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BSY

Bentley Systems NasdaqGS:BSY Stock Report

Last Price

US$31.09

Market Cap

US$9.6b

7D

-7.6%

1Y

-51.5%

Updated

23 Sep, 2022

Data

Company Financials +
BSY fundamental analysis
Snowflake Score
Valuation3/6
Future Growth5/6
Past Performance1/6
Financial Health1/6
Dividends0/6

BSY Stock Overview

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Bentley Systems Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Bentley Systems
Historical stock prices
Current Share PriceUS$31.09
52 Week HighUS$65.03
52 Week LowUS$26.32
Beta0
1 Month Change-19.29%
3 Month Change-12.62%
1 Year Change-51.54%
3 Year Changen/a
5 Year Changen/a
Change since IPO-7.17%

Recent News & Updates

Sep 06

Bentley Systems goes ex dividend tomorrow

Bentley Systems (NASDAQ:BSY) has declared $0.03/share quarterly dividend, in line with previous. Payable Sept. 14; for shareholders of record Sept. 8; ex-div Sept. 7. See BSY Dividend Scorecard, Yield Chart, & Dividend Growth.

Aug 31
Estimating The Intrinsic Value Of Bentley Systems, Incorporated (NASDAQ:BSY)

Estimating The Intrinsic Value Of Bentley Systems, Incorporated (NASDAQ:BSY)

In this article we are going to estimate the intrinsic value of Bentley Systems, Incorporated ( NASDAQ:BSY ) by...

Shareholder Returns

BSYUS SoftwareUS Market
7D-7.6%-4.4%-5.2%
1Y-51.5%-35.3%-23.1%

Return vs Industry: BSY underperformed the US Software industry which returned -34.5% over the past year.

Return vs Market: BSY underperformed the US Market which returned -21.6% over the past year.

Price Volatility

Is BSY's price volatile compared to industry and market?
BSY volatility
BSY Average Weekly Movement5.4%
Software Industry Average Movement9.0%
Market Average Movement6.9%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.8%

Stable Share Price: BSY is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BSY's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19844,626Greg Bentleyhttps://www.bentley.com

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling and open simulation applications for infrastructure design integration, which include MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. It also provides project delivery systems that support collaboration, work-sharing, and 4D construction modeling for infrastructure project delivery enterprises, such as ProjectWise, ProjectWise Design Review Service, and SYNCHRO; and asset and network performance systems, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central.

Bentley Systems Fundamentals Summary

How do Bentley Systems's earnings and revenue compare to its market cap?
BSY fundamental statistics
Market CapUS$9.64b
Earnings (TTM)US$102.60m
Revenue (TTM)US$1.06b

93.9x

P/E Ratio

9.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BSY income statement (TTM)
RevenueUS$1.06b
Cost of RevenueUS$229.28m
Gross ProfitUS$833.64m
Other ExpensesUS$731.04m
EarningsUS$102.60m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.33
Gross Margin78.43%
Net Profit Margin9.65%
Debt/Equity Ratio368.3%

How did BSY perform over the long term?

See historical performance and comparison

Dividends

0.4%

Current Dividend Yield

36%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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/Revenue10.7x
Enterprise Value/EBITDA56.5x
PEG Ratio4.3x

Price to Earnings Ratio vs Peers

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

BSY PE Ratio vs 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 Average23.8x
BKI Black Knight
19.7x-15.2%US$10.2b
PTC PTC
25x17.5%US$12.5b
FICO Fair Isaac
29.3x9.9%US$10.8b
DBX Dropbox
21.1x-8.6%US$7.2b
BSY Bentley Systems
93.9x22.0%US$9.6b

Price-To-Earnings vs Peers: BSY is expensive based on its Price-To-Earnings Ratio (93.9x) compared to the peer average (23.8x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: BSY is expensive based on its Price-To-Earnings Ratio (93.9x) compared to the US Software industry average (39.2x)


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 Ratio93.9x
Fair PE Ratio37.6x

Price-To-Earnings vs Fair Ratio: BSY is expensive based on its Price-To-Earnings Ratio (93.9x) compared to the estimated Fair Price-To-Earnings Ratio (37.6x).


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 ($31.09) is trading below our estimate of fair value ($43.67)

Significantly Below Fair Value: BSY is trading below fair value by more than 20%.


Analyst Price Targets

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

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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Future Growth

How is Bentley Systems forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


22.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BSY's forecast earnings growth (22% per year) is above the savings rate (1.9%).

Earnings vs Market: BSY's earnings (22% per year) are forecast to grow faster than the US market (14.7% per year).

High Growth Earnings: BSY's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BSY's revenue (10.2% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: BSY's revenue (10.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BSY's Return on Equity is forecast to be high in 3 years time (36.9%)


Discover growth companies

Past Performance

How has Bentley Systems performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-6.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BSY has high quality earnings.

Growing Profit Margin: BSY's current net profit margins (9.7%) are lower than last year (18.5%).


Past Earnings Growth Analysis

Earnings Trend: BSY's earnings have declined by 6.5% per year over the past 5 years.

Accelerating Growth: BSY's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BSY had negative earnings growth (-36%) over the past year, making it difficult to compare to the Software industry average (18.3%).


