BENTLEY SYSTEMS INC (BSY)

Services-Prepackaged Software

Latest Price

$30.97

TTM P/E

34.41

Normalized P/E

42.42

Div Yield

0.90%

Book Value

3.85

P/B Ratio

8.04

Valuation metrics

EPS: $0.85

Book value / share: $3.57

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.26

73% 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

93% 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

+143% upside

EPS: $0.85

Target P/E: 42×

Formula: EPS × P/E

P/E Fair Value

$35.70

+15% upside

49.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	16.07M	$480.0M	5.15%	-737.4K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	9.50M	$284.0M	3.04%	+515.0K	2026-06-30
NORGES BANK	9.48M	$283.0M	3.04%	+7.68M	2026-06-30
Swedbank AB	9.00M	$269.0M	2.88%	--	2026-06-30
T. Rowe Price Investment Management, Inc.	7.50M	$224.0M	2.40%	-494.7K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	7.12M	$212.0M	2.28%	+524.4K	2026-06-30
MORGAN STANLEY	6.03M	$180.0M	1.93%	-62.9K	2026-06-30
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	5.94M	$177.0M	1.90%	+2.62M	2026-06-30
STATE STREET CORP	5.04M	$150.0M	1.61%	+119.9K	2026-06-30
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.94M	$147.0M	1.58%	+155.7K	2026-06-30