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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 Yields Mixed Q3 Results

Cannae Holdings reported a revenue decline of 6% year-over-year to $107 million in Q3 2025, alongside a net loss per share of $1.06, significantly worse than the expected loss of $0.31. The company's operating expenses decreased by $12 million, driven by cost reductions and the termination of external management agreements. The equity losses of unconsolidated affiliates were $57 million, largely due to Alight's goodwill impairment, which was partially offset by profits at Black Knight Football.

Publication Date: Nov -24

📋 Highlights
  • Portfolio Rebalancing Proceeds: $630M from Dun & Bradstreet sale allocated to $275M share repurchases, $141M debt repayment, and $8M dividends.
  • Public to Private Investment Shift: Reduced public investments from 70% to 20%, $1.1B in public securities sold since 2024 strategic plan.
  • Capital Reinvestment: Acquired 30% more stake in JANA Partners ($67.5M) and invested $25M in Black Knight Football, $30M in JANA Funds.
  • Shareholder Returns: YTD $275M in stock buybacks (23% of shares) and over $500M returned since 2024 plan, including $8M in dividends.
  • Stadium Expansion ROI: AFC Bournemouth's phased stadium renovation aims for mid-teens ROIC, with capacity increasing from 11k to 20k over two years.

Strategic Portfolio Rebalancing

Cannae continued to execute its strategic plan, rebalancing its portfolio by divesting non-core assets, including the sale of Dun & Bradstreet to Clearlake Capital for $630 million. This transaction enabled the company to repurchase $275 million of its shares, repay margin loan debt, and distribute dividends. Since announcing its strategic plan, Cannae has sold $1.1 billion in public company securities, shifting its portfolio composition from 70% public investments to 20%.

Capital Redeployment and Investment Focus

The company has been actively redeploying capital, acquiring an additional 30% stake in JANA Partners for $67.5 million and investing in Black Knight Football and JANA Funds. Cannae's board has directed management to focus on sports and sports-related assets, leveraging its networks to identify opportunities in teams and the sports ecosystem. The investment in AFC Bournemouth's stadium renovation is expected to yield a mid-teens return on invested capital.

Valuation and Return Metrics

With a P/B Ratio of 0.69, Cannae's shares appear to be trading at a discount to book value. The company's Dividend Yield stands at 3.24%, providing a relatively attractive return for shareholders. Analysts estimate next year's revenue growth at -4.5%, indicating a continued challenging environment. As Ryan Richard Caswell stated, the company remains committed to executing its strategic plan and creating long-term value for shareholders.

Debt Profile and Financial Flexibility

Cannae has maintained a relatively conservative debt profile, repaying its margin loan in full and amending the loan agreement to reflect Alight as the sole collateral. The company's only corporate debt outstanding is a fixed-rate term loan maturing in 2030, with $47.5 million outstanding after a $12 million paydown earlier in the year. This prudent debt management enhances Cannae's financial flexibility to pursue new investment opportunities.

3. NewsRoom

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Carronade's Nominees Present Significant Risks to Cannae Shareholders

Dec -02

Source: businesswire.com

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Clean Sweep for Carronade as All Three Leading Independent Proxy Advisory Firms Recommend Cannae Shareholders Vote “FOR” All Carronade Nominees on GOLD Proxy Card

Dec -01

Source: globenewswire.com

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Cannae Holdings, Inc. Highlights its Superior Director Nominees for Election at December 12 Annual Meeting

Dec -01

Source: businesswire.com

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Leading Independent Proxy Advisory Firm ISS Endorses All Four of Carronade's Director Nominees for Election at Cannae's Annual Meeting

Nov -26

Source: globenewswire.com

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Leading Proxy Advisory Firm Glass Lewis Recommends Cannae Shareholders Vote “FOR” All Four of Carronade's Director Nominees at Cannae's Annual Meeting

Nov -25

Source: globenewswire.com

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Carronade Capital Issues Presentation Setting the Record Straight on Cannae's Chronic Underperformance and Correcting Cannae's Blatant Misrepresentation of Facts

Nov -24

Source: globenewswire.com

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Cannae Holdings, Inc. Releases Investor Presentation Highlighting Superior Board Nominees and Path to Unlock Further Long-Term Value

Nov -17

Source: businesswire.com

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Cannae Holdings, Inc. Urges Shareholders to Support Its Director Nominees at December 12 Annual Meeting

Nov -13

Source: businesswire.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: 5.3/10

Value: 8.1

Growth: 3.7

Quality: 5.1

Yield: 4.0

Momentum: 7.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
RAVE

A-Score: 5.3/10

Value: 5.0

Growth: 6.0

Quality: 8.8

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Cannae Holdings

A-Score: 4.7/10

Value: 8.4

Growth: 1.6

Quality: 3.8

Yield: 3.0

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Cracker Barrel

A-Score: 4.6/10

Value: 6.3

Growth: 3.3

Quality: 2.8

Yield: 7.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
First Watch

A-Score: 4.2/10

Value: 4.7

Growth: 8.2

Quality: 2.2

Yield: 0.0

Momentum: 6.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Denny's

A-Score: 3.5/10

Value: 8.5

Growth: 2.9

Quality: 4.3

Yield: 0.0

Momentum: 2.5

Volatility: 2.7

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

16.63$

Current Price

16.63$

Potential

-0.00%

Expected Cash-Flows