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DCF Valuation
Base-case fair value
$35.29
Intrinsic $47.05 · 25% MOS
Current price: $32.93
Base-case summary
Our base-case DCF for Bentley Systems Inc (BSY) projects 10 years of free cash flow growth at 12.7% for years 1–5 and 6.4% for years 6–10, anchored to 12.7% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $492M in trailing free cash flow, this produces an intrinsic value of $47.05 per share. A 25% safety margin gives a fair value of $35.29, suggesting the stock is currently 7% undervalued against the $32.93 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$492M
Cash & equivalents
$105M
Total debt
$1.2B
Shares outstanding
322M