Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Ticker

Industry

Sector

Bentley Systems, Incorporated (BSY)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$15.81 - $34.73$22.72
Multi-Stage$11.59 - $12.65$12.11
Blended Fair Value$17.42
Current Price$51.48
Upside-66.17%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS23.61%0.00%0.220.180.100.101.270.070.060.000.000.00
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)53.8633.6620.20
Cash Retained (M)187.43187.43187.43
(-) Cash Required (M)-53.86-33.66-20.20
(=) Excess Retained (M)133.57153.77167.23
(/) Shares Outstanding (M)333.34333.34333.34
(=) Excess Retained per Share0.400.460.50
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.400.460.50
(=) Adjusted Dividend0.650.710.75
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate5.50%6.50%7.50%
Fair Value$15.81$22.72$34.73
Upside / Downside-69.29%-55.86%-32.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)269.32286.82305.46325.32346.47368.99380.06
Payout Ratio30.41%42.32%54.24%66.16%78.08%90.00%92.50%
Projected Dividends (M)81.89121.39165.69215.24270.52332.09351.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)109.51110.55111.58
Year 2 PV (M)134.83137.40140.00
Year 3 PV (M)158.00162.54167.16
Year 4 PV (M)179.14186.03193.12
Year 5 PV (M)198.38207.96217.91
PV of Terminal Value (M)3,082.283,231.163,385.73
Equity Value (M)3,862.154,035.634,215.49
Shares Outstanding (M)333.34333.34333.34
Fair Value$11.59$12.11$12.65
Upside / Downside-77.49%-76.48%-75.43%

High-Yield Dividend Screener

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