I am a Boreo shareholder and also participated in Aurora’s share issue. In my opinion, comparing these two is quite sensible, but one essential thing seems to be forgotten in the discussion: Boreo hit a wall almost 5 years ago, and at its worst, the share price dropped 90% from its peaks. The company is now on the verge of a turnaround, but a higher valuation still requires more proof. I personally believe that it is coming. In addition, Boreo is still burdened by indebtedness – both real and, probably above all, in perception. An over-indebted serial acquirer is a crippled serial acquirer.
Aurora’s journey so far is what is expected from a listed company: beautiful development and curves only moving in the right direction. Of course, based on these, the company is entitled to higher multiples.
Even though Boreo has seen rapid ups and downs, I strongly believe in the concept of serial acquirers. Finland is a country where a large generation of SME entrepreneurs will be retiring, and there is no really sensible place for businesses to be invested if the offspring are not continuing. I wish both companies well.