Bentley Systems, Incorporated

DB:BS81 Stock Report

Market Cap: €14.7b

Bentley Systems Valuation

Is BS81 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BS81 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BS81 (€45.4) is trading above our estimate of fair value (€33.82)

Significantly Below Fair Value: BS81 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BS81?

Key metric: As BS81 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BS81. This is calculated by dividing BS81's market cap by their current earnings.
What is BS81's PE Ratio?
PE Ratio42x
EarningsUS$364.27m
Market CapUS$15.28b

Price to Earnings Ratio vs Peers

How does BS81's PE Ratio compare to its peers?

The above table shows the PE ratio for BS81 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average38.5x
NEM Nemetschek
67.5x18.6%€11.5b
TMV TeamViewer
15x11.1%€1.8b
AOF ATOSS Software
43.4x7.8%€1.9b
MUM Mensch und Maschine Software
28.1x14.0%€897.2m
BS81 Bentley Systems
42x7.9%€15.3b

Price-To-Earnings vs Peers: BS81 is expensive based on its Price-To-Earnings Ratio (42x) compared to the peer average (38.5x).

Price to Earnings Ratio vs Industry

How does BS81's PE Ratio compare vs other companies in the European Software Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BS81 42.0xIndustry Avg. 28.1xNo. of Companies19PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BS81 is expensive based on its Price-To-Earnings Ratio (42x) compared to the European Software industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is BS81's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BS81 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio42x
Fair PE Ratio30.5x

Price-To-Earnings vs Fair Ratio: BS81 is expensive based on its Price-To-Earnings Ratio (42x) compared to the estimated Fair Price-To-Earnings Ratio (30.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BS81 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€45.40
€55.61
+22.5%
11.6%€62.01€42.93n/a12
Nov ’25€44.00
€52.70
+19.8%
11.1%€57.96€40.76n/a12
Oct ’25€45.20
€52.70
+16.6%
11.1%€57.96€40.76n/a12
Sep ’25€46.00
€54.38
+18.2%
9.5%€58.59€41.20n/a12
Aug ’25€44.80
€55.71
+24.4%
7.0%€59.20€44.40n/a12
Jul ’25€45.60
€55.27
+21.2%
7.0%€58.82€44.11n/a12
Jun ’25€45.80
€55.27
+20.7%
7.0%€58.82€44.11n/a12
May ’25€49.60
€54.63
+10.1%
9.8%€59.96€39.35n/a12
Apr ’25€48.20
€53.71
+11.4%
9.8%€58.94€38.68n/a12
Mar ’25€47.20
€53.69
+13.8%
9.8%€59.01€38.72n/a12
Feb ’25€46.40
€52.66
+13.5%
10.5%€58.71€38.53n/a12
Jan ’25€47.20
€52.66
+11.6%
10.5%€58.71€38.53n/a12
Dec ’24€47.40
€53.73
+13.4%
10.1%€59.76€39.22n/a13
Nov ’24€45.20
€53.43
+18.2%
10.2%€60.56€39.74€44.0013
Oct ’24€47.00
€53.13
+13.0%
10.3%€60.14€39.47€45.2013
Sep ’24€45.60
€53.44
+17.2%
7.2%€59.22€46.27€46.0012
Aug ’24€48.60
€49.27
+1.4%
10.0%€56.95€42.49€44.8012
Jul ’24€49.20
€48.18
-2.1%
7.7%€55.42€43.41€45.6012
Jun ’24€45.20
€46.88
+3.7%
6.1%€53.12€43.05€45.8011
May ’24€38.00
€43.89
+15.5%
4.7%€46.90€40.33€49.6010
Apr ’24€39.62
€43.89
+10.8%
4.7%€46.90€40.33€48.2010
Mar ’24€36.89
€43.89
+19.0%
4.7%€46.90€40.33€47.2010
Feb ’24€35.28
€42.73
+21.1%
6.5%€47.37€36.95€46.4010
Jan ’24€34.24
€42.73
+24.8%
6.5%€47.37€36.95€47.2010
Dec ’23€37.62
€44.55
+18.4%
7.4%€49.95€38.96€47.4010
Nov ’23€34.24
€44.04
+28.6%
11.6%€50.62€35.43€45.2010

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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