Company: Opera Limited
Symbol: OPRA
Description: They are one of the world’s leading browser providers and an influential player in the field of integrated AI-driven digital content discovery and recommendation platforms.
Trade Date: 7/27
Shares: 9 million
Price Range: $10.00-$12.00
Underwriter(s): CICC, Citigroup
Terms Added: 7-13-18
Business: Given the growing importance of online content consumption, they believe that the future of digital content discovery is one where consumers will enjoy highly personalized experiences enabled by AI algorithms and big data. With a long and proven track record of innovation in both core performance and functionality, and an established global brand, they served 321.7 million average MAUs in the three months ended March 31, 2018, of which 239.4 million were smartphone and PC users compared to 202.6 million smartphone and PC users during the same period in 2017.
They believe consumers opt to use their browsers because they provide a better-targeted solution. Their browsers are all available globally, while users in Africa and Asia are attracted to their mobile browsers because of their efficient design and usability, and users across North America and Europe choose their PC browsers because of their unique features. Their mobile browsers, with a global user base of 264.3 million average MAUs in the three months ended March 31, 2018, of which 182.0 million were smartphone users, compared to 160.0 million smartphone users in the same period in 2017, are among the market leaders in high growth regions such as South Asia, Southeast Asia and Africa in terms of market share, according to StatCounter. Their PC browsers, available for both Windows and macOS platforms, also had a substantial user base of 57.4 million average MAUs in the three months ended March 31, 2018, compared to 42.6 million during the same period in 2017.
Financials: Driven by the rapid adoption of their modern mobile applications, they have experienced strong revenue growth. During 2017, they recorded US$128.9 million in operating revenue, up by 20.1% from US$107.3 million in operating revenue on a pro forma consolidated basis during 2016. During the three months ended March 31, 2018, they recorded US$39.4 million in operating revenue, up by 54.8% from US$25.5 million for the same period in 2017. They had a net loss of US$12.7 million in 2016 on a pro forma consolidated basis and had net income of US$6.1 million in 2017. They had net income of US$6.6 million in the three months ended March 31, 2018 and had a net loss of US$0.2 million for the same period in 2017. Their adjusted net loss was US$9.2 million in 2016 on a pro forma consolidated basis and they had an adjusted net income of US$17.8 million in 2017. Their adjusted net income was US$0.8 million and US$9.9 million in the three months ended March 31, 2017 and 2018, respectively.
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