Docebo Inc.

NasdaqGS:DCBO Stock Report

Market Cap: US$1.5b

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 ($49.03) is trading below our estimate of fair value ($52.92)

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 Ratio82x
EarningsUS$18.05m
Market CapUS$1.48b

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 Average64.3x
OPRA Opera
11.2x1.4%US$1.8b
KARO Karooooo
27.6x10.6%US$1.3b
SEMR Semrush Holdings
176.7x66.4%US$2.1b
CXM Sprinklr
41.6x15.0%US$2.1b
DCBO Docebo
82x38.7%US$2.1b

Price-To-Earnings vs Peers: DCBO is expensive based on its Price-To-Earnings Ratio (82x) compared to the peer average (64.3x).

Price to Earnings Ratio vs Industry

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

11 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AISP Airship AI Holdings
4.3x-27.8%US$66.57m
GRRR Gorilla Technology Group
2.5x-67.4%US$55.50m
NISN Nisun International Enterprise Development Group
2xn/aUS$33.71m
NXTT Next Technology Holding
0.7xn/aUS$16.74m
DCBO 82.0xIndustry Avg. 42.4xNo. of Companies11PE020406080100+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DCBO is expensive based on its Price-To-Earnings Ratio (82x) compared to the US Software industry average (42.4x).

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 Ratio82x
Fair PE Ratio34x

Price-To-Earnings vs Fair Ratio: DCBO is expensive based on its Price-To-Earnings Ratio (82x) compared to the estimated Fair Price-To-Earnings Ratio (34x).

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
CurrentUS$49.03
US$54.35
+10.9%
6.0%US$58.95US$49.77n/a4
Nov ’25US$48.39
US$52.62
+8.7%
4.5%US$55.17US$49.77n/a4
Oct ’25US$43.64
US$49.08
+12.5%
15.1%US$55.17US$34.92n/a5
Sep ’25US$43.14
US$48.86
+13.3%
14.9%US$54.77US$34.92n/a5
Aug ’25US$37.86
US$48.25
+27.4%
15.0%US$54.79US$35.13n/a5
Jul ’25US$38.06
US$48.25
+26.8%
15.0%US$54.82US$35.13n/a5
Jun ’25US$34.39
US$48.25
+40.3%
15.0%US$54.82US$35.13n/a5
May ’25US$45.09
US$55.73
+23.6%
19.3%US$72.76US$40.70n/a5
Apr ’25US$48.91
US$55.98
+14.4%
19.9%US$73.98US$40.70n/a5
Mar ’25US$53.84
US$55.98
+4.0%
19.9%US$73.98US$40.70n/a5
Feb ’25US$44.31
US$52.89
+19.4%
21.5%US$70.63US$31.97n/a6
Jan ’25US$48.38
US$52.77
+9.1%
21.2%US$69.88US$31.97n/a6
Dec ’24US$45.24
US$52.57
+16.2%
20.7%US$68.68US$31.97n/a6
Nov ’24US$38.87
US$51.16
+31.6%
21.9%US$66.09US$29.10US$48.396
Oct ’24US$40.52
US$51.27
+26.5%
22.1%US$66.73US$29.10US$43.646
Sep ’24US$43.08
US$51.34
+19.2%
22.3%US$67.16US$29.10US$43.146
Aug ’24US$38.98
US$49.63
+27.3%
24.7%US$64.54US$27.39US$37.865
Jul ’24US$39.43
US$50.09
+27.0%
21.9%US$62.80US$27.39US$38.066
Jun ’24US$34.79
US$50.11
+44.0%
20.3%US$62.80US$27.39US$34.397
May ’24US$38.21
US$54.53
+42.7%
10.4%US$66.50US$49.36US$45.096
Apr ’24US$40.74
US$54.41
+33.6%
9.9%US$65.80US$49.36US$48.916
Mar ’24US$34.93
US$54.46
+55.9%
12.7%US$67.12US$45.14US$53.846
Feb ’24US$39.17
US$54.46
+39.0%
12.7%US$67.12US$45.14US$44.316
Jan ’24US$33.14
US$54.34
+64.0%
12.1%US$65.98US$45.14US$48.386
Dec ’23US$32.86
US$53.29
+62.2%
16.3%US$67.71US$40.65US$45.246
Nov ’23US$29.43
US$56.72
+92.7%
17.4%US$70.34US$39.33US$38.876

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

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