Is OPRA a good stock to buy? We came across a bullish thesis on Opera Limited on Bryce’s Analysis on undervalued growth stocks’s Substack by Bryce Nortje. In this article, we will summarize the bulls’ thesis on OPRA. Opera Limited’s share was trading at $15.29 as of March 6th. OPRA’s trailing P/E was 12.85 according to Yahoo Finance.
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Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. Opera delivered a strong operational performance in 2025, yet the stock continues to trade at a deeply discounted valuation, creating a compelling bullish case. The company reached a $600M+ revenue run rate, with Q3 guidance pointing to $602M in revenue and $140M AEBITDA, representing 25% revenue growth and 23% margin, comfortably meeting the Rule of 40.
Despite this, market skepticism persists, partly due to past Kunlun share sales and noise around new AI browsers, which have yet to achieve meaningful scale. Opera’s core business remains highly profitable, with gross margins stabilizing at 68% as its high-margin ad inventory accelerates, while conservative management guidance masks the company’s true growth trajectory.
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A major upside catalyst lies in Opera’s strategic assets. Opay, in which Opera holds a 9.4% stake, continues to expand rapidly, processing $360B in Q1’25 TPV and positioning for an IPO likely within the next 9–15 months.
This stake alone could be worth nearly $500M, a value currently ignored by the market. Minipay, Opera’s non-custodial stablecoin wallet, has grown to 12M wallets and 300M transactions, representing a fast-growing ecosystem with potential standalone valuation exceeding $500M. These initiatives complement Opera’s expanding western user base of 58M, up from 38M in 2021, and its high-ARPU GX segment of 33M users, enhancing monetization potential.
Looking into 2026, Opera is expected to guide conservatively for $686M revenue and $165M Adj EBITDA, but strong execution and AI adoption could push actual results higher. Combined with potential proceeds from an Opay IPO, improving ad margins, and the company’s 6% dividend yield, Opera offers a unique risk/reward profile.
The market’s continued undervaluation provides investors an attractive entry point, with upside potential driven by asset monetization, growing first-party revenue, and disciplined capital allocation. Opera’s stock, trading at roughly 1.2x FY26 revenue and 5x AEBITDA, appears poised for significant rerating as these catalysts materialize.
Previously, we covered a bullish thesis on Opera Limited (OPRA) by Welfare Capital in March 2025, which highlighted the company’s undervalued browser business, GX browser growth among gamers, strong capital returns through buybacks and dividends, and value from its OPay stake. OPRA’s stock price has depreciated by approximately 16.77% since our coverage due to market skepticism around Kunlun share sales and noise around new AI browsers . Bryce Nortje shares a similar view but emphasizes Rule of 40 performance, improving financials, AI browser initiatives, and potential upside from a future OPay IPO.
Opera Limited is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held OPRA at the end of the fourth quarter which was 18 in the previous quarter. While we acknowledge the risk and potential of OPRA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OPRA and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
