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1. Company Snapshot

1.a. Company Description

D2L Corporation provides an online integrated learning platform for learners in higher education, K–12, healthcare, government, and enterprise sectors.It offers Brightspace, a learning platform that combines usability, integrated analytics, and accessibility practices; Brightspace Learning Object Repository to manage learning objects and share content; Brightspace ePortfolio, which combines social sharing and learning concepts for learners; and Brightspace Insights, a solution to predict, measure, and guide student performance.It also provides Brightspace Degree Compass, a Web-based course recommendation tool that guides students' course selection; Brightspace LeaP, an adaptive learning platform to create individualized online learning experience for students; Brightspace Assignment Grader, an online grading tool that improves productivity and work-life balance; Brightspace Binder, a solution for students to collect, organize, and discover learning content; Brightspace Campus Life, an application that provides students with access to their courses, campus news and updates, upcoming events, and more; and Brightspace Course Catalog, a solution that enables users to search for the list of courses.


In addition, it offers Brightspace Capture, a solution to record and broadcast media presentations; Brightspace Binder Shop, a solution for users to discover, evaluate, and recommend e-textbooks for learners; Brightspace Open Courses, an open online learning solution; Brightspace Pulse, an application that helps students to stay up to date and prepared by unifying course calendars, assignments, grades, and news; and D2L Wave, a platform for employees to gain new skills by accessing an online catalog of education options from various educational institutions.The company was founded in 1999 and is headquartered in Kitchener, Canada with locations in Toronto, Winnipeg, and Richmond, Canada; Towson, Maryland; Melbourne, Australia; London, United Kingdom; Brazil; and Singapore.

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1.b. Last Insights on DTOL

D2L Inc. has experienced several positive drivers behind its recent performance. The company's strong leadership has been reinforced with the appointment of Andrew Datars as Chief Technology Officer, effective January 20, 2025, who will lead the technology, engineering, and development teams. D2L has also been recognized as a global leader in learning software and the application of artificial intelligence in education, as announced on March 5, 2025. Additionally, Purdue University has successfully implemented D2L Brightspace, expanding its online learning capabilities and improving accessibility, as reported on February 4, 2025. This demonstrates the company's ability to deliver innovative solutions and drive growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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D2L Inc. Announces Time Change for Third Quarter Fiscal 2026 Conference Call

Dec -03

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D2L Inc. Announces Date of Release of Third Quarter Fiscal 2026 Financial Results

Nov -19

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D2L Survey Finds AI-Enabled Learning Tools Can Help Unlock Time Savings for Higher Ed Professionals

Oct -29

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Is D2L Inc.'s (TSE:DTOL) Latest Stock Performance A Reflection Of Its Financial Health?

Oct -28

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D2L and 1EdTech Partner to Streamline Certification Access and Expand Availability of Trusted Solutions for Institutions

Oct -28

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What Does D2L Inc.'s (TSE:DTOL) Share Price Indicate?

Oct -11

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Are Investors Undervaluing D2L Inc. (TSE:DTOL) By 42%?

Sep -27

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D2L Second Quarter 2026 Earnings: Beats Expectations

Sep -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.61%)

6. Segments

Subscription and Support

Expected Growth: 2.5%

D2L Inc.'s Subscription and Support growth of 2.5% is driven by increasing adoption of online learning platforms, rising demand for digital education, and strategic partnerships with educational institutions. Additionally, the company's focus on innovation, customer satisfaction, and expanding its product offerings contribute to the growth.

Professional Services and Other

Expected Growth: 3.5%

D2L Inc.'s Professional Services and Other segment growth of 3.5% is driven by increasing demand for customized learning solutions, expansion of existing client relationships, and strategic partnerships. Additionally, the company's investments in AI-powered education technology and growth in international markets contribute to the segment's growth.

7. Detailed Products

Brightspace

A learning management system (LMS) that provides a comprehensive platform for creating, teaching, and managing online courses.

Brightspace Insights

A data analytics platform that provides insights and visualizations to help educators and administrators make data-driven decisions.

Brightspace Pulse

A mobile app that enables students to access course materials, submit assignments, and communicate with instructors on-the-go.

Brightspace for Parents

A platform that provides parents with real-time access to their child's academic progress, assignments, and grades.

Brightspace ePortfolio

A digital portfolio platform that enables students to showcase their skills, achievements, and experiences.

Brightspace Virtual Classroom

A virtual classroom platform that enables instructors to deliver live, interactive online classes.

8. D2L Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

D2L Inc. faces moderate threat from substitutes as there are alternative learning platforms available in the market, but the company's strong brand recognition and customer loyalty mitigate this threat to some extent.

Bargaining Power Of Customers

D2L Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly customized, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

D2L Inc. has a diversified supply chain, which reduces the bargaining power of individual suppliers. The company's strong financial position also gives it the ability to negotiate favorable terms with its suppliers.

Threat Of New Entrants

The online learning platform market is highly competitive, and new entrants can easily enter the market with innovative products and services, posing a significant threat to D2L Inc.'s market share.

Intensity Of Rivalry

The online learning platform market is highly competitive, with many established players competing for market share. D2L Inc. faces intense rivalry from competitors such as Blackboard, Canvas, and Moodle.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.26%
Debt Cost 4.40%
Equity Weight 81.74%
Equity Cost 12.67%
WACC 11.16%
Leverage 22.35%

11. Quality Control: D2L Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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D2L

A-Score: 5.3/10

Value: 2.5

Growth: 8.3

Quality: 8.2

Yield: 0.0

Momentum: 8.5

Volatility: 4.3

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American Public Education

A-Score: 4.9/10

Value: 4.9

Growth: 5.4

Quality: 5.7

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

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Universal Technical Institute

A-Score: 4.9/10

Value: 3.3

Growth: 6.3

Quality: 6.1

Yield: 0.0

Momentum: 9.5

Volatility: 4.0

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Coursera

A-Score: 4.4/10

Value: 6.9

Growth: 6.0

Quality: 3.1

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

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Udemy

A-Score: 3.9/10

Value: 6.4

Growth: 5.8

Quality: 4.1

Yield: 0.0

Momentum: 3.5

Volatility: 3.3

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Chegg

A-Score: 3.7/10

Value: 9.6

Growth: 2.9

Quality: 3.4

Yield: 0.0

Momentum: 5.5

Volatility: 0.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.22$

Current Price

16.22$

Potential

-0.00%

Expected Cash-Flows