Docebo (TSX:DCBO) Stock Valuation, Peer Comparison & Price Targets

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$67.22) is trading below our estimate of fair value (CA$74.78)

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 Ratio	80.5x
Earnings	US$18.05m
Market Cap	US$1.44b

DCBO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6.5x
Enterprise Value/EBITDA	63.8x
PEG Ratio	2.1x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	76.4x
ENGH Enghouse Systems	19.3x	11.3%	CA$1.6b
CMG Computer Modelling Group	40.1x	26.1%	CA$825.2m
KXS Kinaxis	166.1x	42.9%	CA$4.7b
TOI Topicus.com	80x	n/a	CA$9.7b
DCBO Docebo	80.5x	38.7%	CA$2.0b

Price-To-Earnings vs Peers: DCBO is expensive based on its Price-To-Earnings Ratio (80.5x) compared to the peer average (76.4x).

Price to Earnings Ratio vs Industry

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

8 Companies	Price / Earnings	Estimated Growth	Market Cap
GRDI Griid Infrastructure	3.3x	n/a	US$70.78m
IDLE.X Generative AI Solutions	0.08x	n/a	US$8.15m
LIQD Liquid Meta Capital Holdings	2.4x	n/a	US$2.74m
SPAI Sparc Al	0.8x	n/a	US$2.33m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DCBO is expensive based on its Price-To-Earnings Ratio (80.5x) compared to the Canadian Software industry average (40.1x).

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 Ratio	80.5x
Fair PE Ratio	50.7x

Price-To-Earnings vs Fair Ratio: DCBO is expensive based on its Price-To-Earnings Ratio (80.5x) compared to the estimated Fair Price-To-Earnings Ratio (50.7x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$67.22	CA$75.69 +12.6%	6.0%	CA$82.09	CA$69.30	n/a	4
Nov ’25	CA$67.54	CA$71.81 +6.3%	4.5%	CA$75.30	CA$67.93	n/a	4
Oct ’25	CA$58.91	CA$66.74 +13.3%	15.1%	CA$75.02	CA$47.48	n/a	5
Sep ’25	CA$57.90	CA$67.09 +15.9%	14.9%	CA$75.20	CA$47.95	n/a	5
Aug ’25	CA$52.43	CA$65.96 +25.8%	15.0%	CA$74.90	CA$48.03	n/a	5
Jul ’25	CA$52.83	CA$65.96 +24.9%	15.0%	CA$74.93	CA$48.03	n/a	5
Jun ’25	CA$46.88	CA$65.96 +40.7%	15.0%	CA$74.93	CA$48.03	n/a	5
May ’25	CA$62.17	CA$76.73 +23.4%	19.3%	CA$100.17	CA$56.03	n/a	5
Apr ’25	CA$66.41	CA$75.60 +13.8%	19.9%	CA$99.92	CA$54.97	n/a	5
Mar ’25	CA$72.93	CA$75.60 +3.7%	19.9%	CA$99.92	CA$54.97	n/a	5
Feb ’25	CA$59.39	CA$70.93 +19.4%	21.5%	CA$94.72	CA$42.87	n/a	6
Jan ’25	CA$63.99	CA$71.74 +12.1%	21.2%	CA$95.01	CA$43.47	n/a	6
Dec ’24	CA$61.00	CA$71.99 +18.0%	20.7%	CA$94.06	CA$43.78	n/a	6
Nov ’24	CA$53.94	CA$69.65 +29.1%	21.9%	CA$89.97	CA$39.62	CA$67.54	6
Oct ’24	CA$55.08	CA$69.14 +25.5%	22.1%	CA$89.99	CA$39.24	CA$58.91	6
Sep ’24	CA$58.69	CA$69.04 +17.6%	22.3%	CA$90.31	CA$39.14	CA$57.90	6
Aug ’24	CA$51.96	CA$65.07 +25.2%	24.7%	CA$84.62	CA$35.91	CA$52.43	5
Jul ’24	CA$52.44	CA$66.85 +27.5%	21.9%	CA$83.81	CA$36.55	CA$52.83	6
Jun ’24	CA$47.00	CA$67.70 +44.0%	20.3%	CA$84.83	CA$37.00	CA$46.88	7
May ’24	CA$51.73	CA$73.82 +42.7%	10.4%	CA$90.03	CA$66.82	CA$62.17	6
Apr ’24	CA$55.02	CA$74.39 +35.2%	9.9%	CA$89.96	CA$67.48	CA$66.41	6
Mar ’24	CA$47.61	CA$72.88 +53.1%	12.7%	CA$89.82	CA$60.40	CA$72.93	6
Feb ’24	CA$51.90	CA$72.88 +40.4%	12.7%	CA$89.82	CA$60.40	CA$59.39	6
Jan ’24	CA$44.74	CA$74.22 +65.9%	12.1%	CA$90.12	CA$61.65	CA$63.99	6
Dec ’23	CA$44.15	CA$70.79 +60.3%	16.3%	CA$89.94	CA$54.00	CA$61.00	6
Nov ’23	CA$40.05	CA$77.89 +94.5%	17.4%	CA$96.58	CA$54.01	CA$53.94	6

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

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Docebo Valuation