Based on this analysis, Boreo is indeed clearly undervalued in relation to Auroora:
"The most sensible comparison for Auroora is its only listed peer, Boreo. Boreo is slightly less than half its size. And its operating profit is also a little less than half of Auroora’s. But despite this, Auroora is actually valued over 3 times more valuable than Boreo after its listing.
Of course, Auroora will receive approximately 35 million euros in additional capital for the company’s business, which justifiably increases its market value, but the difference is too large to be explained solely by this. In fact, one could argue for directly 30% lower valuation multiples for Auroora, and even then, there wouldn’t be much margin of safety left. Nor can the quality of the businesses owned by the companies justify this, as I, for one, cannot identify a significant quality difference between Boreo’s and Auroora’s portfolio companies."