Up 400%, OPRA Still Looks Intriguing

OPRA's bull case is simple — but a key risk remains

On its face, internet browser business Opera Limited OPRA 0.00%↑ looks like an easy buy. Shares trade at a little over 10x EBITDA despite impressive growth and profitability.

With one quarter left in the year, Opera is guiding for revenue to increase 19% year-over-year, with full-year Adjusted EBITDA margins of 24%. Leverage is not an issue: Opera actually has no …