Overview
Opera (OPRA) is one of the most interesting turnaround growth stories we have come across. Driven by the ambitious vision of the new Chinese owners, it went from being a less successful browser maker to being a fast-growing microfinancing lender in Africa and Asia. Over the last year alone, revenue doubled to ~$335 million upon the launch of the fintech unit in Kenya and India. In this note, we take a closer look at Opera's new Chinese owners' motivation and the micro-financing business potentials in these emerging markets, which we think offer a uniquely