Bentley Systems, Incorporated logo BSY - Bentley Systems, Incorporated

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 7
HOLD 4
SELL 1
STRONG
SELL 0
| PRICE TARGET: $47.57 DETAILS
HIGH: $55.00
LOW: $40.00
MEDIAN: $48.00
CONSENSUS: $47.57
UPSIDE: 45.30%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Platform & Compounding FCF 80% confidence

Primary model: Two-stage FCF DCF

Valuation Signal Undervalued Moderate
Trading 25.9% below fair value
Current Price $32.74
Bear Case $27.41 16.3% downside ($27.41 - $32.74) / $32.74 = -16.3% 9% stage 1 growth, 11% discount
Fair Value $44.16 34.9% upside ($44.16 - $32.74) / $32.74 = 34.9% 14% stage 1 growth, 11% discount
Bull Case $62.49 90.9% upside ($62.49 - $32.74) / $32.74 = 90.9% 19% stage 1 growth, 11% discount

Adjust Assumptions

14.3%
11.0%
3.0%

Key Value Driver

FCF growth rate (14% base case)

Terminal Value % of EV 42%
Implied Market Multiple 23.0x

Plain-Language 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