$OPRA might be one of the biggest valuation disconnects in small-cap tech.
Look at
$MGNI vs
$OPRA:
MGNI: ~$3.8B market cap
OPRA: ~$1.7B market cap
Yet Q1:
$MGNI
• $164M revenue
• +6% YoY growth
• $43M adj. EBITDA
$OPRA
• $176M revenue
• +23% YoY growth
• $42M adj. EBITDA
Nearly identical quarterly revenue and EBITDA.
Except OPRA is growing revenue almost 4X faster.
Opera is now guiding for ~$734M FY26 revenue and ~$172M adj. EBITDA while maintaining ~23% margins.
And on top of that:
• Recurring dividend
• $300M share buyback authorization
• Strong free cash flow
• 288M monthly active users
• ARPU +25% YoY
• Exposure to AI/search/browser monetization
You can debate what multiple
$OPRA deserves.
But it's getting increasingly difficult to explain why a profitable tech company growing ~20% deserves a valuation this low.
At even a $3.5-$4B valuation, OPRA would still hardly look expensive.
$OPRA is a value stock hiding in plain sight.