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1. Company Snapshot

1.a. Company Description

Cannae Holdings, Inc.is a principal investment firm.The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more.


It takes both minority and majority stakes.Cannae Holdings, Inc.is based in Las Vegas, Nevada.

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1.b. Last Insights on CNNE

Cannae Holdings, Inc.'s recent performance was negatively impacted by governance concerns and shareholder activism. Carronade Capital filed a definitive proxy statement, citing substantial corporate governance and shareholder accountability failures. The company also faces pressure from activist investors, with Cannae urging shareholders to vote on its WHITE proxy card. Additionally, the company's Q2 2025 earnings call highlighted challenges, although specific details were not disclosed. Cannae's board declared a quarterly cash dividend of $0.15 per share, a relatively modest payout. (Source: Zacks Rank)

1.c. Company Highlights

2. Cannae Holdings' Strategic Shift Amidst Financial Underperformance

Cannae Holdings reported a 6% decrease in total operating revenues to $103 million in the fourth quarter of 2025, compared to $110 million in 2024. The company's total operating expenses were $127 million, down from $132 million in the prior year, largely due to lower cost of revenue. For the full year 2025, total operating revenue was $424 million, a decline from $453 million in 2024, primarily reflecting lower restaurant revenues. The operating loss widened to $119 million in 2025 from $104 million in 2024. The loss per share was $-1.93, significantly worse than the estimated $-0.38. The company's financial performance was impacted by noncash impairment charges and nonrecurring management charges.

Publication Date: Mar -03

📋 Highlights
  • Asset Sales and Capital Returns:: Sold Dun & Bradstreet for $630M and shares of Paysafe, System1, and Sightline to realize losses; repurchased $323M stock and raised dividend by 25% to $0.15/quarter.
  • Q4 2025 Financials:: Revenue fell 6% to $103M (vs. $110M in 2024), operating expenses declined to $127M (vs. $132M), with $12M in noncash impairment charges.
  • Full-Year 2025 Loss:: Operating loss widened to $119M from $104M in 2024, driven by $24M nonrecurring management charges and $14M impairment at restaurant group.
  • Portfolio Strategy Shift:: Focused on accelerating transformation toward sports/entertainment assets, leveraging competitive advantages; Black Knight Football Club showed strong performance.
  • JANA Partnership:: Maintained optimism in JANA’s 25-year track record for sourcing differentiated opportunities amid market volatility.

Strategic Priorities and Portfolio Transformation

Cannae's management has outlined a new set of strategic priorities aimed at driving long-term value creation for shareholders. The company plans to accelerate the transformation of its portfolio to focus primarily on sports and entertainment-related assets, where Cannae has demonstrated a competitive advantage. As Ryan Caswell mentioned, "We will continue to go through each of the individual assets and try to figure out where we are and does it make sense for monetization." This strategic shift is expected to enhance the company's growth prospects and improve its financial performance.

Valuation and Investor Returns

Despite the financial underperformance, Cannae's valuation metrics provide some insights into the market's expectations. The company's Price-to-Book Ratio stands at 0.57, indicating that its stock is trading below its book value. The Dividend Yield is 4.45%, suggesting that the company is returning value to its shareholders through dividends. However, the Return on Equity (ROE) is -38.48%, and the Return on Invested Capital (ROIC) is -9.86%, indicating significant underperformance. The market seems to be pricing in the challenges faced by the company, as reflected in its low valuation multiples.

Future Outlook and Investment Considerations

Analysts estimate that Cannae's revenues will remain flat in the next year, with a growth rate of -0.0%. The company's ability to execute its strategic priorities and improve its financial performance will be crucial in driving its stock price. Investors should closely monitor Cannae's progress in transforming its portfolio and enhancing its growth prospects. The partnership with JANA is expected to continue sourcing different opportunities, and the company's optimism about this partnership is a positive sign.

3. NewsRoom

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Almitas Capital LLC Has $10.19 Million Stock Holdings in Cannae Holdings, Inc. $CNNE

Mar -15

Source: defenseworld.net

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Cannae Holdings, Inc. Announces Increase in Share Repurchase Authorization, Expanding its Commitment to Returning Capital to Shareholders

Mar -09

Source: businesswire.com

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Cannae Holdings, Inc. Announces Release of Black Knight Football Club (BKFC) Overview Presentation

Mar -02

Source: businesswire.com

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Cannae Holdings, Inc. (CNNE) Q4 2025 Earnings Call Transcript

Feb -24

Source: seekingalpha.com

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Cannae Holdings, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

Feb -23

Source: businesswire.com

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Cannae (CNNE) Expected to Announce Quarterly Earnings on Monday

Feb -16

Source: defenseworld.net

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Cannae Holdings, Inc. Announces Fourth Quarter and Full Year 2025 Earnings Release Date and Conference Call

Feb -11

Source: businesswire.com

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Cannae Holdings: A Dollar For Sixty Cents

Feb -11

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Restaurant Group

Expected Growth: 4.83%

Cannae Holdings' Restaurant Group, with 4.83% growth, is driven by increasing same-store sales, successful menu innovation, and strategic acquisitions. Additionally, the group's focus on digital transformation, including online ordering and delivery, has enhanced customer experience and driven sales. Furthermore, effective cost management and operational efficiencies have contributed to the segment's growth.

7. Detailed Products

Dun & Bradstreet

Provides business decisioning data and analytics to help companies improve their business performance

Alkami Technology

Offers a cloud-based digital banking platform for banks and credit unions

MarketWatch

Provides financial news, data, and tools to help investors make informed investment decisions

Dun & Bradstreet Credibility Corp.

Offers credit monitoring and reporting services to businesses

OneMain Holdings

Provides consumer finance services, including personal loans and credit cards

American Blue Ribbon Holdings

Operates a portfolio of restaurants, including O'Charley's, Ninety Nine, and Village Inn

8. Cannae Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Cannae Holdings, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the industry.

Bargaining Power Of Customers

Cannae Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Cannae Holdings, Inc. relies on a few key suppliers, which gives them some bargaining power, but the company's size and scale also provide negotiating leverage.

Threat Of New Entrants

The industry in which Cannae Holdings, Inc. operates has low barriers to entry, making it easier for new entrants to join the market, increasing competition.

Intensity Of Rivalry

The industry is highly competitive, with many established players, leading to intense rivalry among companies, including Cannae Holdings, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.87%
Debt Cost 8.50%
Equity Weight 95.13%
Equity Cost 8.50%
WACC 8.50%
Leverage 5.12%

11. Quality Control: Cannae Holdings, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Flanigan's

A-Score: 5.7/10

Value: 9.0

Growth: 3.8

Quality: 4.8

Yield: 4.0

Momentum: 9.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
RAVE

A-Score: 5.0/10

Value: 5.1

Growth: 6.0

Quality: 8.6

Yield: 0.0

Momentum: 7.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Cannae Holdings

A-Score: 4.6/10

Value: 8.8

Growth: 1.7

Quality: 3.7

Yield: 4.0

Momentum: 2.5

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Cracker Barrel

A-Score: 3.7/10

Value: 4.7

Growth: 3.2

Quality: 1.9

Yield: 8.0

Momentum: 1.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
First Watch

A-Score: 3.7/10

Value: 5.0

Growth: 7.8

Quality: 2.3

Yield: 0.0

Momentum: 3.5

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Denny's

A-Score: 3.5/10

Value: 6.6

Growth: 2.9

Quality: 4.2

Yield: 0.0

Momentum: 5.5

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.37$

Current Price

11.37$

Potential

-0.00%

Expected Cash-Flows