Opera Ltd
OPRAdata completeness 88%9 fiscal years on fileData notes: no data for concept 'interestExpense'
Opera Ltd earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 61% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $9.34 and $39.52 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $251M1 | $331M2 | $396.8M3 | $480.6M3 | $614.8M3 |
| Net income | −$44M4 | $15M4 | $153.3M4 | $80.8M5 | $108.3M5 |
| Operating cash flow | $26.6M6 | $56.7M7 | $82.8M8 | $105M8 | $117.7M8 |
| Capital expenditure | $1.06M9 | $3.19M10 | $1.87M11 | $23.3M11 | $5.55M11 |
| Free cash flow (derived) | $25.5M6 | $53.5M7 | $80.9M8 | $81.6M8 | $112.2M8 |
| Total debt | $13.5M12 | $7.84M13 | $10.5M13 | — | — |
| Cash & equivalents | $102.9M14 | $52.4M15 | $93.9M15 | $126.8M15 | $155.5M15 |
| Diluted shares | 230.3M | 178.4M | 175.0M | 88.5M | 89.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $112.74 of net worth that earned you $12.08 and generated $12.51 of cash last year.
It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 61% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 22% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $9.34 and $39.52 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth15.1%
- fcfBase$81.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth15.1%
- fcfBase$81.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$80.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $14.74 |
| Base | 15.1% | $26.28 |
| Bull | 20.0% | $31.42 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 15.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F/A · period ending 2021-12-31 · accession 0001437749-24-013974 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-052668 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001737450-26-000005 (Revenue)
- 20-F/A · period ending 2021-12-31 · accession 0001437749-24-013974 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2024-12-31 · accession 0001737450-26-000005 (ProfitLoss)
- 20-F/A · period ending 2021-12-31 · accession 0001437749-24-013974 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-052668 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001737450-26-000005 (CashFlowsFromUsedInOperatingActivities)
- 20-F/A · period ending 2021-12-31 · accession 0001437749-24-013974 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-25-052668 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001737450-26-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001437749-23-010743 (Borrowings)
- 20-F/A · period ending 2022-12-31 · accession 0001437749-24-013974 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0000950170-25-052668 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001737450-26-000005 (CashAndCashEquivalents)