OPRA
Opera Limited
$17.89
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 66.1% below fair value
You pay
$17.89
Bear
$31.31
Fair
$52.82
Bull
$78.65
Bear
$31.31
+75.0%
11% stage 1 growth, 11% discount
Fair
$52.82
+195.3%
18% stage 1 growth, 11% discount
Bull
$78.65
+339.6%
24% stage 1 growth, 11% discount
Adjust Assumptions
18.1%
11.0%
3.0%
Key Value Driver
FCF growth rate (18% base case)
Terminal Value % of EV
45%
Implied Market Multiple
12.6x
Market is pricing in (growth)
2.7%
vs 18.1% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (7 analysts)
$21.25
Divergence from AlphaVal
149%
Summary
Using a two-stage FCF DCF with 18% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $52.82 per share.
Warnings
Wall Street's average price target is $21.25 (from 7 analysts). Our estimate is 149% above the consensus -- consider that gap carefully.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions