Jamf Holding Corp. (JAMF): A Bull Case Theory

Core Thesis - Jamf Holding Corp. is positioned for significant growth due to its strong market presence in mobile device management (MDM) for Apple devices and expanding security solutions [2][5] Company Overview - Jamf is a leading enterprise software company specializing in MDM for Apple devices, serving over 75,000 customers and managing approximately 35 million devices [2] - The company has diversified its product offerings beyond MDM, with security solutions now accounting for nearly 30% of total annual recurring revenue (ARR) and growing at an annual rate of 20-30% [3] Financial Metrics - As of November 28th, Jamf's share price was $12.93, with a forward price-to-earnings (P/E) ratio of 11.44 [1] - The stock trades at 2.5 times next twelve months (NTM) revenue and 10 times NTM EBITDA, indicating market skepticism due to recent cyclical challenges and tech sector layoffs [3] Growth Indicators - Organic remaining performance obligation (RPO) bookings improved from -3% in Q2 2024 to over 20% in Q2 2025, suggesting stabilization and potential growth acceleration [4] - Jamf has tripled its last twelve months (LTM) margins to over 20% through operational efficiencies and strategic pivots, aiming for a Rule-of-40 profile by 2026 [4] Market Position and Competitive Landscape - Competitive threats from Microsoft Intune and smaller players are limited, as Jamf maintains superior functionality for Mac management and benefits from scale advantages [4] - The company is well-positioned to benefit from the ongoing adoption of Apple devices and a growing total addressable market (TAM) in security [5] Investment Potential - Jamf is expected to achieve sustained double-digit ARR growth, with potential catalysts including positive estimate revisions and multiple expansions [5] - Current valuations suggest a compelling risk/reward profile, with an upside of approximately 90% over a two-year horizon under base case scenarios [5]