WallStSmart

Bentley Systems Inc (BSY)vsSAP SE ADR (SAP)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

SAP SE ADR generates 2301% more annual revenue ($37.34B vs $1.56B). SAP leads profitability with a 19.6% profit margin vs 18.1%. BSY appears more attractively valued with a PEG of 1.36. BSY earns a higher WallStSmart Score of 64/100 (C+).

BSY

Buy

64

out of 100

Grade: C+

Growth: 6.7Profit: 8.0Value: 6.0Quality: 4.5
Piotroski: 7/9Altman Z: 0.90

SAP

Buy

59

out of 100

Grade: C

Growth: 6.0Profit: 8.5Value: 4.7Quality: 6.8
Piotroski: 6/9Altman Z: 3.11
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BSYUndervalued (+22.0%)

Margin of Safety

+22.0%

Fair Value

$43.48

Current Price

$32.93

$10.55 discount

UndervaluedFair: $43.48Overvalued
SAPSignificantly Overvalued (-34.7%)

Margin of Safety

-34.7%

Fair Value

$145.83

Current Price

$184.77

$38.94 premium

UndervaluedFair: $145.83Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BSY2 strengths · Avg: 9.5/10
Operating MarginProfitability
30.6%10/10

Strong operational efficiency at 30.6%

Return on EquityProfitability
23.0%9/10

Every $100 of equity generates 23 in profit

SAP4 strengths · Avg: 9.3/10
Operating MarginProfitability
30.0%10/10

Strong operational efficiency at 30.0%

Altman Z-ScoreHealth
3.1110/10

Safe zone — low bankruptcy risk

Market CapQuality
$192.92B9/10

Large-cap with strong market position

Free Cash FlowQuality
$3.27B8/10

Generating 3.3B in free cash flow

Areas to Watch

BSY3 concerns · Avg: 3.3/10
P/E RatioValuation
35.3x4/10

Premium valuation, high expectations priced in

Price/BookValuation
8.4x4/10

Trading at 8.4x book value

Altman Z-ScoreHealth
0.902/10

Distress zone — elevated risk

SAP0 concerns · Avg: 0/10

No major concerns identified

Comparative Analysis Report

WallStSmart Research

Bull Case : BSY

The strongest argument for BSY centers on Operating Margin, Return on Equity. Profitability is solid with margins at 18.1% and operating margin at 30.6%. Revenue growth of 14.5% demonstrates continued momentum.

Bull Case : SAP

The strongest argument for SAP centers on Operating Margin, Altman Z-Score, Market Cap. Profitability is solid with margins at 19.6% and operating margin at 30.0%. PEG of 1.44 suggests the stock is reasonably priced for its growth.

Bear Case : BSY

The primary concerns for BSY are P/E Ratio, Price/Book, Altman Z-Score.

Bear Case : SAP

No major red flags identified for SAP, but monitor valuation.

Key Dynamics to Monitor

BSY carries more volatility with a beta of 0.99 — expect wider price swings.

BSY is growing revenue faster at 14.5% — sustainability is the question.

SAP generates stronger free cash flow (3.3B), providing more financial flexibility.

Monitor SOFTWARE - APPLICATION industry trends, competitive dynamics, and regulatory changes.

Bottom Line

BSY scores higher overall (64/100 vs 59/100), backed by strong 18.1% margins and 14.5% revenue growth. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Bentley Systems Inc

TECHNOLOGY · SOFTWARE - APPLICATION · USA

Bentley Systems, Incorporated, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company is headquartered in Exton, Pennsylvania.

SAP SE ADR

TECHNOLOGY · SOFTWARE - APPLICATION · USA

SAP SE is a global enterprise application software company. The company is headquartered in Walldorf, Germany.

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