What are the investment strengths of Opera Ltd (OPRA)?

Profitable niche player: 15.6% operating margin TTM in industry where median is -2.4%. Revenue 21% 3Y CAGR with minimal capex (2.3% of revenue) creates compounding FCF machine. Fortress balance sheet: 119M cash, 8.8M total debt (0.9% D/E), 132M working capital. Can self-fund growth and dividends indefinitely without dilution.

What are the investment risks for Opera Ltd (OPRA)?

Goodwill 430M (45% of equity) from acquisitions - browser market share loss or AI disruption could trigger material write-downs destroying book value. Slowing growth: EPS growth 1Y only 3% vs 5Y CAGR 27%. P/E 16x at industry median suggests market already pricing in deceleration.

Opera Ltd

OPRA

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Opera Ltd AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

Goodwill of 430M is 45% of equity (948M) - acquisition-heavy strategy creates impairment risk if browser market share erodes[Goodwill]
Operating margin 15.6% TTM vs industry median -2.4% - profitable in a sector where most peers lose money[Operating Margin TTM]
FCF of 85.6M TTM (14.7% margin) funds 0.80/share dividend at 45% payout - sustainable capital return[Free Cash Flow TTM]

Watch Triggers

EPS Growth 1Y: Falls below 0% or accelerates above 15% — Current 3% signals inflection - direction determines if multiple expands or contracts
Goodwill: Any impairment charge or increase above 50% of equity — Tangible book only 418M vs 948M equity - impairment destroys shareholder value
Operating Margin TTM: Drops below 12% or rises above 18% — Margin trajectory determines if OPRA is scaling or losing competitive position

Bull Case

Profitable niche player: 15.6% operating margin TTM in industry where median is -2.4%. Revenue 21% 3Y CAGR with minimal capex (2.3% of revenue) creates compounding FCF machine.

Operating Margin TTMTotal Revenue 3Y GrowthCapital Expenditure TTM

Fortress balance sheet: 119M cash, 8.8M total debt (0.9% D/E), 132M working capital. Can self-fund growth and dividends indefinitely without dilution.

Debt to EquityCash and EquivalentsWorking Capital

Bear Case

Goodwill 430M (45% of equity) from acquisitions - browser market share loss or AI disruption could trigger material write-downs destroying book value.

GoodwillTangible Book Value

Slowing growth: EPS growth 1Y only 3% vs 5Y CAGR 27%. P/E 16x at industry median suggests market already pricing in deceleration.

EPS Growth 1YEPS Growth 5YPE Ratio

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

AI integration in browser could accelerate monetization, driving margin expansion to 20%+ operating margin

1-3ymed

Revenue 3Y CAGR 21% with operating leverage
Near-zero debt (0.9% D/E) enables R&D investment
Gross margin 65% TTM provides pricing power

Operating margin 15.6% TTM up from negative industry medianFCF conversion 86% of operating cash flow TTMEPS growth 5Y CAGR 27%

Valuation Context

Caveats

Public Strategies Rankings

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OPRA Fundamentals

Information → Other Information Services

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.28B		—
Enterprise Value	$1.17B		—
P/E Ratio	16		—
Total Revenue - TTM	$583.45M	+30.3%	—
Earnings Per Share (diluted) - TTM	$0.88	+1.5%	—
Operating Margin - TTM	15.6%	-3.3%	—
Net Margin - TTM	13.9%	-21.7%	—
Free Cash Flow - TTM	$85.59M	+9.6%	—
Return on Common Equity - TTM	0.09	-9.7%	—
Beta 5Y (Monthly)	unknown		—

OPRA Dividend History

7 dividends

2026

$0.4000

01/07/26$0.4000

2025

$0.8000

07/08/25$0.4000

01/06/25$0.4000

2024

$0.8000

07/02/24$0.4000

01/02/24$0.4000

2023

$1.2000

06/29/23$0.4000

01/27/23$0.8000

OPRA Stock Splits

No stock splits

OPRA SEC Filings

Filing Date	Report Date	Report Type	Filing Link
10/29/25	09/30/25	6-K	0001193125-25-254637
08/19/25	06/30/25	6-K	0001737450-25-000003
04/28/25	03/31/25	6-K	0000950170-25-058949
04/10/25	12/31/24	Unknown	0000950170-25-052668
10/29/24	09/30/24	6-K	0000950170-24-117931
08/22/24	06/30/24	6-K	0000950170-24-099686
04/25/24	03/31/24	6-K	0001437749-24-013115
04/30/24	12/31/23	20-F/A	0001437749-24-013974
04/24/24	12/31/23	20-F	0001437749-24-012913
10/26/23	09/30/23	6-K	0001437749-23-029023
08/24/23	06/30/23	6-K	0001437749-23-024577
04/27/23	03/31/23	6-K	0001437749-23-011238
04/20/23	12/31/22	20-F	0001437749-23-010743
04/30/24	12/31/22	20-F/A	0001437749-24-013974
10/27/22	09/30/22	6-K	0001437749-22-024862
08/30/22	06/30/22	6-K	0001437749-22-021469
04/28/22	03/31/22	6-K	0001437749-22-009969
04/26/22	12/31/21	20-F	0001437749-22-009745
10/28/21	09/30/21	6-K	0001437749-21-024456
08/12/21	06/30/21	6-K	0001437749-21-019537
04/27/21	03/31/21	6-K	0001437749-21-009846
06/11/21	12/31/20	20-F	0001437749-21-014514
11/19/20	09/30/20	6-K	0001437749-20-024188
08/20/20	06/30/20	6-K	0001437749-20-018403
05/20/20	03/31/20	6-K	0001437749-20-011325
04/30/20	12/31/19	20-F	0001437749-20-009032
11/14/19	09/30/19	6-K	0001437749-19-022755
08/22/19	06/30/19	6-K	0001437749-19-017248
05/22/19	03/31/19	6-K	0001437749-19-010655
04/17/19	12/31/18	20-F	0001437749-19-007403
11/08/18	09/30/18	6-K	0001144204-18-058122
08/23/18	06/30/18	6-K	0001144204-18-046092
07/27/18	03/31/18	424B4	0001144204-18-040447
07/27/18	12/31/17	424B4	0001144204-18-040447
11/08/18	09/30/17	6-K	0001144204-18-058122
08/23/18	06/30/17	6-K	0001144204-18-046092
07/27/18	03/31/17	424B4	0001144204-18-040447