1. Opera has outperformed other international small-caps by 23x over the past year; 2. OPRA's fundamentals remain strong, meeting the 'Rule of 40' even by 2026; 3. OPRA is countering MAU decline with exceptional ARPU growth, and new high ARPU products are contributing significantly; 4. However, the bullish momentum is fading, and the stock appears overextended in the international small-cap space, with forward EV/EBITDA valuations above average.