Discounted Cash Flow

Bentley Systems Inc.

BSY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $691.7m $142.1m $142.8m 20.5% $0.50
2019 $736.7m (6.5%) $103.1m (-27.5%) $155.0m (8.5%) 14.0% (-31.9%) $0.36 (-28.0%)
2020 $801.5m (8.8%) $126.5m (22.7%) $242.8m (56.7%) 15.8% (12.8%) $0.44 (22.2%)
2021 $965.0m (20.4%) $93.2m (-26.3%) $270.5m (11.4%) 9.7% (-38.8%) $0.30 (-31.8%)
2022 $1.1b (13.9%) $174.8m (87.5%) $255.8m (-5.4%) 15.9% (64.7%) $0.57 (90.0%)
2023 $1.2b (11.8%) $326.8m (87.0%) $391.7m (53.1%) 26.6% (67.3%) $1.05 (84.2%)
2024 $1.4b (10.1%) $234.8m (-28.2%) $421.2m (7.5%) 17.4% (-34.8%) $0.75 (-28.6%)
2025 $1.5b (11.0%) $277.9m (18.3%) $520.2m (23.5%) 18.5% (6.6%) $0.88 (17.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model