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Docebo Inc T.DCBO

Alternate Symbol(s):  DCBO

Docebo Inc. is a provider of learning platforms with a foundation in artificial intelligence (AI) and innovation. The Company is engaged in redefining the way enterprises leverage technology to create and manage content, deliver training, and understand the business impact of their learning programs. The Docebo Learning Platform includes following capabilities: learning management and delivery, content marketplace, learning evaluation, learn data, integrations and docebo flow. Its learning platform leverages artificial intelligence and a high-performance workflow engine to save time, handle repetitive tasks, and automate processes. The Company helps organizations around the world deliver scalable, personalized learning to customers, partners, and employees, driving productivity, engagement, revenue, and growth. It serves small and medium-sized businesses to large globally distributed enterprises in a wide variety of industries.


TSX:DCBO - Post by User

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Post by retiredcfon Nov 11, 2024 8:31am
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Post# 36306262

ATB

ATB

ATB Capital Markets analyst Martin Toner downgraded Docebo Inc. to “sector perform” from “outperform,” citing valuation concerns. His price target remains at C$75 and other than a stock rising a little too quickly, he found a lot to like in the company’s latest earnings report.

Docebo on Friday reported Q3/24 consolidated revenue of $55.4 million (19.2+% y/y), a beat on consensus of $54.2 million. Adjusted EBITDA of $8.7 million beat consensus of $8.3 million. The company reported annual recurring revenue (ARR) of $214.1 million (+18% y/y), marking the fourth consecutive sequential deceleration, but incremental ARR was $8.2 million, the second quarter of improvement.

Management raised its annual guidance from FY24 revenue growth of 18%-19% to annual growth of 19.5%. Management noted that its pipeline quality is improving, and though small and medium-sized business customers remain cautious, management expects continued penetration into mid-market and enterprise segments.

“We continue to believe that DCBO’s current valuation undervalues long-term growth and that as enterprise spending improves, DCBO’s revenue growth will further accelerate,” Mr. Toner said.

Given the stock rose 21% over the past month, he felt the downgrade was prudent, but added: “An IT spending recovery or faster than expected revenue from the government sector are two catalysts that could be accretive to our growth forecast and would cause us to revisit our sector perform rating.”



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