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  "documentTitle": "Globant SA (GLOB)",
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  "notes": "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.",
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      "text": "Globant is trading at peak valuation on the inflated belief that its growth mainly stems from organic initiatives.",
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      "text": "P/E: 49.0x",
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      "text": "Globant is trading at peak valuation on the inflated belief that its growth mainly stems from organic initiatives. Further, management continues to embrace the “organic” growth story while not sharing with investors the underlying contributors to growth",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "text": "GLOB's Capital Structure And Valuation",
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