The case for Cannae Holdings (CNNE) remains relatively simple. Cannae's stake in Ceridian (CDAY), at CDAY's current price of $51.32, is worth $1.68 billion - or about $1.4 billion normalized for taxes (21% rate, per past management commentary) on the substantial unrealized gain from a carrying value of $365 million. CNNE, at a current price of $24.90, has an enterprise value of about $1.5 billion based on year-end net cash of ~$300 million.
In other words, investors are getting Cannae's other assets - including a business acquired for $200 million, majority