DCBO – No Deterioration in Unit Metrics – Updating our Fair Price and Target Price for Q2/20 Results

Docebo ($DCBO.TO) reported Q2/20 results that were better than we expected. After Q1/20 results saw the company’s Annual Recurring Revenue (ARR) / S&M drop from 1.2x to 0.83x, we were concerned that selling their relatively expensive solution was becoming more difficult. This quarter not only did the ratio remain steady at 0.83x, but Cornerstone OnDemand’s ($CSOD) updated run-rate synergies expected from their acquisition of Saba Software has continued to improve.
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