Core Viewpoint - The analysis of Opera Limited (NASDAQ: OPRA) indicates that the stock has shown resilience, maintaining a support level around $16 and demonstrating an upward trend since October 2022 [1] Group 1: Company Analysis - Opera Limited's stock correction has aligned with expectations, with bullish investors defending the $16 support level [1] - The company has exhibited an uptrend in momentum since October 2022, suggesting positive market sentiment [1]

Core Viewpoint - The analysis of Opera Limited (NASDAQ: OPRA) indicates that the stock has shown resilience, maintaining a support level around $16 and demonstrating an upward trend since October 2022 [1] Group 1: Company Analysis - Opera Limited's stock correction was anticipated, with bullish investors defending the $16 support level [1] - The stock has exhibited an uptrend momentum since October 2022, suggesting positive market sentiment [1]

Core Insights - Opera has launched Opera Neon, an experimental AI-powered browser aimed at AI power users, now available to the public after a closed "Founders" phase [1][2][4] - The subscription for Opera Neon is priced at $19.90 per month, providing access to advanced AI models and features [3][8] Product Overview - Opera Neon is designed to utilize AI agents for performing tasks and coding web applications, distinguishing it from standard web browsers [2] - The browser integrates top-tier AI models, including Gemini 3 Pro and GPT 5.1, into a single workspace, allowing users to avoid multiple subscriptions [5][10] Community Engagement - Subscribers gain access to an exclusive Discord community for testing features, discussing product development, and influencing the browser's roadmap [7] Availability and Features - Opera Neon is available for download at $19.90 per month, while Opera's main browsers continue to offer free AI features [8] - Current features include tools for booking trips, building websites, generating videos, and conducting deep research with the ODRA agent [10]

Company Overview - Opera (OPRA) is an AI-powered technology company primarily recognized for its web browser solutions and related services [1] - The stock has experienced a decline of 27% year-to-date, despite the management delivering steady and stable performance [1] Performance Analysis - The company has shown consistent operational performance, which contrasts with the significant drop in stock price [1]

Core Insights - Opera and the Celo Foundation are extending their partnership to enhance financial inclusion for a billion people by 2030 through low-cost stablecoin payments [1] - The partnership includes the introduction of stablecoin-backed payment cards, expanded real-world asset offerings, and a Mini App Roadshow across Asia and South America [1][2] Company Developments - MiniPay, a non-custodial stablecoin wallet provider on Celo, has achieved 11 million activated wallets and processed over 300 million transactions since its launch in September 2023 [3] - Celo has become a leading Ethereum layer-2 platform with 700,000 daily active users and over 3 million weekly USDT users [3] Market Trends - The joint MiniApp roadshow is set to take place in early 2026, focusing on regions with strong developer activity and increasing crypto adoption [5] - Latin America has seen nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2023, with Brazil accounting for $318.8 billion, reflecting a 109.9% period-over-period growth [5] Stablecoin Insights - Over 90% of Brazilian crypto flows are now related to stablecoins, with stablecoin purchases constituting more than half of all exchange activity in Brazil, Argentina, and Colombia [6] - The stablecoin market is valued at over $310 billion, with predictions suggesting it may not exceed $360 billion before February [6]

Core Insights - Opera (OPRA) is launching new AI capabilities across its web browsers, including Opera One, Opera GX, and Neon, in response to increasing competition in the tech industry to enhance user browsing experiences [1] Group 1 - The new AI features aim to make browsing more agentic, indicating a shift towards more interactive and personalized user experiences [1]

Core Insights - Opera is enhancing its browser capabilities by integrating advanced AI features, providing over 80 million users with free access to the latest Opera browser AI through its Opera One, Opera GX, and Opera Neon browsers [1][2][3] AI Integration and Features - The new Opera AI functions as a side panel, allowing users to interact with it in relation to any webpage, enabling tasks such as research, content summaries, and comparisons across tabs [2] - The AI engine has been redesigned for improved speed, delivering responses 20% faster, and includes features for voice input/output and file analysis across various formats [2] - Privacy features are emphasized, giving users control over the context shared with Opera AI [2] Partnership with Google - The partnership with Google is crucial for Opera, allowing the integration of the latest Gemini models into its browser AI, enhancing user experience with native search and AI features [3][4] - This collaboration is seen as a step towards setting new standards for AI-powered user experiences in browsing [4] Market Performance and User Engagement - Opera reported a 17% annual increase in query revenue, indicating successful monetization of user-initiated actions beyond traditional search, reflecting the growing use of AI tools [3] - The browser is positioned as a key interface for AI, leveraging real-time context from users' browsing activities to provide more relevant assistance [5] Future Outlook - The shift towards AI-powered search is expected to drive deeper user engagement, aligning with Opera's long-term strategy to enhance user experience through innovative products [6]

