TGM's two-stage DCF values Docebo Inc. (DCBO) between $24.86 and $42.41 depending on assumptions, with a base case of $32.43. Growth is taken from the company's own record (5-year revenue CAGR (FCF growth too volatile to use) (capped at 18%)), fading to 2.5% long-run; the discount rate (8.1%) reflects its beta.
What would today's price require?
$24.13 is justified only if free cash flow grows about +9.9% a year (fading to 2.5% long-run) at a 8.1% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 15.0%/yr | 9.1% | $24.86 |
| Base case | 18.0%/yr | 8.1% | $32.43 |
| Optimistic | 20.0%/yr | 7.1% | $42.41 |
| Third-party model estimate (FMP) | independent reference · retrieved Oct 6, 2026 · assumptions not provided | $38.65 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$24.13
Market-Implied Growth
+9.9%/yr
vs +25.8% 5Y actual
Model Scenario Range
$24.86 – $42.41
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for DCBO (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $21.7M · 0.03B shares · net cash $71.3M
Estimated Fair Value
$32.43
+34.4% vs $24.13
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 18.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $24.13; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.1% | $40.70 | $44.83 | $50.11 | $57.09 | $66.74 |
| 7.1% | $33.51 | $36.14 | $39.34 | $43.31 | $48.39 |
| 8.1% | $28.51 | $30.31 | $32.43 | $34.96 | $38.04 |
| 9.1% | $24.85 | $26.14 | $27.63 | $29.36 | $31.40 |
| 10.1% | $22.05 | $23.02 | $24.11 | $25.36 | $26.79 |
