Core Thesis - The investment case for Opera Limited (OPRA) is based on a classic value setup in the tech market, despite carrying meaningful risks [2] Company Overview - Opera Limited provides mobile and PC web browsers and related products and services both in Norway and internationally [2] Risks - Concerns include the potential disruption of traditional browsers by AI-driven interfaces, heavy Chinese ownership, and significant revenue concentration from Google [3] Valuation and Financials - Opera's stock has historically traded between $10 and $20 per share, currently near the lower end at just above $14, indicating potential upside [4] - The company is profitable, has almost no debt, and returns capital to shareholders through semiannual dividends, including a recent $0.40 payout [4] - Revenue is growing at approximately 23% year over year, with improved monetization despite a modest decline in total users [5] - With a market capitalization of roughly $1.3 billion, Opera trades at about 1.9x EV-to-revenue and 9–11x EV-to-EBITDA, which appear undemanding given its profitability and growth profile [5] Investment Opportunity - Opera holds a 9.44% stake in Opay, a profitable African fintech platform valued at $2 billion in 2021, but carried on Opera's balance sheet at a conservative $258 million [6] - With potential IPO signals for Opay within the next one to three years, its valuation could rise to $4 billion or more, implying Opera's stake could be worth $400–600 million [7] - This potential value could be monetized and returned to shareholders, suggesting that Opera's stock is materially undervalued at current levels [7]