BS BSY Bentley Systems, Incorporated Class B Common Stock Loading... : Bullish and Bearish Analyst Opinions

Author discloses an existing position in BSY as part of a multi-year Physical AI thematic basket, viewing it as an important but non-obvious component of the theme.

Author explicitly states they bought three new positions in software stocks for their Physical AI portfolio, listing ten tickers as names their screen brought them to, indicating a bullish long bias on the Physical AI theme.

The author outlines a multi-layer Physical AI thematic framework with a watchlist of companies but does not disclose current positions or explicit forward calls for any ticker.

Buy BSY as earnings call highlights strong adjusted free cash flow margin (30%) and 16% CAGR in AOI less SBC, signaling underlying profitability not diluted by stock compensation.

BSY (Bentley Systems) is a niche software provider for civil engineering and infrastructure projects with sticky, moat-protected products (iTwin technology). Despite the market-wide sell-off, the long-term thesis for infrastructure spending remains intact. BSY provides a unique, software-based way to gain exposure to this secular trend, potentially at a discount during a panic. BSY is a high-quality, niche software company with a strong product moat, offering a compelling long-term investment opportunity for those bullish on infrastructure spending, especially on a market down-day. The company's debt, taken on via convertible notes for acquisitions, was noted as a potential concern.