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Posted by / 06-Jun-2017 15:18

Cash Flow And Adjusted Earnings Metrics Reported By Globant Are Potentially Deceptive: We warn investors not to rely on Adjusted EBITDA as a cash flow proxy.

Globant’s bulls will point to a growing upward trajectory in Adjusted EPS and EBITDA.

Globant’s status as a foreign private issuer allows it an exemption from reporting the customary insider disclosure via Form 4s to the SEC.

Globant chooses to file paper forms with the SEC via Form 144s.

Ironically, since the Luxembourg dual listing in August of 2016, Globant now files insider selling transactions electronically with the Luxembourg stock exchange.

We find it peculiar that Globant now files insider selling transactions electronically with the Luxembourg exchange and does not follow that same protocol with the SEC.

We believe that this transfer was done quietly with the potential motivation to allow for further insider selling Corporate Strategy Initiatives Are Not Showing Signs of Progress: In 2016, Globant introduced a new company wide model called 50-Squared.

The main goal of 50-squared is to focus Globant’s team on the top 50 highest potential accounts that have the capacity to grow exponentially over time. Four of its top clients (excluding its top client, Disney) only grew by an average of 2% in 2017.

All four founders in aggregate transferred over 3.0m shares (~m and ~10.4% of total share count) to irrevocable trusts at some point between August 2014 and January 2015.

(NASDAQ: MRCY) provides sensor and safety critical mission processing subsystems for various defense and intelligence programs in the United States.

Mercury appears to be caught in the perfect storm of slowing growth, rising costs and debt.

Insiders Selling Is Staggering: Insiders have sold (or transferred) over 70% ( m) of shares since Globant’s IPO in July of 2014.

We think investors may be unaware of the magnitude of selling by Globant’s founders and other insiders.

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Globant does not appear to generate recurring cash flow from outsourcing technology services.