Admitting that his young side had showed their 'age and immaturity' in the second-leg of the play-off semi-final, the Scot added: "The play-offs came at the wrong time for us - it's a pity the play-offs didn't come round in December."
Forest however, relegation battlers last season, finished third in the Championship and spent much of the campaign battling for automatic promotion.
"Let's not forget what a great season we've had," Davies told BBC Radio Nottingham.
But will it be Billy's last in charge? The manager was keen to keep the focus on last night's game but has acknowledged that he has some thinking to do after a season in which he has regularly expressed his displeasure at the transfer policy in place at the City Ground.