Bentley Systems Inc Ordinary Shares - Class B

BSY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bentley Systems Earnings: Revenue Growth and Margin Expansion Remain on Target

Eric Compton

Nov 7, 2024

Narrow-moat-rated Bentley Systems reported solid third-quarter results that aligned with our expectations. Full-year guidance was largely maintained, with only some slight changes to the capital-expenditure spending planned for the year and a few other minor items. With trends matching our expectations and no major updates, we plan to maintain our fair value estimate of $45 per share and view shares as slightly overvalued.

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Bentley Systems Inc Ordinary Shares - Class B

Bentley Systems Earnings: Revenue Growth and Margin Expansion Remain on Target

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