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

We came across a bullish thesis on Jamf Holding Corp. on Valueinvestorsclub.com by moonstream. In this article, we will summarize the bulls’ thesis on JAMF. Jamf Holding Corp.’s share was trading at $12.93 as of November 28th. JAMF’s forward P/E was 11.44 according to Yahoo Finance.

JAMF is a leading enterprise software company focused on mobile device management (MDM) for Apple devices, with a strong competitive position and a growing presence in security solutions. The company serves over 75,000 customers and manages roughly 35 million devices, leveraging the ongoing shift from Windows to Apple devices in corporate and education markets.

JAMF has expanded its product portfolio beyond MDM into security, now representing nearly 30% of total ARR and growing 20–30% annually, creating cross-sell opportunities and higher stickiness within its customer base. Despite this, the stock trades at just 2.5x NTM revenue and 10x NTM EBITDA, reflecting market skepticism driven by recent cyclical headwinds, post-COVID normalization, and elevated tech sector layoffs, which temporarily slowed device growth and ARR expansion.

Organic RPO bookings have shown consistent improvement, rebounding from -3% in Q2 2024 to >20% in Q2 2025, signaling stabilization and potential reacceleration in growth. JAMF has also aggressively expanded margins, tripling LTM margins to over 20% through operational efficiencies, go-to-market pivots toward partner channels, and workforce reductions, moving toward a Rule-of-40 profile by 2026. Competitive threats from Microsoft Intune and smaller players like Kandji and Mosyle remain limited, as JAMF retains unmatched functionality for Mac management and its scale advantage persists.

The combination of strong secular tailwinds from Apple device adoption, a growing security TAM, improving bookings, and operational leverage positions JAMF for sustained double-digit ARR growth. Potential catalysts include positive estimate revisions, multiple expansion, and a possible sale, which could unlock significant shareholder value. At current valuations, JAMF offers a compelling risk/reward profile, with upside of ~90% over a two-year horizon in the base case, while downside remains limited even under conservative assumptions.

Previously we covered a bullish thesis on Broadcom Inc. (AVGO) by Daan Rijnberk in March 2025, which highlighted the company’s AI-driven revenue growth, record margins, and strong free cash flow generation. The company’s stock price has appreciated approximately by 106.07% since our coverage. The thesis still stands as AVGO’s AI leadership remains intact. Moonstream shares a similar approach but emphasizes JAMF’s MDM dominance, margin expansion, and security growth potential.

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Disclosure: None.