Financials Bentley Systems, Incorporated

Equities

BSY

US08265T2087

Software

Market Closed - Nasdaq 04:00:00 2024-05-17 pm EDT 5-day change 1st Jan Change
56.46 USD +0.68% Intraday chart for Bentley Systems, Incorporated +1.77% +8.20%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,134 14,878 11,455 16,376 17,889 - -
Enterprise Value (EV) 1 12,258 15,985 13,164 17,836 19,114 18,810 18,402
P/E ratio 96.5 x 161 x 67.2 x 52.2 x 76.3 x 63.2 x 51.1 x
Yield 4% 0.25% 0.32% 0.4% 0.42% 0.45% 0.57%
Capitalization / Revenue 15.1 x 15.4 x 10.4 x 13.3 x 13.1 x 11.8 x 10.5 x
EV / Revenue 15.3 x 16.6 x 12 x 14.5 x 14 x 12.4 x 10.8 x
EV / EBITDA 46 x 49.2 x 35.9 x 42.8 x 40 x 34.7 x 29.8 x
EV / FCF 50.5 x 59.1 x 51.5 x 45.5 x 52.8 x 44.5 x 35.5 x
FCF Yield 1.98% 1.69% 1.94% 2.2% 1.9% 2.25% 2.81%
Price to Book - 36.4 x 3.87 x 4.93 x 5.47 x 5.19 x -
Nbr of stocks (in thousands) 299,521 307,849 309,928 313,834 316,848 - -
Reference price 2 40.51 48.33 36.96 52.18 56.46 56.46 56.46
Announcement Date 3/2/21 3/1/22 2/28/23 2/27/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 736.7 801.5 965 1,099 1,228 1,361 1,512 1,708
EBITDA 1 - 266.2 324.9 366.4 416.8 477.8 541.4 617.4
EBIT 1 - 250.8 306.2 348.5 396.1 454.3 522 605.4
Operating Margin - 31.29% 31.72% 31.71% 32.25% 33.38% 34.53% 35.44%
Earnings before Tax (EBT) 1 - 167.6 93.33 198.3 183.5 312.5 376.1 460
Net income 1 - 126.3 93.18 174.7 326.8 227.8 280.1 363.4
Net margin - 15.76% 9.66% 15.9% 26.6% 16.74% 18.53% 21.27%
EPS 2 0.3500 0.4200 0.3000 0.5500 1.000 0.7400 0.8940 1.105
Free Cash Flow 1 - 242.8 270.5 255.8 391.7 362.3 422.7 518
FCF margin - 30.3% 28.03% 23.27% 31.89% 26.62% 27.96% 30.32%
FCF Conversion (EBITDA) - 91.23% 83.24% 69.8% 93.98% 75.83% 78.08% 83.9%
FCF Conversion (Net income) - 192.3% 290.27% 146.38% 119.86% 159.02% 150.9% 142.54%
Dividend per Share 2 - 1.620 0.1200 0.1200 0.2100 0.2372 0.2525 0.3200
Announcement Date 8/21/20 3/2/21 3/1/22 2/28/23 2/27/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 267.7 275.5 268.3 268.3 286.9 314.4 296.7 306.6 310.6 337.8 325.5 342.1 355.6 373.2 362.9
EBITDA 1 88.17 97.62 86.52 89.74 92.56 114 95.55 109.2 98.08 135.9 107.9 114.5 118.5 147.2 120.5
EBIT 1 83.32 93.33 81.67 85.4 88.09 109.7 90.93 104.4 91.19 131.7 101.4 111.2 110 136.1 120.9
Operating Margin 31.12% 33.88% 30.44% 31.83% 30.7% 34.88% 30.64% 34.04% 29.36% 38.99% 31.15% 32.51% 30.94% 36.48% 33.33%
Earnings before Tax (EBT) 1 40.87 60.19 51.59 47.34 39.15 54.98 44.79 69.58 14.17 92.55 70.3 76.15 79.55 108.4 92.7
Net income 1 38.58 56.38 55.66 36.99 25.71 45.49 48.68 53.03 179.6 70.31 49.24 55.77 54.59 73.41 62.2
Net margin 14.41% 20.46% 20.75% 13.78% 8.96% 14.47% 16.41% 17.29% 57.81% 20.82% 15.13% 16.3% 15.35% 19.67% 17.14%
EPS 2 0.1200 0.1800 0.1700 0.1200 0.0800 0.1400 0.1500 0.1600 0.5400 0.2200 0.1633 0.1800 0.1833 0.2500 0.2200
Dividend per Share 2 - - 0.0300 0.0300 0.0300 0.0500 0.0500 0.0500 0.0600 - 0.0600 0.0600 0.0600 - -
Announcement Date 3/1/22 5/10/22 8/9/22 11/8/22 2/28/23 5/9/23 8/8/23 11/7/23 2/27/24 5/7/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 124 1,107 1,709 1,460 1,224 921 513
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 0.4658 x 3.406 x 4.664 x 3.503 x 2.562 x 1.7 x 0.8306 x
Free Cash Flow 1 - 243 270 256 392 362 423 518
ROE (net income / shareholders' equity) - 56.4% 71.1% 55.9% 91.2% 31.8% 27.3% 24.2%
ROA (Net income/ Total Assets) - - - 9.43% 10.1% 32.2% 25.1% 8.2%
Assets 1 - - - 1,854 3,242 707.6 1,118 4,432
Book Value Per Share 2 - - 1.330 9.540 10.60 10.30 10.90 -
Cash Flow per Share 2 - 0.8600 0.9200 0.8300 1.250 1.190 1.310 -
Capex 1 - 15.5 17.5 18.5 25 21.2 24.6 22.3
Capex / Sales - 1.93% 1.82% 1.69% 2.04% 1.56% 1.63% 1.31%
Announcement Date 8/21/20 3/2/21 3/1/22 2/28/23 2/27/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
56.46 USD
Average target price
60.15 USD
Spread / Average Target
+6.53%
Consensus
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