Cannae's share price of $19.51 as of 12/29/2023 is a 44% discount to the intrinsic value per share
December 29, 2023
$'s in millions except for values per CNNE share
(1)
Company
Current Ownership
Initial Year
Invested
79.0M shares or ~18%
2019
52.5M shares or ~10%
2021
4.0M shares or ~3%
2007
27.0M shares or ~31%
2022
1.8M shares or ~3%
2021
~32%
2021
BKFE
~48%
2022
~65% & ~88%
2012
~5%
2020
~6%
2022
~89%
2023
Other investments and assets, net
Various
Various
Debt
Holding company cash and short-term
investments
TOTAL
FV, Net of Fees
(2)
(3)
& Taxes
Cost of Investment
Gross Fair Value
Amount
(5)
Per CNNE Share
(1)
(4)
("FV")
$
862.8
$
924.9
$
888.2
$
12.62
440.5
447.6
441.3
6.27
24.2
268.5
210.1
2.99
231.9
60.0
95.7
1.36
127.4
22.4
43.7
0.62
272.0
162.3
179.5
2.55
162.1
162.1
162.1
2.30
128.6
128.6
132.5
1.88
34.5
89.3
70.2
1.00
61.0
89.5
80.3
1.14
52.1
52.1
52.1
0.74
79.0
77.7
83.5
1.19
(84.7)
(84.7)
(84.7)
(1.20)
99.5
99.5
99.5
1.41
$
2,490.9
$
2,499.8
$
2,454.0
$
34.87
Per share amounts based upon 70.4M Cannae shares outstanding at date of report
Excluding Ceridian, "Fees" represents carried interest (CI) on hypothetical disposition at FV. Upon achieving an 8% IRR hurdle, the CI is 15% on the portion that is 1.0x - 2.0x MOIC and 20% on the portion exceeding 2.0x MOIC. CDAY ISIP fees are 10% of gain above $29.58 per share
Tax rate of 21%
DNB, CDAY, PSFE, ALIT, SST: public company filings and market data as of date noted above; all others estimated at last marks or at cost
Net of estimated carried interest and tax expense of a hypothetical disposition at FV. May result in a tax benefit in the event an investment's cost exceeds FV
Cost of DNB investment includes $459.7M cash investment and $403.1M imputed value of shares received on 2/15/22 from the Optimal Blue transaction
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Cannae Holdings Inc. published this content on 29 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2023 22:17:42 UTC.
Cannae Holdings, Inc. is a diversified holding company, which is engaged in acquiring interests in operating companies and are actively engaged in managing and operating a core group of those companies. The Company operates through its wholly owned subsidiary, Cannae Holdings, LLC (Cannae LLC). Its segments include Restaurant Group, Dun & Bradstreet (D&B), Black Knight Football and Entertainment (BKFE), Alight, and Corporate and Other. Its Dun & Bradstreet segment offers business decisioning data and analytics and support its clientâs mission critical business operations by providing proprietary and curated data. Alight segment provides cloud-based integrated digital human capital and business solutions. BKFE is focused on building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development. Restaurant Group segment consists of its operations of O'Charley's and 99 Restaurants.
CANNAE HOLDINGS, INC. 
