Ticker
OPRA

Price
6.53
Stock movement down
-0.04 (-0.61%)
Company name
Opera Ltd
Exchange
(NASDAQ
,
Currency
USD
)
Sector
Communication Services >
Internet Content & Information
Market cap
584.10M
Ent value
496.71M
Price/Sales
1.90
Price/Book
0.59
Div yield
-
Div growth
-
Growth years
-
FCF payout
-
Trailing P/E
-
Forward P/E
10.05
PEG
-
EPS growth
-
1 year return
-2.25%
3 year return
-2.57%
5 year return
-
10 year return
-
Last updated: 2023-02-06

BUSINESS INSIGHT

Segment Revenues ($M)

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Segment comments

Search and Advertising revenues are derived mainly from the core platforms: the Opera browsers and Opera News

Tech is basically the "Other" category, which includes everything outside Search and Advertising

Segment Adjusted EBITDA ($M)

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Fintech comments

Okash, Opera's main fintech arm was spun out and merged with Mobimagic in 20Q3, creating a new entity, Nanobank, of which Opera owns 42%. As a consequence, results are no longer consolidated into the standard results and an equity valuation model is used (Nanobank results are not included in operating results, but are treated as an investment and are visible on the balance sheet)

Nanobank's financial results are visible on a chart below

Opera's European Fintech (now Dify) operations have not had meaningful revenues, but are expected to ramp up soon

MAU distribution as of 2020 Dec (M)

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MAU distribution comments

In Africa, the Opera mobile browsers are very popular and a considerable portion of the company's products are developed specifically for African/Emerging markets

The main user base for the PC browsers is in Europe

MAU development of products (M)

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MAU comments

Management discloses different metrics every quarter, thus some numbers are missing for specific products

The in-house products of the company include: Browsers (Cornerstone product), Opera News, Opera Ads, Olist, Dify (Pocosys acquisition), Opera Games (YoYo Games + Opera GX browser)

Investee revenues ($M - ex Nanobank)

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Investment comments

The company has notable stakes in 5 companies. Opera owns 42% of Nanobank, 13.1% of Opay, 19.4% of StarMaker, 29.1% of nHorizon and 9.9% of Fjord Bank

OPay is the largest mobile payment platform in Nigeria with $2B+ monthly transaction volume as of December 2020

StarMaker is a karaoke app used mainly in India, the Middle East and Indonesia. It has 50M+ users and $180M revenue runrate as of 21Q1

For Nanobank details, refer to the corresponding chart below

nHorizon is a joint venture and operates an Opera browser in China

The smallest notable equity stake is in Fjord Bank with a 9.9% interest, which Opera acquired for €0.77M in 2021 January

Estimated equity value of investees ($M - 2020 Dec 31)

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Investment comments

Opera liquidated all of its remaining stake in Powerbets in 2020

nHorizon's estimated value was $1M in 2019 and $0.5M in 2020. Because of the tiny amount it is not on the chart

Nanobank Financials ($M)

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Nanobank comments

Opera owns 42% of Nanobank

Nanobank runs a microlending business, serves over 50M+ users as of the end of 2020 and has issued $2B+ worth of loans in 2019 and 2020

The company has substantial operations in 4 markets: India, Indonesia, Mexico and Kenya

Desktop browser market share (%)

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Source

Chrome is developed by Google, Firefox by Mozilla, Safari by Apple, the Opera browsers by Opera and IE was developed by Microsoft but has been discontinued

https://gs.statcounter.com/browser-market-share/desktop/worldwide#yearly-2009-2021

Mobile browser market share (%)

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Source

Chrome and the Android browser (as well as the OS) are developed by Google, Safari by Apple, UC Browser by a subsidiary of Alibaba, the Opera browsers by Opera, Samsung Internet by Samsung, Nokia by Nokia and Blackberry by Blackberry (then Research in Motion)

https://gs.statcounter.com/browser-market-share/mobile/worldwide#yearly-2009-2021

DIVIDENDS

OPRA does not pay dividends

VALUATION

Valuation Ratios

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Valuation Ratios data
Trailing P/E-
Price to OCF11.78
Price to FCF13.49
Price to EBITDA-
EV to EBITDA-

Valuation (Sales/Book Value)

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Valuation (Sales/Book Value) data
Price to Sales1.90
Price to Book0.59
EV to Sales1.62

FINANCIALS

Per share

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Per share data
Current share count89.45M
EPS (TTM)-1.04
FCF per share (TTM)0.38

Income statement

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Income statement data
Revenue (TTM)307.39M
Gross profit (TTM)266.21M
Operating income (TTM)32.54M
Net income (TTM)-118.28M
EPS (TTM)-1.04
EPS (1y forward)0.65

