Cannae's share price of $20.22 as of 05/09/2024 is a 39% 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
Amount
(5)
Per CNNE
Invested
Investment
Value ("FV")
(4)
Share
(1)
69.0M shares or ~16%
2019
$
663.6
$
719.5
$
693.1
$
11.04
52.5M shares or ~10%
2021
440.5
403.5
407.3
6.49
1.5M shares or ~1%
2007
9.1
88.7
72.6
1.16
27.0M shares or ~31%
2022
231.9
47.8
86.2
1.37
3.4M shares or ~5%
2021
150.8
52.8
72.2
1.15
BKFE
~47%
2022
176.4
176.4
165.3
2.63
~33%
2021
272.0
162.3
170.9
2.72
~65% & ~88%
2012
133.9
133.9
131.4
2.09
~6%
2022
61.1
89.5
80.0
1.27
~5%
2020
34.5
89.3
71.9
1.14
19.99%
2024
55.5
55.5
55.7
0.89
~89%
2023
52.1
52.1
52.1
0.83
Other investments and assets, net
Various
Various
61.6
65.3
69.3
1.10
Debt
(59.7)
(59.7)
(59.7)
(0.95)
Holding company cash and short-
26.1
26.1
26.1
0.42
term investments
TOTAL
$
2,309.4
$
2,103.0
$
2,094.4
$
33.35
Per share amounts based upon 62.8M Cannae shares outstanding at date of report
Excluding Dayforce, "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. DAY ISIP fees are 10% of gain above $29.58 per share
Tax rate of 21%
DNB, DAY, 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 $460M cash investment and $204M 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
09 May 2024 and is solely responsible for the information contained therein. Distributed by
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09 May 2024 21:20:47 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.