DDM Analysis: BSY

Valuation Snapshot

Stable Growth	$15.89 - $35.08	$22.88
Multi-Stage	$11.63 - $12.69	$12.15
Blended Fair Value	$17.52
Current Price	$51.48
Upside	-65.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	23.61%	0.00%	0.22	0.18	0.10	0.10	1.27	0.07	0.06	0.00	0.00	0.00
YoY Growth	-	-	22.74%	70.34%	3.28%	-92.10%	1,591.33%	24.58%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.55%	0.35%	0.24%	0.23%	2.70%	0.22%	0.18%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	269.32
(-) Cash Dividends Paid (M)	81.89
(=) Cash Retained (M)	187.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.86	33.66	20.20
Cash Retained (M)	187.43	187.43	187.43
(-) Cash Required (M)	-53.86	-33.66	-20.20
(=) Excess Retained (M)	133.57	153.77	167.23
(/) Shares Outstanding (M)	333.34	333.34	333.34
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.89	$22.88	$35.08
Upside / Downside	-69.13%	-55.55%	-31.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	269.32	286.82	305.46	325.32	346.47	368.99	380.06
Payout Ratio	30.41%	42.32%	54.24%	66.16%	78.08%	90.00%	92.50%
Projected Dividends (M)	81.89	121.39	165.69	215.24	270.52	332.09	351.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	109.53	110.57	111.61
Year 2 PV (M)	134.89	137.46	140.05
Year 3 PV (M)	158.10	162.64	167.26
Year 4 PV (M)	179.29	186.19	193.28
Year 5 PV (M)	198.58	208.18	218.13
PV of Terminal Value (M)	3,095.89	3,245.42	3,400.67
Equity Value (M)	3,876.29	4,050.45	4,231.01
Shares Outstanding (M)	333.34	333.34	333.34
Fair Value	$11.63	$12.15	$12.69
Upside / Downside	-77.41%	-76.40%	-75.34%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
TC.BK	Tropical Canning (Thailand) Public Company Limited	6.05%	$0.30	42.33%
8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
030000.KS	Cheil Worldwide Inc.	5.91%	$1,232.93	68.46%
0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financial Statements

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Bentley Systems, Incorporated (BSY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener