Docebo is an AI stock to watch, this analyst says

ATB Capital Markets analyst Martin Toner maintained an “Outperform” rating and US$50.00 target price on Docebo (Docebo Stock Quote, Chart, News, Analysts, Financials TSX:DCBO) in a January 20 report, following the company’s acquisition of France-based skills-intelligence platform 365Talents.

Toronto-based Docebo provides a cloud-based, artificial intelligence–powered e-learning platform for enterprise and government clients.

Before market open, Docebo announced it would acquire 365Talents for US$54.6-million in cash, plus a US$5.1-million earn-out tied to performance milestones. Toner said the transaction fills a strategic gap in Docebo’s product roadmap by adding an AI-native skills intelligence and internal talent marketplace layer, which he expects will support higher win rates and larger enterprise deal sizes over time.

Founded in France, 365Talents uses autonomous AI agents to map and infer employee skills in real time, helping organizations align talent development with evolving business needs. The platform generated approximately US$5-million in revenue in 2024 and US$7-million in 2025, with historical growth of about 45–50% and gross retention of roughly 95%.

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Toner said the deal values 365Talents at about 7.2x 2025E revenue, a premium he believes is justified given the asset’s growth profile and strategic fit. He expects the integration risk to be low, noting that gross margins are broadly in line with Docebo’s existing 80%+ profile. While 365Talents is expected to contribute negative Adjusted EBITDA of roughly US$1-million in fiscal 2026 due to integration and investment costs, Toner models a transition to approximately 10% EBITDA margins by the end of fiscal 2027, driven primarily by sales and marketing synergies through Docebo’s global sales force.

As a result of the acquisition, ATB trimmed its 2026 Adjusted EBITDA forecast by about US$1-million but raised longer-term expectations, increasing its 2027 EBITDA outlook as operating leverage emerges. The firm now expects Docebo to generate US$51.7-million in Adjusted EBITDA on US$267.6-million in revenue in fiscal 2026, up from prior standalone revenue estimates.

Toner said the acquisition strengthens Docebo’s positioning against both specialized talent-marketplace competitors and larger enterprise platforms by helping close the loop between learning outcomes and workforce deployment, particularly for large multinational customers in regulated markets such as Europe.

ATB’s US$50.00 target price is based on a discounted cash flow model using an 11.5% weighted average cost of capital and a 3.0% terminal growth rate, implying a terminal EV/Sales multiple of 2.4x in 2034 and representing approximately 90% upside from current levels.

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