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Bentley Systems Inc (BSY)
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Upturn Advisory Summary
02/11/2025: BSY (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -19.67% | Avg. Invested days 38 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Large-Cap Stock | Market Capitalization 14.06B USD | Price to earnings Ratio 41.92 | 1Y Target Price 56.58 |
Price to earnings Ratio 41.92 | 1Y Target Price 56.58 | ||
Volume (30-day avg) 1087685 | Beta 1.03 | 52 Weeks Range 43.71 - 56.98 | Updated Date 02/21/2025 |
52 Weeks Range 43.71 - 56.98 | Updated Date 02/21/2025 | ||
Dividends yield (FY) 0.51% | Basic EPS (TTM) 1.11 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-02-25 | When Before Market | Estimate - | Actual - |
Profitability
Profit Margin 27.73% | Operating Margin (TTM) 21.21% |
Management Effectiveness
Return on Assets (TTM) 5.57% | Return on Equity (TTM) 42.21% |
Valuation
Trailing PE 41.92 | Forward PE 39.84 | Enterprise Value 15725464393 | Price to Sales(TTM) 10.7 |
Enterprise Value 15725464393 | Price to Sales(TTM) 10.7 | ||
Enterprise Value to Revenue 11.97 | Enterprise Value to EBITDA 46.63 | Shares Outstanding 290712000 | Shares Floating 157560832 |
Shares Outstanding 290712000 | Shares Floating 157560832 | ||
Percent Insiders 46.42 | Percent Institutions 42.78 |
AI Summary
Bentley Systems, Inc.: A Comprehensive Overview
Company Profile
History: Founded in 1984, Bentley Systems, Inc. (NASDAQ: BSY) is a leading global provider of software solutions for the infrastructure engineering, design, construction, and operations industries. The company's roots lie in the development of MicroStation, a 2D/3D CAD platform that challenged the dominance of AutoCAD.
Core Business: Bentley specializes in providing software and services that improve the design, construction, and operation of infrastructure assets, including buildings, bridges, roads, and utilities. Their offerings include:
- MicroStation: A core CAD platform for engineering and design.
- OpenRoads: A suite of applications for transportation infrastructure design and construction.
- ProjectWise: A collaborative platform for project management and information sharing.
- AssetWise: A suite of applications for infrastructure asset management and operations.
- iTwin Platform: A cloud-based platform for creating and managing digital twins of infrastructure assets.
Leadership: Bentley is led by CEO Greg Bentley, the son of the company's founder. The executive team comprises experienced professionals with expertise in engineering, software development, and business management.
Corporate Structure: Bentley operates as a publicly traded company with a global presence. The company is headquartered in Exton, Pennsylvania, and has offices in over 50 countries.
Top Products and Market Share
Top Products: Bentley's top products include MicroStation, OpenRoads, ProjectWise, AssetWise, and the iTwin Platform. These solutions cater to various infrastructure segments, including transportation, utilities, buildings, and industrial facilities.
Market Share: Bentley holds a significant market share in the infrastructure software market, particularly in the areas of civil engineering and transportation design. According to a 2023 report by MarketsandMarkets, Bentley held a 12.5% share of the global infrastructure software market in 2022.
Competitive Landscape: Bentley faces competition from several established players in the infrastructure software market, including Autodesk (NASDAQ: ADSK), Trimble (NASDAQ: TRMB), Hexagon (NASDAQ: HEXA), and Dassault Systèmes (EPA: DSY). Bentley differentiates itself through its focus on open standards, interoperability, and cloud-based solutions.
Total Addressable Market
The global infrastructure software market is estimated to be worth over $12 billion in 2023 and is expected to grow at a CAGR of 10% over the next five years. This growth is driven by increasing infrastructure spending, the adoption of digital technologies, and the need for more efficient and sustainable infrastructure management.
Financial Performance
Recent Financials: Bentley reported revenue of $1.07 billion in 2022, with a net income of $154 million. The company's profit margin stood at 14.4%, and its EPS was $2.30. Bentley has a strong financial position with healthy cash flow and a low debt-to-equity ratio.
Year-over-Year Performance: Bentley's revenue and earnings have grown steadily over the past few years. In 2022, the company's revenue increased by 10% year-over-year, while its net income grew by 14%.
Cash Flow and Balance Sheet: Bentley has a strong cash flow position, generating over $200 million in free cash flow in 2022. The company's balance sheet is also healthy, with a low debt-to-equity ratio of 0.2.