Core Insights - MiniPay, a stablecoin wallet developed by Opera, is enhancing payment capabilities in Latin America by connecting USD (Tether) to local payment methods, starting with popular platforms like Mercado Pago and PIX [1][2][5] - The "Pay like a local" feature, powered by Noah, allows users to make direct payments using their stablecoin balance, facilitating seamless transactions in local currencies [4][6] - MiniPay has achieved over 10 million activated wallets since its launch in 2023, making it one of the fastest-growing stablecoin wallets globally [1][10] Company Overview - MiniPay is a non-custodial stablecoin wallet built on the Celo blockchain, designed to make digital finance accessible and user-friendly, particularly in emerging markets [9][10] - The wallet is available as a standalone app for Android and iOS, or integrated into the Opera Mini browser, allowing users to send, receive, and save stablecoins with minimal fees [10] Market Position - In Brazil, PIX is used by over 76% of the population and processes 80% more transactions than credit and debit cards combined, while Mercado Pago in Argentina has over 72 million active users and a 68% market share [5] - By integrating with these leading payment systems, MiniPay provides a bridge for travelers and digital dollar holders to transact locally, addressing challenges faced by foreign cards [5][6] Strategic Partnerships - MiniPay is expanding its on- and off-ramp coverage in Latin America by onboarding partners like El Dorado and Alfred, enhancing the ability to convert local currency to USD and facilitating cross-border transfers [3][7] - The integration with local payment systems and ramp partners strengthens the platform's resilience and offers users consistent options for moving value between currencies [7] Event Context - The rollout of these new payment methods coincides with DevConnect, a major Ethereum ecosystem conference, allowing crypto users to experience seamless local payments in Argentina [8]

Company Overview - RELX is a global provider of information-based analytics and decision tools for professional and business customers, with a presence in over 180 countries and offices in 40 countries [2] - Approximately 40% of RELX's employees are located in North America [2] Financial Performance - Through the first nine months of 2025, RELX's revenues have grown by 7%, with growth across all four segments [1] - The adjusted operating profit through June 30 was 1.652 billion British pounds ($2.17 billion), representing a 9% increase year over year [1] - RELX's balance sheet showed net debt of 7.32 billion British pounds ($9.60 billion), which is 2.2 times EBITDA, indicating a healthy multiple [7] - Analysts have a positive outlook, with eight out of ten rating it a Buy, and a target price of $58.95, which is 47% above its current share price [7] - Expected earnings for RELX in 2025 are $1.71 per ADR, trading at 23.4 times this estimate, the lowest since 2023 [7] Revenue Segmentation - RELX operates through four major segments: Risk (35% of revenue), Scientific, Technical & Medical (30%), Legal (20%), and Exhibitions (13%) [1] Market Performance - RELX's stock hit a new 52-week low of $40.00, down 11% over the past year and 29% since its 52-week high of $56.33 on May 27 [3] - The stock is currently at its lowest level since January 2024 [3] Dividend Information - RELX offers a dividend yield of 2.2%, which is attractive for dividend investors [8]

Summary of Opera's Conference Call Company Overview - **Company**: Opera - **Industry**: Internet Browsers - **Headquarters**: Norway - **User Base**: Approximately 300 million monthly users - **Public Since**: 2018 - **CAGR Growth**: Over 20% since going public - **Profitability**: The company is profitable and pays a dividend with a recurring yield exceeding 5% [3][30][29] Core Business and Monetization - **Primary Product**: Opera browser, with a focus on driving traffic to partners such as search engines and advertisers [3][4] - **New Product**: Neon browser, which offers advanced agentic capabilities for a monthly subscription, targeting enthusiasts who want more control and automation in their browsing experience [11][12] Competitive Landscape - **Emerging Competitors**: AI-native companies like Perplexity and OpenAI are entering the browser space, which Opera views as an opportunity rather than a threat [4][5] - **Differentiation Strategy**: Opera aims to remain agnostic and independent, allowing users to utilize multiple AI platforms without being locked into one [6][30] Technological Advancements - **AI Integration**: Opera uses a combination of models, including Gemini and ChatGPT, to enhance user experience and browser capabilities [7][10] - **Agentic Capabilities**: The browser is designed to assist users in tasks such as research and e-commerce, with the goal of improving efficiency and user satisfaction [13][24] Revenue Streams - **Query Revenue**: Approximately one-third of revenue comes from query revenue, which has seen a tripling in growth over the past year [16][18] - **Advertising Revenue**: Roughly two-thirds of revenue, with e-commerce advertising growing rapidly, expected to represent half of advertising revenue by Q4 [19][21] - **Performance-Based Advertising**: Opera focuses on performance-based advertising, which is seen as more beneficial for partners compared to traditional display advertising [20][21] E-commerce Strategy - **Key Partners**: Major e-commerce partners include Amazon, Booking, Temu, and Shein, with a focus on driving traffic to these platforms [22][21] - **User Engagement**: The browser aims to present users with options while allowing agents to facilitate transactions, ensuring that advertising opportunities remain intact [23][25] Financial Discipline and Future Outlook - **Profitability**: Opera maintains a strong EBITDA margin of 24% and has returned approximately $500 million to shareholders since 2020 through buybacks and dividends [33][47] - **Opay Stake**: Opera holds a 9.4% stake in Opay, a successful mobile wallet in Nigeria, which is expected to go public, potentially generating significant gains for Opera [40][42] New Initiatives - **MiniPay**: A non-custodial wallet focused on stablecoins, aimed at emerging markets, which has quickly grown to 10 million wallets [34][35] - **Market Positioning**: Opera positions MiniPay as a trusted solution in regions where it has established a long-standing presence [36][38] Misunderstandings in the Market - **Market Perception**: Opera is not a direct competitor to large language models (LLMs) but rather aims to integrate and enhance user experiences through its browser [28][30] - **Partnerships**: The company emphasizes the importance of long-term partnerships, particularly with Google, which have been beneficial for its business model [31][32] This summary encapsulates the key points discussed during the conference call, highlighting Opera's strategic positioning, technological advancements, revenue generation, and future outlook in the competitive landscape of internet browsers.