A brief update on select companies from the 5i Research coverage list. This report serves as the official rating update on the companies referenced herein. New ratings, if applicable, will be reflected in the Summary report at month-end.

DCBO is a leading global provider of learning management systems (LMS), operating as a SaaS company, delivering AI-powered platforms for corporate training and educational purposes. Its core product is the Docebo Learning Platform, where companies can create, manage, and distribute online training programs for employees, customers, and partners. It has strengthened its presence in Europe, through partnerships with system integrates like Accenture and Deloitte. It is exploring opportunities for growth through potential acquisitions, and it benefits from its wide variety of customers, spread across industries such as tech, finance, retail, and healthcare

BDGI is an industrial niche operator that focuses on growing the business organically through internal reinvestment. BDGI grew its dividend consistently over the years, and on average, it has grown its dividends by around 5% annualized over the last ten years. BDGI is a moderate-growth company with an increasing return on equity in recent years. The valuation today is quite attractive, which leaves room for some upside potential if the company continues to improve its return on capital profile