The Welsh side's hopes of reaching the latter stages of the competition were ended with defeat in France - three tries in six second-half minutes leading to a 43-20 loss.
Yellow cards to prop Benoit Bourrust and flanker Ellis Jenkins in quick succession left the Blues two men light and Toulon pounced to devastating effect, Chris Czekaj and Robin Copeland also going in the bin during the 80 minutes.
But having trailed by just two points at half-time Davies believes his players proved they were a match for the French giants when they had 15 men on the field.
"It was a bit frustrating because the boys spilled their guts out there for 80 minutes and when we were 15 against 15 we were quite competitive," Davies told Wales Online.
"We had a good first-half in fact. We were doing lots of things we wanted to do.
"We were in the game, but second half it was tough for the players and we stuck in there and that's something we can take out of it."
During the defeat prop Gethin Jenkins limped off against his former employers at half-time with a suspected knee injury.
With the Six Nations not too far away Wales will be sweating over his fitness but Davies insists they will know nothing until they assess the extent of the damage.
"He is sore at the moment and we will just have to see the severity of it," he added. "We will give him 48 hours and see where we are."
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