BSY
Bentley Systems, Incorporated
$33.16
Platform & Compounding FCF
80%
Two-stage FCF DCF
Moderate
·
Conviction
Fair Value
Trading 24.9% below fair value
You pay
$33.16
Bear
$27.41
Fair
$44.16
Bull
$62.49
Bear
$27.41
-17.3%
9% stage 1 growth, 11% discount
Fair
$44.16
+33.2%
14% stage 1 growth, 11% discount
Bull
$62.49
+88.4%
19% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (14% base case)
Terminal Value % of EV
42%
Implied Market Multiple
23.3x
Summary
Our base-case estimate uses a two-stage discounted cash flow model based on free cash flow. We then blend that result with the average analyst price target of $47.57 from 12 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $44.16 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions