As an investment firm focusing on the technology services space, Elaxtra Advisors monitors the progress of publicly traded digital engineering companies. Companies we track include EPAM (EPAM), Globant (GLOB), Endava (DAVA), Thoughtworks (TWKS), CI&T (CINT), Grid Dynamics (GDYN), and AgileThought (AGIL).
These companies have reported their latest results. Below are updated metrics including 2024 estimates.
We look at valuation, growth, and profitability metrics. The size of each bubble in the chart below represents the respective enterprise value of each company. The market expects Globant to grow the fastest in 2024 (even at its scale), with Endava second, whereas Thoughtworks is expected to grow the least next year. Globant stands out as the most expensive company from a revenue multiples standpoint. If we drew a regression line, we would see a correlation between higher growth rates and higher multiples.
Looking at profitability now, Endava is expected to show the highest projected EBITDA margin for 2024 (23%). Notably, CI&T stands out as the least expensive from a profitability metric. Globant maintains the highest relative valuation in both revenue and EBITDA metrics.
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