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CNNE - Cannae Holdings: The SOTP Case Comes Back Around
Cannae Holdings Inc.
For much of the time since its 2017 arrival on the public markets, CNNE stock has been a play on both management and 'sum of the parts' valuation.
Last year, the fundamental side of the case started to weaken, with the stock converging with a reasonable SOTP valuation.
A 22% decline this year, however, has reopened the gap — and seemingly reignited the bull case.
The question is why the stock has sold off, and while there are some possible reasons, none seem large enough to contradict the broader opportunity here.