Bentley Systems, Incorporated

NasdaqGS:BSY Stock Report

Mkt Cap: US$12.0b

We’ve recently updated our valuation analysis.

Bentley Systems Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

BSY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue12.7x
Enterprise Value/EBITDA67.1x
PEG Ratio3.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BSY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average67x
PCTY Paylocity Holding
126.5x25.8%US$11.4b
TYL Tyler Technologies
71.1x15.5%US$13.4b
PTC PTC
51.2x15.8%US$16.0b
BKI Black Knight
19x-16.7%US$9.4b
BSY Bentley Systems
63.7x16.2%US$12.0b

Price-To-Earnings vs Peers: BSY is good value based on its Price-To-Earnings Ratio (63.7x) compared to the peer average (67x).


Price to Earnings Ratio vs Industry

How does BSY's PE Ratio compare vs other companies in the US Software Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a21.4%
n/an/an/a

Price-To-Earnings vs Industry: BSY is expensive based on its Price-To-Earnings Ratio (63.7x) compared to the US Software industry average (42.3x)


Price to Earnings Ratio vs Fair Ratio

What is BSY'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.

BSY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio63.7x
Fair PE Ratio28.9x

Price-To-Earnings vs Fair Ratio: BSY is expensive based on its Price-To-Earnings Ratio (63.7x) compared to the estimated Fair Price-To-Earnings Ratio (28.9x).


Share Price vs Fair Value

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

Below Fair Value: BSY ($38.59) is trading above our estimate of fair value ($26.41)

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


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 BSY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$38.59
US$45.10
+16.9%
6.5%US$50.00US$39.00n/a10
Jan ’24US$36.96
US$45.10
+22.0%
6.5%US$50.00US$39.00n/a10
Dec ’23US$40.07
US$44.60
+11.3%
7.4%US$50.00US$39.00n/a10
Nov ’23US$34.20
US$43.50
+27.2%
11.6%US$50.00US$35.00n/a10
Oct ’23US$30.59
US$46.78
+52.9%
5.4%US$50.00US$41.00n/a9
Sep ’23US$35.87
US$46.78
+30.4%
5.4%US$50.00US$41.00n/a9
Aug ’23US$39.26
US$45.13
+14.9%
7.1%US$50.00US$40.00n/a8
Jul ’23US$33.64
US$48.25
+43.4%
18.3%US$70.00US$40.00n/a8
Jun ’23US$34.37
US$48.25
+40.4%
18.3%US$70.00US$40.00n/a8
May ’23US$42.39
US$55.71
+31.4%
12.5%US$70.00US$47.00n/a7
Apr ’23US$44.25
US$57.86
+30.8%
10.6%US$70.00US$50.00n/a7
Mar ’23US$38.65
US$61.43
+58.9%
13.8%US$75.00US$50.00n/a7
Feb ’23US$40.33
US$65.71
+62.9%
9.4%US$75.00US$58.00n/a7
Jan ’23US$48.33
US$69.00
+42.8%
7.2%US$75.00US$60.00US$36.967
Dec ’22US$46.85
US$70.29
+50.0%
7.0%US$75.00US$60.00US$40.077
Nov ’22US$58.50
US$69.57
+18.9%
8.7%US$75.00US$57.00US$34.207
Oct ’22US$61.40
US$69.57
+13.3%
8.7%US$75.00US$57.00US$30.597
Sep ’22US$66.20
US$69.57
+5.1%
8.7%US$75.00US$57.00US$35.877
Aug ’22US$60.81
US$58.29
-4.2%
13.8%US$74.00US$50.00US$39.267
Jul ’22US$63.50
US$56.14
-11.6%
14.2%US$74.00US$50.00US$33.647
Jun ’22US$58.54
US$53.14
-9.2%
6.1%US$60.00US$50.00US$34.377
May ’22US$51.20
US$51.83
+1.2%
4.9%US$55.00US$48.00US$42.396
Apr ’22US$47.94
US$51.50
+7.4%
4.6%US$55.00US$48.00US$44.256
Mar ’22US$44.50
US$44.17
-0.7%
14.3%US$50.00US$31.00US$38.656
Feb ’22US$42.65
US$43.17
+1.2%
13.8%US$50.00US$31.00US$40.336
Jan ’22US$40.51
US$41.50
+2.4%
11.5%US$45.00US$31.00US$48.336

Analyst Forecast: Target price is less than 20% higher than the current share price.


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