TSX:DCBO

Stock Analysis Report

Executive Summary

Docebo Inc. provides a cloud-based SaaS learning platform to train internal and external workforces, partners, and customers in North America, Asia, and Europe.


Snowflake Analysis

Limited growth with worrying balance sheet.


Similar Companies

Share Price & News

How has Docebo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DCBO has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.6%

DCBO

-6.4%

CA Software

-3.8%

CA Market


1 Year Return

n/a

DCBO

13.1%

CA Software

0.5%

CA Market

Return vs Industry: Insufficient data to determine how DCBO performed against the Canadian Software industry.

Return vs Market: Insufficient data to determine how DCBO performed against the Canadian Market.


Shareholder returns

DCBOIndustryMarket
7 Day-3.6%-6.4%-3.8%
30 Day6.2%-3.1%-2.0%
90 Day8.4%-1.1%-0.3%
1 Yearn/a15.1%13.1%3.7%0.5%
3 Yearn/a77.4%73.1%13.6%3.4%
5 Yearn/a115.3%108.4%30.2%11.2%

Price Volatility Vs. Market

How volatile is Docebo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Docebo undervalued compared to its fair value and its price relative to the market?


Share Price vs. Fair Value

Below Fair Value: DCBO (CA$17.13) is trading above our estimate of fair value (CA$15.86)

Significantly Below Fair Value: DCBO is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: DCBO is unprofitable, so we can't compare its PE Ratio to the Software industry average.

PE vs Market: DCBO is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate DCBO's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: DCBO has negative assets, so we can't compare its PB Ratio to the CA Software industry average.


Next Steps

Future Growth

How is Docebo forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

70.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DCBO is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: DCBO is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: DCBO is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: DCBO's revenue (21.2% per year) is forecast to grow faster than the Canadian market (4.6% per year).

High Growth Revenue: DCBO's revenue (21.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DCBO is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has Docebo performed over the past 5 years?

-14.6%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: DCBO is currently unprofitable.

Growing Profit Margin: DCBO is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if DCBO's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare DCBO's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: DCBO is unprofitable, making it difficult to compare its past year earnings growth to the Software industry (12.3%).


Return on Equity

High ROE: DCBO's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Docebo's financial position?


Financial Position Analysis

Short Term Liabilities: DCBO has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: DCBO has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: DCBO has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: DCBO's has negative shareholder equity, so we do not need to check if its debt has reduced over time.


Balance Sheet

Inventory Level: DCBO has a low level of unsold assets or inventory.

Debt Coverage by Assets: DCBO has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: DCBO has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if DCBO has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is Docebo's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.0%markettop25%5.7%industryaverage1.3%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate DCBO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate DCBO's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DCBO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DCBO's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of DCBO's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.1yrs

Average management tenure


CEO

Claudio Erba 0

15.1yrs

Tenure

0

Mr. Claudio Erba serves as Founder of Docebo S.p.A., and has been its Chief Executive Officer since March 2005. He also serves as a Director at Docebo S.p.A. Mr. Erba served as a Board Vice President of RY ...


Leadership Team

NamePositionTenureCompensationOwnership
Claudio Erba
CEO, President & Director15.1yrsno data5.79% $28.6m
Ian Kidson
Chief Financial Officer0yrsno data0.13% $648.9k
Martino Bagini
Chief Operating Officer2.1yrsno datano data
Fabio Pirovano
Chief Technology Officer8.1yrsno datano data
Rob Ayre
Communications & Public Relations Manager0yrsno datano data
Alessio Artuffo
Chief Revenue Officer8.1yrsno datano data
Graeme Petrie
Global Head of Learning & Support0.08yrsno datano data

8.1yrs

Average Tenure

Experienced Management: DCBO's management team is seasoned and experienced (8.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: DCBO only recently listed within the past 12 months, with total shares outstanding growing by 12.4% in the past year..


Top Shareholders

Company Information

Docebo Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Docebo Inc.
  • Ticker: DCBO
  • Exchange: TSX
  • Founded: 2005
  • Industry: Application Software
  • Sector: Software
  • Market Cap: CA$493.680m
  • Shares outstanding: 28.45m
  • Website: https://www.docebo.com

Number of Employees


Location

  • Docebo Inc.
  • 366 Adelaide Street West
  • Suite 701
  • Toronto
  • Ontario
  • M5V 1R9
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DCBOTSX (The Toronto Stock Exchange)YesCommon SharesCACADOct 2019

Biography

Docebo Inc. provides a cloud-based SaaS learning platform to train internal and external workforces, partners, and customers in North America, Asia, and Europe. It creates software, solutions, and support systems that enables its customers to teach and train stakeholders, as well as provide employee re-skilling, upskilling, knowledge retention, fast onboarding for high growth companies, customer training, and partner training services. The company’s learning platform includes Docebo Learn, a foundational module that enables learning administrators centralize, organize, and distribute learning content, track certifications, and measure results with customer analytics; Docebo Coach & Share, which provides learners access to social learning through formal, social, interactive, and experiential learning across an organization; and Docebo Extended Enterprise that allows businesses to manage various portals for audiences with their own administration, branding, and authentication. It also provides Docebo for Salesforce, a native integration that leverages Salesforce’s application programming interface and technology architecture; and Docebo Embed (OEM), which eliminates disjointed learner experiences, long development cycles, and ineffective partner models by allowing original equipment manufacturers to embed and re-sell Docebo as a part of their human capital management, risk management, and retail/hospitality SaaS product suites. In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish their own branded version of Docebo Go.Learn mobile learning applications. It serves customers in the technology, media and entertainment, manufacturing, consumer products, financial services, and retail industries through direct sales force, as well as through indirect channels. The company was formarly known as Docebo Canada, Inc. Docebo Inc. founded in 2005 and is headquartered in Toronto, Canada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 02:30
End of Day Share Price2020/02/25 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.