame_situation

Open slide detailBeat · Hook

05

The slide uses a list-based structure to present four distinct arguments for a short thesis.diagnose_problem

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06

The slide uses a combination of a quote, bulleted list, and a table to establish a negative association between the target company and a controversial figure/enname_villain

Open slide detailBeat · Complication

07

The slide uses red boxes to highlight Spruce Point's adjusted metrics (P/E, Organic Sales Growth, and Adj EPS) which differ from Street estimates.show_valuation_bridge

Open slide detailBeat · Complication

08

transition

Open slide detailBeat · Complication

09

Uses a combination of a bar chart and a detailed data table to highlight the discrepancy between company claims and actual growth sources.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

10

The slide explicitly details the methodology for the adjustments in the footer and the top text block.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

11

The slide uses a callout box to highlight the discrepancy between EBITDA and FCF.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

12

The slide uses a yellow highlight column to emphasize the total cash generated from investing activities over the 2011-2016 period.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

13

transition

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

14

Uses a callout box to highlight a specific quote and a table to demonstrate the discrepancy in growth contribution.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

15

Uses a 'Globant's View' vs 'Spruce Point Uncovering Reality' contrast frame.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

16

Uses callout boxes to highlight the contradiction between management quotes and the underlying data table.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

17

Uses a direct quote from a conference call to establish the 'before' state, followed by a data table to 'expose' the contradiction.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

18

Uses a 'Definition vs. Reality' structure to expose a contradiction in company narrative.expose_contradiction

Open slide detailBeat · Expose ContradictionLoop · Aha Moment

19

transition

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20

Uses red boxes to highlight the specific line item inconsistency between 2014/2015 and 2017.expose_contradiction

Open slide detailLoop · Iceberg

21

The slide uses arrows and callouts to point out specific discrepancies in cost of revenues, SG&A, and net income figures.expose_contradiction

Open slide detailLoop · Iceberg

22

The slide uses a red box to highlight the restated EPS figure and a callout arrow to link the restated EPS to the reconciliation table.expose_contradiction

Open slide detailLoop · Iceberg

23

transition

Open slide detailLoop · Iceberg

24

The slide uses a red border and arrow to highlight the specific contradiction regarding insider trading reporting.expose_contradiction

Open slide detailLoop · Cost Of Inaction

25

The slide uses a 'Founders Timeline' to suggest insider selling behavior that contradicts typical long-term alignment narratives.expose_contradiction

Open slide detailLoop · Cost Of Inaction

26

The slide uses a '???' callout to highlight a lack of transparency regarding trust sales.expose_contradiction

Open slide detailLoop · Cost Of Inaction

27

Highlights the concentration of voting power in a single individual despite multiple founders.expose_contradiction

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28

The slide uses a table to track director independence status from 2015-2017, specifically calling out Francisco Alvarez-Demalde's change in status.expose_contradiction

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transition

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30

Uses a classic 'Bull vs. Bear' or 'Promoter vs. Skeptic' framing.expose_contradiction

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31

The slide uses analyst consensus to argue that the stock is fully valued, preempting bullish sentiment.preempt_rebuttal

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32

The slide uses a consistent time-series format across three valuation metrics to argue that current valuations are disconnected from performance.analyze_data

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33

Includes a specific adjustment for Globant's growth rate (14.8%) highlighted in a red box.compare_peers

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34

Includes a specific callout on PP&E breakdown suggesting excessive spending on office fixtures.compare_peers

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35

Uses a 'not equal' symbol to visually represent the disconnect between valuation and performance.compare_peers

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36

Uses linear regression to justify a specific price target based on peer multiples.quantify_opportunity

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37

The slide uses a red box to highlight the 'Regression' scenario as the primary focus of the activist thesis.show_valuation_bridge

Open slide detailBeat · Resolution

38

appendix

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39

The slide uses a 'fraud-exposure' framework to contrast company claims with empirical data.expose_contradiction

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40

The slide uses a table to contrast WPP-owned related parties with non-WPP related parties to argue for better transparency.expose_contradiction

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