Market CompetitionOpera's unique position as a browser, growth in higher ARPU user segments, and ramping of new ad products are key strengths but face competitive challenges.
Regulatory ChallengesMultiple catalysts are anticipated, including the resolution of Google regulatory matters, which could impact operations.
Valuation ConcernsOpera's valuation is described as compelling at approximately 9x '26E EBITDA, but market conditions might affect perceived value.