DCBO
DOCEBO INC
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What's the thesis on NamSys?
Don't get me wrong, I understand that there's almost $12M of cash and the market cap is \~$32-33M. For simplicity let's say the "business" is valued at $20M. That implies \~9x-ish net income, or about 2.5x ARR if we use that multiple. Mexico 60% growth is nice and all but growth is a lot easier to pull of with a small base than with a larger base.
For comparison's sake, [Docebo ](https://ca.finance.yahoo.com/quote/DCBO.TO/)is \~12x P/E and 1.7x ARR, recurring revenue grew \~12% in 2025. It's just one comp, but in general the valuation metrics don't seem crazy considering the size of company, 10% growth rate, and general pullback in SaaS valuations.

Is there a catalyst that drives it meaningfully higher?

What's the thesis on NamSys?
Don't get me wrong, I understand that there's almost $12M of cash and the market cap is \~$32-33M. For simplicity let's say the "business" is valued at $20M. That implies \~9x-ish net income, or about 2.5x ARR if we use that multiple. Mexico 60% growth is nice and all but growth is a lot easier to pull of with a small base than with a larger base.
For comparison's sake, [Docebo ](https://ca.finance.yahoo.com/quote/DCBO.TO/)is \~12x P/E and 1.7x ARR, recurring revenue grew \~12% in 2025. It's just one comp, but in general the valuation metrics don't seem crazy considering the size of company, 10% growth rate, and general pullback in SaaS valuations.

Is there a catalyst that drives it meaningfully higher?