Docebo Inc.

TSX:DCBO Stock Report

Market Cap: CA$2.0b

Docebo Valuation

Is DCBO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DCBO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DCBO (CA$66.45) is trading below our estimate of fair value (CA$74.42)

Significantly Below Fair Value: DCBO is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DCBO?

Key metric: As DCBO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DCBO. This is calculated by dividing DCBO's market cap by their current earnings.
What is DCBO's PE Ratio?
PE Ratio77.4x
EarningsUS$18.05m
Market CapUS$1.40b

Price to Earnings Ratio vs Peers

How does DCBO's PE Ratio compare to its peers?

The above table shows the PE ratio for DCBO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average76.7x
ENGH Enghouse Systems
18.7x7.7%CA$1.5b
CMG Computer Modelling Group
41.4x36.2%CA$851.2m
KXS Kinaxis
170x42.9%CA$5.0b
TOI Topicus.com
76.8xn/aCA$9.6b
DCBO Docebo
77.4x38.7%CA$2.0b

Price-To-Earnings vs Peers: DCBO is expensive based on its Price-To-Earnings Ratio (77.4x) compared to the peer average (76.7x).

Price to Earnings Ratio vs Industry

How does DCBO's PE Ratio compare vs other companies in the CA Software Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GRDI Griid Infrastructure
3.3xn/aUS$70.78m
IDLE.X Generative AI Solutions
0.08xn/aUS$8.15m
LIQD Liquid Meta Capital Holdings
2.4xn/aUS$2.74m
SPAI Sparc Al
0.8xn/aUS$1.72m
DCBO 77.4xIndustry Avg. 41.4xNo. of Companies8PE020406080100+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DCBO is expensive based on its Price-To-Earnings Ratio (77.4x) compared to the Canadian Software industry average (41.4x).

Price to Earnings Ratio vs Fair Ratio

What is DCBO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DCBO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio77.4x
Fair PE Ratio50.5x

Price-To-Earnings vs Fair Ratio: DCBO is expensive based on its Price-To-Earnings Ratio (77.4x) compared to the estimated Fair Price-To-Earnings Ratio (50.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DCBO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$66.45
CA$75.69
+13.9%
6.0%CA$82.09CA$69.30n/a4
Dec ’25CA$69.74
CA$75.69
+8.5%
6.0%CA$82.09CA$69.30n/a4
Nov ’25CA$67.54
CA$71.81
+6.3%
4.5%CA$75.30CA$67.93n/a4
Oct ’25CA$58.91
CA$66.74
+13.3%
15.1%CA$75.02CA$47.48n/a5
Sep ’25CA$57.90
CA$67.09
+15.9%
14.9%CA$75.20CA$47.95n/a5
Aug ’25CA$52.43
CA$65.96
+25.8%
15.0%CA$74.90CA$48.03n/a5
Jul ’25CA$52.83
CA$65.96
+24.9%
15.0%CA$74.93CA$48.03n/a5
Jun ’25CA$46.88
CA$65.96
+40.7%
15.0%CA$74.93CA$48.03n/a5
May ’25CA$62.17
CA$76.73
+23.4%
19.3%CA$100.17CA$56.03n/a5
Apr ’25CA$66.41
CA$75.60
+13.8%
19.9%CA$99.92CA$54.97n/a5
Mar ’25CA$72.93
CA$75.60
+3.7%
19.9%CA$99.92CA$54.97n/a5
Feb ’25CA$59.39
CA$70.93
+19.4%
21.5%CA$94.72CA$42.87n/a6
Jan ’25CA$63.99
CA$71.74
+12.1%
21.2%CA$95.01CA$43.47n/a6
Dec ’24CA$61.00
CA$71.99
+18.0%
20.7%CA$94.06CA$43.78CA$69.746
Nov ’24CA$53.94
CA$69.65
+29.1%
21.9%CA$89.97CA$39.62CA$67.546
Oct ’24CA$55.08
CA$69.14
+25.5%
22.1%CA$89.99CA$39.24CA$58.916
Sep ’24CA$58.69
CA$69.04
+17.6%
22.3%CA$90.31CA$39.14CA$57.906
Aug ’24CA$51.96
CA$65.07
+25.2%
24.7%CA$84.62CA$35.91CA$52.435
Jul ’24CA$52.44
CA$66.85
+27.5%
21.9%CA$83.81CA$36.55CA$52.836
Jun ’24CA$47.00
CA$67.70
+44.0%
20.3%CA$84.83CA$37.00CA$46.887
May ’24CA$51.73
CA$73.82
+42.7%
10.4%CA$90.03CA$66.82CA$62.176
Apr ’24CA$55.02
CA$74.39
+35.2%
9.9%CA$89.96CA$67.48CA$66.416
Mar ’24CA$47.61
CA$72.88
+53.1%
12.7%CA$89.82CA$60.40CA$72.936
Feb ’24CA$51.90
CA$72.88
+40.4%
12.7%CA$89.82CA$60.40CA$59.396
Jan ’24CA$44.74
CA$74.22
+65.9%
12.1%CA$90.12CA$61.65CA$63.996
Dec ’23CA$44.15
CA$70.79
+60.3%
16.3%CA$89.94CA$54.00CA$61.006

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 01:58
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Docebo Inc. is covered by 19 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Martin TonerATB Capital Markets
Phillip LeytesBerenberg
Robert YoungCanaccord Genuity