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CNNE - Cannae Holdings: Now A Straight Bet On Management
Cannae Holdings Inc.
When Cannae Holdings (CNNE) was split off from Fidelity National Financial (FNF) in late 2017, the bull case for CNNE stock had two components. The first was that on a sum of the parts basis, CNNE looked far too cheap. Net of the after-tax value of a significant stake in Ceridian (CDAY), which went public in April 2018, CNNE was valued on occasion as low as just $200 million. But as I wrote in July 2018, even conservative valuation estimates suggested the non-Ceridian assets were worth at least $500