Return on Equity

High ROE: Whilst BSY's Return on Equity (20.65%) is high, this metric is skewed due to their high level of debt.


Discover strong past performing companies

Financial Health

How is Bentley Systems's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BSY's short term assets ($355.5M) do not cover its short term liabilities ($591.4M).

Long Term Liabilities: BSY's short term assets ($355.5M) do not cover its long term liabilities ($2.0B).


Debt to Equity History and Analysis

Debt Level: BSY's net debt to equity ratio (349.5%) is considered high.

Reducing Debt: Insufficient data to determine if BSY's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: BSY's debt is not well covered by operating cash flow (16.8%).

Interest Coverage: BSY's interest payments on its debt are well covered by EBIT (163.4x coverage).


Balance Sheet


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Dividend

What is Bentley Systems's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.39%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BSY's dividend (0.39%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: BSY's dividend (0.39%) is low compared to the top 25% of dividend payers in the US market (4.45%).


Stability and Growth of Payments

Stable Dividend: BSY is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: BSY is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: BSY is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: BSY is not paying a notable dividend for the US market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.3yrs

Average management tenure


CEO

Greg Bentley (66 yo)

26.25yrs

Tenure

US$17,682,926

Compensation

Mr. Gregory S. Bentley, also known as Greg, has served as the Chief Executive Officer of Bentley Systems, Incorporated since August 2000 and has been its Chairman of the Board and President since June 1996...


CEO Compensation Analysis

Compensation vs Market: Greg's total compensation ($USD17.68M) is above average for companies of similar size in the US market ($USD13.05M).

Compensation vs Earnings: Greg's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: BSY's management team is seasoned and experienced (6.3 years average tenure).


Board Members

Experienced Board: BSY's board of directors are seasoned and experienced ( 20.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BSY insiders have only sold shares in the past 3 months.


Recent Insider Transactions

NasdaqGS:BSY Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
10 Aug 22SellUS$8,224,000David HollisterIndividual200,000US$41.12
02 Dec 21BuyUS$251,110David HollisterIndividual5,319US$47.21
02 Dec 21BuyUS$999,993Gregory BentleyIndividual21,033US$47.94

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 49.26% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
6.49%
Keith Bentley
20,126,157$625.7m0.31%no data
6.29%
The Vanguard Group, Inc.
19,492,037$606.0m9.97%0.01%
6.16%
Raymond Bentley
19,083,750$593.3m0%no data
5.8%
Siemens Fonds Invest GmbH
17,969,638$558.7m-10.97%21.77%
5.41%
Barry Bentley
16,778,174$521.6m2.92%no data
3.8%
Gregory Bentley
11,792,827$366.6m-0.8%no data
3.78%
Kayne Anderson Rudnick Investment Management, LLC
11,707,419$364.0m21.46%1.08%
3.5%
BlackRock, Inc.
10,850,908$337.4m17.61%0.01%
1.11%
State Street Global Advisors, Inc.
3,454,277$107.4m2.34%0.01%
0.83%
Geode Capital Management, LLC
2,587,200$80.4m7.51%0.01%
0.72%
Durable Capital Partners, LP
2,227,383$69.2m871.6%0.75%
0.66%
Wells Fargo & Company, Securities and Brokerage Investments
2,055,859$63.9m24%0.03%
0.64%
David Hollister
1,997,891$62.1m-12.14%no data
0.57%
Artisan Partners Limited Partnership
1,767,336$54.9m-11.91%0.06%
0.41%
TimesSquare Capital Management, LLC
1,281,500$39.8m1.29%0.49%
0.39%
Capital Research and Management Company
1,213,743$37.7m-21.13%no data
0.38%
Brown Advisory Incorporated
1,170,693$36.4m2555.84%0.06%
0.32%
Northern Trust Global Investments
1,000,735$31.1m1.5%0.01%
0.32%
Deka Investment GmbH
977,919$30.4m-8%0.04%
0.31%
AXA Investment Managers S.A.
971,309$30.2m122.32%0.07%
0.3%
David Shaman
928,831$28.9m-0.09%no data
0.29%
Gus Bergsma
893,013$27.8m0.05%no data
0.27%
Swiss National Bank, Asset Management Arm
826,800$25.7m8.46%0.02%
0.26%
Legal & General Investment Management Limited
812,527$25.3m-7.22%0.01%
0.23%
Envestnet Asset Management, Inc.
701,000$21.8m29.75%0.01%

Company Information

Bentley Systems, Incorporated's employee growth, exchange listings and data sources


Key Information

  • Name: Bentley Systems, Incorporated
  • Ticker: BSY
  • Exchange: NasdaqGS
  • Founded: 1984
  • Industry: Application Software
  • Sector: Software
  • Implied Market Cap: US$9.636b
  • Shares outstanding: 309.95m
  • Website: https://www.bentley.com

Number of Employees


Location

  • Bentley Systems, Incorporated
  • 685 Stockton Drive
  • Exton
  • Pennsylvania
  • 19341
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BSYNasdaqGS (Nasdaq Global Select)YesClass B Common StockUSUSDSep 2020
BS81DB (Deutsche Boerse AG)YesClass B Common StockDEEURSep 2020
BSY *BMV (Bolsa Mexicana de Valores)YesClass B Common StockMXMXNSep 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/23 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.