Software Canadian Investing Ideas

CA$1.21
66.1% undervalued intrinsic discount
Fair Value
My fair value is based on a recovery scenario rather than an aggressive growth case. I assume Zoomd’s revenue recovers toward roughly US$60M to US$70M over the next 3 to 5 years, which is close to its previous revenue level before the Q1 2026 disruption. I then assume the company can return to around US$15M in profit if revenue stabilizes and the recent cost cuts flow through. To avoid using an overly aggressive valuation, I apply an 8x earnings multiple to US$15M of future profit, giving a future equity value of about US$120M. I then discount that value back to today to reflect execution risk, customer concentration risk, and uncertainty around whether the lost revenue fully returns. After converting to CAD and dividing by the current share count, this gives me a fair value of approximately CA$1.21 per share. This valuation depends on revenue recovering and margins improving. If the customer disruption is permanent, or if advertising demand does not improve, the fair value would be much lower. Valuation Inputs Revenue in 3 years: around US$60M to US$65M Earnings in 3 years: around US$12M to US$15M Future P/E: around 8x to 10x
CA$16.22
24.3% undervalued intrinsic discount
Fair Value
Revenue
15% p.a.
Profit Margin
9.69%
Future PE
88.45x
Price in 2031
CA$23.5
CA$19.8
71.2% undervalued intrinsic discount
Profit Margin
12.39%
Future PE
25.91x
Price in 2036
CA$46.87
CA$17.7
96.9% undervalued intrinsic discount
Fair Value
Profit Margin
70%
Future PE
30x
Price in 2031
CA$31.19
CA$8.45
38.3% undervalued intrinsic discount
Fair Value
Profit Margin
13.12%
Future PE
14.19x
Price in 2029
CA$16.06
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Docebo

Docebo - Customer and employee training

Catalysts 94% of revenue comes from subscriptions, which is Docebo's core business. The e-learning services industry expects an annual growth of approximately 19% until 2030, which could provide strong tailwind.Read more

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CA$65.18
61.8% undervalued intrinsic discount
Fair Value
Revenue
24.8% p.a.
Profit Margin
16.4%
Future PE
29.73x
Price in 2028
CA$103.84
CA$2.07
41.9% undervalued intrinsic discount
Profit Margin
11.4%
Future PE
12.95x
Price in 2029
CA$2.57