Jamf Holding Corp.

JAMF

Services-Prepackaged Software

Mkt Cap

$2.091B

PE

-19.65

Debt

$367.6M

Cash

$231.8M

EV

$2.227B

FCF

$41.29M

Market Cap

$2.091B

P/E Ratio

-19.65

Debt

$367.6M

Cash

$231.8M

EV

$2.227B

FCF

$41.29M

Charts data: {"Earnings":[{"time":"2018-12-30","value":-36256000},{"time":"2019-12-30","value":-32600000},{"time":"2020-12-30","value":-22771000},{"time":"2021-12-30","value":-75189000},{"time":"2022-12-30","value":-141301000},{"time":"2023-12-30","value":-110086000}],"Sales":[{"time":"2018-12-30","value":146562000},{"time":"2019-12-30","value":204027000},{"time":"2020-12-30","value":269451000},{"time":"2021-12-30","value":366388000},{"time":"2022-12-30","value":478776000},{"time":"2023-12-30","value":560571000}],"Net Margins":[{"time":"2018-12-30","value":-0.24737653689223674},{"time":"2019-12-30","value":-0.15978277384855927},{"time":"2020-12-30","value":-0.0845088717429143},{"time":"2021-12-30","value":-0.20521687391508456},{"time":"2022-12-30","value":-0.29512966397647333},{"time":"2023-12-30","value":-0.1963819034520159}],"Assets":[{"time":"2018-12-30","value":851928000},{"time":"2019-12-30","value":904808000},{"time":"2020-12-30","value":1078153000},{"time":"2021-12-30","value":1480420000},{"time":"2022-12-30","value":1529542000},{"time":"2023-12-30","value":1589652000}],"Stockholders Equity":[{"time":"2018-12-30","value":533094000},{"time":"2019-12-30","value":503878000},{"time":"2020-12-30","value":815481000},{"time":"2021-12-30","value":738426000},{"time":"2022-12-30","value":701338000},{"time":"2023-12-30","value":717547000}],"ROE":[{"time":"2018-12-30","value":-0.06801051972072468},{"time":"2019-12-30","value":-0.06469820075494465},{"time":"2020-12-30","value":-0.02792339735689734},{"time":"2021-12-30","value":-0.10182333774812913},{"time":"2022-12-30","value":-0.20147346928299906},{"time":"2023-12-30","value":-0.1534199153504927}],"ROA":[{"time":"2018-12-30","value":-0.03485388436581495},{"time":"2019-12-30","value":-0.022387069964014465},{"time":"2020-12-30","value":-0.013447071055777797},{"time":"2021-12-30","value":-0.05147323056970319},{"time":"2022-12-30","value":-0.09079449926840845},{"time":"2023-12-30","value":-0.06781798783633147}]}

Jamf Holding Corp. offers a cloud software platform for Apple infrastructure and security platform in the Americas, Europe, the Middle. Its products include Jamf Pro, an Apple ecosystem management software solution for IT environments; Jamf Now, a pay-as-you-go Apple device management software solution for small-to-medium-sized businesses; Jamf Data Policy, a solution to enforce acceptable usage policies that keeps away from risky sites and content; Jamf School, an apple mobile device management for schools; and Jamf Connect, a ZTNA solution that replaces legacy conditional access and VPN technology. The company also offers Jamf Protect, that provides purpose-built endpoint security and MTD for Mac and mobile devices; Jamf Safe Internet, that help schools protect minors from harmful content on the internet; Jamf Nation, an online community of IT and security professionals focusing on Apple in the enterprise; and ZecOps, an ADR solution for mobile devices that gives organizations the ability to extract critical device telemetry. It sells its SaaS solutions through a subscription model, direct sales force, and online, as well as indirectly through channel partners, including Apple. The company was founded in 2002 and is headquartered in Minneapolis, Minnesota.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20

DCF

Discounted Cash Flow Valuation of Jamf Holding Corp.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$41.29M	$41.92M	$42.56M	$43.21M	$43.86M	$44.53M	$45.21M	$45.9M	$46.6M	$47.31M	$48.03M	$480.3M
DCF		$36.45M	$32.18M	$28.41M	$25.08M	$22.14M	$19.55M	$17.25M	$15.23M	$13.45M	$11.87M	$118.7M
Value	$340.3M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-25%	-16%	-8.5%	-21%	-30%	-20%	-18%
ROA	-3.5%	-2.2%	-1.3%	-5.1%	-9.1%	-6.8%	-6.6%
ROE	-6.8%	-6.5%	-2.8%	-10%	-20%	-15%	-15%

What is the average Net Margin?

The average Net Margin over the past 5 years is -19.81%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.78%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -4.68%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -1.17%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -10.29%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -2.6%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

Data are missing

Years	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-	0.00	6.53	4.43	11.11	8.90
Debt Equity	0.32	0.40	0.00	0.49	0.52	0.51	0.51
MIN
Graham Stability	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 8.90.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 3.12.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	12-2018	12-2020	12-2022	Trend
Revenue	31%	28%	17%	-4.6%
Net Income	-	-	-	-
Stockholders Equity	6.1%	-4.2%	2.3%	-5.1%
FCF	39%	-12%	-60%	-94%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +30.77%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -4.56%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +24.87%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +6.12%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -5.13%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +38.63%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -94.36%.