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Opera: Debt Free And Fast Growing Browser Business

Feb. 10, 2023 11:15 AM ETOpera Limited (OPRA)10 Comments
Jim Roumell profile picture
Jim Roumell


  • OPRA's Browser is growing at 25%+, with 20% of revenue now in NA.
  • Margins are rising along with revenue.
  • Recent actions indicate a shareholder-friendly company.
  • OPRA is the world's most downloaded independent browser.

Modern office buildings in Oslo

OPRA is headquartered in Oslo, Norway

Leonardo Patrizi/E+ via Getty Images

Opera Limited (NASDAQ:OPRA) is one of the world's leading browser providers and an influential player in the field of integrated AI-driven digital content discovery and recommendation platforms (

This article was written by

Jim Roumell profile picture
Jim Roumell is Founder and President of Roumell Asset Management, LLC. Mr. Roumell founded the firm in 1998 after more than a decade as a financial advisor.  Mr. Roumell is highlighted in, “The Art of Value Investing: How the World’s Best Investors Beat the Market” by John Heins and Whitney Tilson. Martin J. Whitman, Founder of Third Avenue Value Funds, says, "Jim's investment philosophies and his actual investments snugly fit into my criteria for securities investment." Mr. Roumell was selected to participate in, and won, two consecutive Wall Street Journal stock picking contests (in 2001 and 2002) before the contest was discontinued. He is a graduate of Wayne State University, Detroit, Michigan.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of OPRA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The specific security identified and described does not represent all of the securities purchased, sold, or recommended, and the reader should not assume that investment in the security identified and discussed was or will be profitable.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (10)

atom profile picture
My last OPRA stock has been called; I had 12.5 strike MAY calls sold on it. Its been a good stock for me, as calls at a good price were able to be sold periodically for the last several years. In my last attempt, OPRA zoomed up, and I decided not to try to roll out my calls.
Willing to raise your fair value Jim?
seems like they just need to say that their search is AI enabled. lol
oblvion profile picture
I use Opera. It needs to be supported by many Sites. That "does not support Opera" is an issue until It won't be anymore.
Jacob Olson profile picture
There is no reason for OPRA to exist in its current form. Either Yahui/Kunlun should tender for the remainder of the company or OPRA should be re-capitalized in some way that will make it more attractive for investors and probably more tax efficient. ADS shares of a Norway-based firm majority owned by a Chinese company make no sense and there are governance concerns here too if you look at the background of the directors. Re-domicile in the US or sell the company, break it up into pieces. Buybacks and special dividends are nice but the likelihood of future sketchy related party deals seems high. Foreign taxes took a pretty big chunk out of that special dividend. Maybe others have ideas of how this company could be cleaned up but they need to initiate strategic alternatives as this is not an optimal company to be public.
atom profile picture
@Jacob Olson Thanks for confirming the 2.5% taken out was for foreign taxes.
Jacob Olson profile picture
@atom The Norwegian tax rate is 25% on dividends. The 2.5% fee I was also charged is likely an ADR fee of some sort on the dividend.
atom profile picture
I've held OPRA for three years and made about 50% of my total holdings by selling calls at one period when volatility was high. The special dividend adds on another 10%. So my return is rather good.

All my shares are likely to be called in the next 6 weeks, and I won't miss them. The company doesn't really seem to have a solid business plan to monetize the browser's growth; management has tried various ideas -- some related to the browser, some not -- but with limited success.
Jim is back! Time to sell? 😉
Thx for the article. I'm surprised that a company with +300 mil users doesn't get more attention.
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