BENTLEY SYSTEMS INC (BSY)

Services-Prepackaged Software

Latest Price

$35.44

TTM P/E

40.74

Normalized P/E

49.51

Div Yield

0.79%

Book Value

3.92

P/B Ratio

9.04

Valuation metrics

EPS: $0.85

Book value / share: $3.57

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.26

77% downside

Norm. op. income: $220M (median of 6yr)

Tax rate: 18%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$2.05

94% downside

Base FCF: $392M (median of recent 5yr)

Growth: 23%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$75.12

+112% upside

EPS: $0.85

Target P/E: 50×

Formula: EPS × P/E

P/E Fair Value

$42.50

+20% upside

46.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	16.81M	$590.0M	5.38%	-4.07M	2026-03-31
Swedbank AB	9.00M	$316.0M	2.88%	+410.8K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	8.99M	$315.0M	2.87%	--	2026-03-31
T. Rowe Price Investment Management, Inc.	7.99M	$280.0M	2.56%	+7.20M	2026-03-31
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	7.06M	$247.0M	2.26%	-5.81M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	6.59M	$231.0M	2.11%	--	2026-03-31
MORGAN STANLEY	6.09M	$213.0M	1.95%	+616.0K	2026-03-31
STATE STREET CORP	4.92M	$172.0M	1.57%	-871.7K	2026-03-31
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.78M	$167.0M	1.53%	+3.43M	2026-03-31
Pictet Asset Management Holding SA	4.66M	$163.0M	1.49%	+2.80M	2026-03-31