Cannae's share price of $21.82 as of 02/29/2024 is a 34% discount to the intrinsic value per share
$'s in millions except for values per CNNE share (1)
FV, Net of Fees(2) & Taxes(3)
Company
Current Ownership
Initial Year
Cost of
Gross Fair Value
Amount(5)
Per CNNE Share(1)
Invested
Investment
("FV")(4)
79.0M shares or ~18%
2019
$
862.8
$
833.2
$
824.4
$
11.37
52.5M shares or ~10%
2021
440.5
472.8
460.5
6.35
2.0M shares or ~1%
2007
12.1
139.5
110.4
1.52
27.0M shares or ~31%
2022
231.9
45.1
84.1
1.16
3.4M shares or ~5%
2021
150.8
48.7
69.3
0.96
~32%
2021
272.0
162.3
170.9
2.36
BKFE
~48%
2022
162.1
162.1
151.0
2.08
~65% & ~88%
2012
131.6
131.6
128.6
1.77
~6%
2022
61.0
89.5
80.0
1.10
~5%
2020
34.5
89.3
71.9
0.99
JANA Partners
19.99%
2024
56.0
56.0
56.0
0.77
~89%
2023
52.1
52.1
52.1
0.72
Other investments and assets, net
Various
Various
48.8
48.2
53.7
0.74
Debt
(59.7)
(59.7)
(59.7)
(0.82)
Holding company cash and short-term
147.4
147.4
147.4
2.03
investments
TOTAL
$
2,603.9
$
2,418.1
$
2,400.6
$
33.10
Per share amounts based upon 72.4M 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 February 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
01 March 2024 18:48:09 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. 
