Bentley Systems, Incorporated

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $498.5M TTM free cash flow base; 11% annual FCF growth years 1-5, in line with management's 11-13% guidance; 7% years 6-10; 9% discount rate; 3.5% terminal growth; $1.12B net debt; 310.24M shares outstanding.

Reasoning: Bentley is a high-margin, highly recurring infrastructure-engineering software business with predictable subscription cash flows, so a DCF anchored to current FCF and management's own growth guidance is well suited; the discount rate reflects mid-cap software risk and leverage from its debt-funded buyback program.