Margins

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Margins data
Gross margin (TTM)86.60%
Operating margin (TTM)10.58%
Profit margin (TTM)-38.48%

Balance Sheet

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Balance Sheet data
Cash166.07M
Net receivables94.70M
Total current assets387.86M
Goodwill428.83M
Intangible assets103.42M
Property, plant and equipment0.00
Total assets1.07B
Accounts payable41.01M
Short/Current long term debt3.93M
Total current liabilities69.12M
Total liabilities78.68M
Shareholder's equity993.59M
Net tangible assets461.34M

Cash flow

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Cash flow data
Operating cash flow (TTM)49.59M
Capital expenditures (TTM)7.14M
Free cash flow (TTM)43.30M
Dividends paid (TTM)0.00

Financial returns

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Financial returns data
Return on Equity-11.90%
Return on Assets-11.03%
Return on Invested Capital-11.86%
Cash Return on Invested Capital4.34%

STOCK INFORMATION

Stock chart

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Stock price data
Open6.64
Daily high6.64
Daily low6.45
Daily Volume69K
All-time high14.62
1y analyst estimate9.43
Beta1.03
EPS (TTM)-1.04
Dividend per share-
Ex-div date27 Jan 2023
Next earnings date15 Feb 2023

Downside potential

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Downside potential data
OPRAS&P500
Current price drop from All-time high-55.34%-14.21%
Highest price drop-72.85%-56.47%
Date of highest drop24 Oct 20229 Mar 2009
Avg drop from high-42.73%-11.49%
Avg time to new high163 days13 days
Max time to new high862 days1805 days
COMPANY DETAILS
OPRA (Opera Ltd) company logo
Marketcap
584.10M
Marketcap category
Small-cap
Description
Opera Limited, together with its subsidiaries, provides mobile and PC web browsers. It operates in two segments, Browser and News, and Other. The company offers mobile browser products, such as Opera Mini, Opera for Android and iOS, Opera GX Mobile, and Opera Touch; PC browsers, including Opera for Computers and Opera GX; and Opera News, an AI-powered personalized news discovery and aggregation service. It also provides browser-based cashback rewards under the Dify brand name; owns GameMaker Studio, a 2D gaming development platform; and GXC, a gaming portal. In addition, the company operates online marketing platforms, including Opera Ads, an online advertising platform; and Opera Ads Manager, designs to create, manage, and report on digital advertising campaigns in one place allowing advertisers to reach customers. It operates in Ireland, Singapore, Russia, and internationally. The company was founded in 1995 and is headquartered in Oslo, Norway. Opera Limited is a subsidiary of Kunlun Tech Limited.
Employees
630
Investor relations
SEC filings
CEO
Ya Hui Zhou
Country
USA
City
Oslo
Stock type
American depositary share
CCC status
-
Dividend Frequency
-
EVENTS AND PRESENTATIONS
EventsPresentations
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UNDERSTAND THE BUSINESS
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COMPANY NEWS
All newsPress releases
Fairlight Capital, an investment management company, released the “Fairlight Alpha Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund...
January 18, 2023
Opera Limited (NASDAQ: OPRA) ("Opera", or the "Company"), one of the world's major browser developers and a leading internet consumer brand, today announced that its Board of Directors has approved a ...
January 12, 2023
Opera Limited ( NASDAQ:OPRA ), is not the largest company out there, but it led the NASDAQGS gainers with a relatively...
December 29, 2022
Opera, the company behind the world's first gaming browser, announced today that Opera GX has surpassed 20 million monthly active users (MAU). This milestone highlights Opera GX's growing popularity a...
December 13, 2022
OSLO, Norway & MIAMI, December 05, 2022--Opera is teaming up with Alteon.io to help anyone create NFTs instantly, simply and freely.
December 5, 2022
During November, GX.games – the platform where creators and developers meet the 18 million strong audience of the gaming browser– will be adding two new games for users to download and play for free.
November 17, 2022
Opera Limited (NASDAQ: OPRA), one of the world's major browser developers and a leading internet consumer brand, announced today the appearance of company executives at two upcoming investor conferenc...
November 16, 2022
Opera (NASDAQ: OPRA) is adding a built-in TikTok feature to the sidebar of its desktop browser. The integration is a result of the surge in popularity of TikTok among internet users as well as a stron...
November 15, 2022
Opera, the company behind the world's first dedicated Web3 browser, today announces the launch of DegenKnows.io, its new NFT analytics, tracking, and exploration tool that helps users seamlessly disco...
November 3, 2022
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