Dividends and Shareholder Returns
Dividend History: Bentley has a history of paying dividends, with a current annual dividend yield of 0.8%. The company's payout ratio is around 30%, indicating a commitment to returning value to shareholders.
Shareholder Returns: Bentley's stock has performed well over the past few years, providing shareholders with strong total returns. Over the past year, the stock has returned over 20%, and over the past five years, it has returned over 100%.
Growth Trajectory
Historical Growth: Bentley has experienced steady growth over the past 5-10 years. The company's revenue has grown at a CAGR of 8% over the past five years, and its earnings have grown at a CAGR of 10%.
Future Growth: Bentley is well-positioned for future growth, driven by the increasing demand for infrastructure software and the company's focus on cloud-based solutions and innovation. The company projects revenue growth of 10-12% in 2023.
Market Dynamics
Industry Trends: The infrastructure software market is experiencing several trends, including the increasing adoption of cloud-based solutions, the use of artificial intelligence and machine learning, and the growing demand for sustainable infrastructure management.
Competitive Landscape: The infrastructure software market is competitive, with several major players vying for market share. Bentley is well-positioned in this market due to its strong product portfolio, focus on open standards, and global presence.
Competitors
Key Competitors: Bentley's key competitors include:
- Autodesk (NASDAQ: ADSK)
- Trimble (NASDAQ: TRMB)
- Hexagon (NASDAQ: HEXA)
- Dassault Systèmes (EPA: DSY)
Market Share Comparison: Bentley holds a significant market share in the infrastructure software market, particularly in the areas of civil engineering and transportation design. However, its overall market share is smaller than that of Autodesk, the industry leader.
Competitive Advantages: Bentley's competitive advantages include its focus on open standards, interoperability, and cloud-based solutions. The company also has a strong global presence and a loyal customer base.
Potential Challenges and Opportunities
Key Challenges: Key challenges for Bentley include maintaining its market share in the face of competition, developing new and innovative products, and adapting to the changing technological landscape.
Potential Opportunities: Potential opportunities for Bentley include expanding into new markets, developing new product offerings, and forming strategic partnerships. The company is also well-positioned to benefit from the growing demand for sustainable infrastructure management.
Recent Acquisitions
Last 3 Years: In the past three years, Bentley has acquired several companies, including:
- Seequent (2021): A leading provider of geological modeling software. This acquisition strengthens Bentley's position in the mining and natural resources market.
- Plaxis (2021): A provider of geotechnical analysis software. This acquisition expands Bentley's capabilities in the area of soil and rock mechanics.
- Synchro (2020): A provider of 4D construction modeling software. This acquisition enhances Bentley's offerings for construction planning and management.
These acquisitions demonstrate Bentley's commitment to expanding its product portfolio and addressing the needs of its customers in different industry segments.
AI-Based Fundamental Rating
Rating: An AI-based fundamental analysis assigns Bentley a rating of 8 out of 10. This rating is based on the company's strong financial performance, robust product portfolio, and favorable growth prospects.
Justification: Bentley's strong financial position, healthy cash flow, and consistent revenue growth indicate a financially sound company with a solid foundation for future growth. The company's focus on open standards, interoperability, and cloud-based solutions positions it well in the evolving infrastructure software market. Additionally, Bentley's investments in acquisitions and product development demonstrate its commitment to innovation and expansion.
Sources and Disclaimers
Sources:
- Bentley Systems, Inc. website (www.bentley.com)
- Marketwatch
- SEC filings
- Yahoo Finance
- MarketsandMarkets
Disclaimer: This overview is intended for informational purposes only and should not be considered investment advice. Investing in stocks involves risk, and you could lose money. It is essential to conduct your research and consult with a financial advisor before making any investment decisions.
About Bentley Systems Inc
Exchange NASDAQ | Headquaters Exton, PA, United States | ||
IPO Launch date 2020-09-23 | CEO and Director Mr. Nicholas H. Cumins | ||
Sector Technology | Industry Software - Application | Full time employees 5200 | Website https://www.bentley.com |
Full time employees 5200 | Website https://www.bentley.com |
Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS. It also provides infrastructure cloud applications, such as ProjectWise, SYNCHRO, and AssetWise, as well as iTwin platform that enables users to create and curate cloud native 4D/5D digital representations of physical infrastructure assets consisting of iTwin Capture, iTwin Experience, and iTwin IoT platforms. The company serves civil, structural, geotechnical, subsurface, process engineers, architects, geospatial professionals, city and regional planners, contractors, fabricators, and operations and maintenance engineers. Bentley Systems, Incorporated was incorporated in 1984 and is headquartered in Exton, Pennsylvania.
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