WallStSmart

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

VS

Smart Verdict

WallStSmart Research — data-driven comparison

SAP SE ADR generates 2284% more annual revenue ($38.19B vs $1.60B). SAP leads profitability with a 20.4% profit margin vs 18.1%. BSY appears more attractively valued with a PEG of 1.30. SAP earns a higher WallStSmart Score of 64/100 (C+).

BSY

Buy

64

out of 100

Grade: C+

Growth: 6.7Profit: 8.0Value: 6.0Quality: 4.0
Piotroski: 7/9Altman Z: 0.90

SAP

Buy

64

out of 100

Grade: C+

Growth: 7.3Profit: 8.5Value: 4.0Quality: 8.0
Piotroski: 6/9Altman Z: 3.11
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BSYUndervalued (+22.4%)

Margin of Safety

+22.4%

Fair Value

$43.71

Current Price

$30.97

$12.74 discount

UndervaluedFair: $43.71Overvalued
SAPSignificantly Overvalued (-30.1%)

Margin of Safety

-30.1%

Fair Value

$151.01

Current Price

$206.36

$55.35 premium

UndervaluedFair: $151.01Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BSY2 strengths · Avg: 8.5/10
Return on EquityProfitability
23.0%9/10

Every $100 of equity generates 23 in profit

Operating MarginProfitability
25.0%8/10

Strong operational efficiency at 25.0%

SAP6 strengths · Avg: 9.0/10
Market CapQuality
$248.28B10/10

Mega-cap, among the largest globally

Altman Z-ScoreHealth
3.1110/10

Safe zone — low bankruptcy risk

Profit MarginProfitability
20.4%9/10

Keeps 20 of every $100 in revenue as profit

Debt/EquityHealth
0.229/10

Conservative balance sheet, low leverage

Operating MarginProfitability
27.6%8/10

Strong operational efficiency at 27.6%

EPS GrowthGrowth
30.6%8/10

Earnings expanding 30.6% YoY

Areas to Watch

BSY3 concerns · Avg: 3.0/10
P/E RatioValuation
36.5x4/10

Premium valuation, high expectations priced in

Debt/EquityHealth
1.053/10

Elevated debt levels

Altman Z-ScoreHealth
0.902/10

Distress zone — elevated risk

SAP3 concerns · Avg: 3.3/10
PEG RatioValuation
1.644/10

Expensive relative to growth rate

P/E RatioValuation
27.8x4/10

Moderate valuation

Price/BookValuation
64.9x2/10

Trading at 64.9x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : BSY

The strongest argument for BSY centers on Return on Equity, Operating Margin. Profitability is solid with margins at 18.1% and operating margin at 25.0%. Revenue growth of 12.8% demonstrates continued momentum.

Bull Case : SAP

The strongest argument for SAP centers on Market Cap, Altman Z-Score, Profit Margin. Profitability is solid with margins at 20.4% and operating margin at 27.6%.

Bear Case : BSY

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

Bear Case : SAP

The primary concerns for SAP are PEG Ratio, P/E Ratio, Price/Book.

Key Dynamics to Monitor

BSY carries more volatility with a beta of 0.98 — expect wider price swings.

BSY is growing revenue faster at 12.8% — sustainability is the question.

SAP generates stronger free cash flow (3.0B), providing more financial flexibility.

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

Bottom Line

BSY scores higher overall (64/100 vs 64/100), backed by strong 18.1% margins and 12.8% 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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