Opera Limited (OPRA): A Bull Case Theory 

We came across a bullish thesis on Opera Limited on Value investing subreddit by nunchakusdragon. In this article, we will summarize the bulls’ thesis on OPRA. Opera Limited’s share was trading at $13.48 as of January 29th. OPRA’s trailing P/E was 15.76  according to Yahoo Finance.

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The investment case for Opera Limited (OPRA) rests on a classic value setup in an increasingly rare corner of the tech market, albeit one that carries meaningful risk.

Opera operates an AI-enabled browser, a space the investor views cautiously given the possibility that traditional browsers could be disrupted or rendered obsolete by new AI-driven interfaces over the next several years. Additional concerns include heavy Chinese ownership and significant revenue concentration, as a large portion of Opera’s revenue is derived from Google. These risks are real and represent the core uncertainty embedded in the thesis.

Despite these headwinds, Opera exhibits several attributes that are difficult to ignore at its current valuation. The stock has historically traded in a wide but consistent range between roughly $10 and $20 per share over the past five years and currently sits near the lower end of that band at just above $14, suggesting potential upside if historical patterns persist. Unlike many technology peers, Opera is profitable, carries almost no debt, and returns capital to shareholders through semiannual dividends, including a recently announced $0.40 payout.

Revenue is growing at approximately 23% year over year, supported by higher revenue per user even as total users have modestly declined, indicating improving monetization. At a market capitalization of roughly $1.3 billion, the company trades at about 1.9x EV-to-revenue and 9–11x EV-to-EBITDA, levels that appear undemanding given its profitability and growth profile.

The most compelling element of the thesis is Opera’s 9.44% stake in Opay, a profitable, fast-growing African fintech platform with over 50 million active users. Opay was valued at $2 billion in its 2021 funding round, yet Opera carries its stake on the balance sheet at $258 million, a figure viewed as conservative.

With recent signals suggesting a potential IPO within the next one to three years, Opay could be worth $4 billion or more, implying that Opera’s stake alone could be valued at $400–600 million. If realized, this value could be monetized and returned to shareholders, meaning Opera could ultimately generate more from this investment than its annual operating revenue, reinforcing the view that the stock is materially undervalued at current levels.

Previously we covered a bullish thesis on Opera Limited (OPRA) by Welfare Capital in March 2025, which highlighted the company’s turnaround, Opera GX traction, capital returns, and undervaluation versus peers. The company’s stock price has depreciated approximately by 26.61% since our coverage. This is because ownership concerns lingered. The thesis still stands as execution remains strong. nunchakusdragon shares a similar view but emphasizes balance sheet value and Opay optionality.

Opera Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held OPRA at the end of the third quarter which was 17 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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.