The article discusses Opera Limited, an independent browser company that offers a personalized browsing experience with integrated services. The company's focus is on delivering a personalized route to access the internet, and its products include Opera Gaming, tailored for gamers, and Apex News, aimed at news junkies.

Opera's annualized ARPU results have been consistently rising over the previous four quarters, and the company has sought to churn out lower-value users and maximize engagement with its higher-value users. Opera just finished Q4 2022 with 33% y/y revenue growth rates, and its guidance points to 18% CAGR. Opera guides for about $80 million of EBITDA in 2023, and given that Opera only has minimal capex requirements, the company's free cash flow in 2023 will be around $75 million or slightly higher.

The article notes that the obvious investment risk to Opera is that this is a fledging browser, with only a tiny sliver of market share. However, the author argues that Opera is a cheaply valued, high-margin business that's growing at a steady rate, making it an enticing investment opportunity.

Wolfspeed is a vertically integrated company that specializes in silicon carbide (SiC) semiconductors, which are expected to grow at a CAGR of around 35% over the coming decade. The SiC market is driven by the switch to electric vehicles and industrial end markets. Wolfspeed has a strong patent portfolio and attractive market shares in SiC crystal growing, wafer fabrication, semiconductor manufacturing, and packaging into units and modules. The company is in high investment mode, planning to build two new fabs in New York and Germany, as well as a site for SiC crystal growing and wafer fabrication in North Carolina. The new facilities will be heavily automated with robotics, leading to lower manufacturing costs and a reduction in cost per chip of more than 50%. However, this will result in negative free cash flows in the near term for investors. The power semiconductor business is expected to see the highest growth rates, contributing 70% to revenues by 2027, with 20% coming from wafers. Wolfspeed has accumulated nearly $15 billion of design-ins since 2019, with a conversion rate of 43% turning design-ins into design-wins. The company's share price has decreased due to macro headwinds, concerns raised by Tesla, and slower scaling up of the Mohawk Valley fab. However, compared to peers, Wolfspeed's valuation is attractive at 7x NTM Sales while experiencing higher growth rates than Texas Instruments and Analog Devices.

Fintech companies like Block and PayPal have seen downside moves in the last two years due to post-pandemic growth slowing and high valuations being criticized. However, Block is still growing its top line at double-digit rates, with the Cash App having a lot of momentum and impressive Y/Y gross profit growth rates. The Cash App had 53M active accounts at the end of Q1'23, with Block adding 14M new users in the last two years. The roll-out of the Cash App Card is a promising driver of growth, with 20M users in March 2023 compared to 11M two years ago. Block is expected to add approximately 3-4M new Cash App users annually over the next three years, with potential for 72-75M users by the end of FY 2026. In Q1'23, the Cash App generated $3.3B in revenues and $931M in gross profit, with 49% Y/Y gross profit growth. Block has aggressively pushed into international markets, with non-U.S. markets representing a growth opportunity for Block. The author believes Block's shares have upside revaluation potential, with Block expected to grow much faster than PayPal. The best reason for investors to buy shares of Block is the momentum seen in the Cash App ecosystem, even if it comes at a premium price.

The author gives Comerica Bank a Strong Buy Rating based on a systematic methodology that rates stocks based on 5 questions and assigns a score to each question. Comerica is undervalued based on its forward P/E ratio and P/B ratio, and a fellow Seeking Alpha analyst recognizes the value of Comerica's stock due to the aggressive valuation discounts caused by the financial crisis in March. Comerica has a balanced revenue diversification with subsidiaries in banking, insurance, equipment leasing/financing, broker/dealer business, and wealth advisory practice, and Q1 2023 earnings results show YoY growth in both interest and non-interest income. Comerica has a high dividend yield and consistent dividend growth, and a stable financial foundation with a CET1 ratio of 10.09% and total liquidity capacity of $41.7 billion. The author has a bullish outlook on Comerica's stock, citing an attractive price point and valuation, competitive dividend, diversified business model, and strong capital ratios and liquidity, and reiterates their Strong Buy Rating on the stock. The main risks to this outlook are unperforming loans and deposit outflows, but the author believes that these risks are being mitigated and managed responsibly.

LendingClub is the leading digital marketplace bank for unsecured personal loans in the US and has a competitive advantage in serving the prime credit range for personal loans and having its own bank to fund and benefit from loans. Despite being grouped with unprofitable fintech stocks, LendingClub's revenue comes from its marketplace and bank, with high-margin servicing fees from loans sold in the marketplace. LendingClub has provisioned for losses and maintains on-target despite the credit market being hurt by rising interest rates and inflation. Record-high credit card and unsecured personal loan debt act as a tailwind for LendingClub, allowing for net interest margin to increase. LC maintains a strong level of liquidity and employs the CECL methodology for loss provisioning, resulting in abnormally suppressed GAAP earnings and fair value of loans exceeding their carrying value. Key catalysts for LC include the suppression of earnings due to CECL methodology, a decrease in marketing spend, rising yields, and a new structured loan program. The author creates a base case resulting in an EPS of 0.46 or 1.85 annualized and gives LendingClub an 8x earnings multiple or 1.5 TBV, yielding a valuation of $14.72 and an upside of 60%+. Risks include a full-blown recession and fintechs entering the prime credit market. Overall, LendingClub's unique business model and tailwinds of credit card refinancing and lagging loan yields make it poised for growth over the next year and into the long-term.

HealthEquity, Inc. (HQY) has broken out of a 6-month downtrend due to positive Q1 FY'24 numbers, and the author suggests revisiting the investment thesis for HQY and considering revisions to fundamental, sentiment, and valuation outlook, market expectations, and whether investors have discovered the security. HealthEquity's core offering is the Health Savings Account (HSA), which generates income for the company. The company saw a 12% growth in invested assets and opened 134,000 new HSAs in Q1. Q1 top-line growth was 19%, with 59% growth in custodial revenue and 48% growth in adj. EBITDA. HealthEquity's market share has surged from 4% to 20% since December 2010, and it is well-positioned to gain more of the HSA market. The author believes there is evidence to suggest HQY will grow substantially and could be worth $104 per share on intrinsic value, revising their rating to a buy with a price target of $104/share.

Corning's stock has declined due to declining revenue and shrinking margins over the last three quarters, as well as headwinds related to a harsh macroeconomic environment. However, the author believes these challenges to be temporary and not secular, and that the stock offers a solid 3.5% dividend yield and above 20% upside potential, which outweigh the headwinds and risks. Corning is a leading global supplier of precision glass for liquid crystal displays and a leader in the optical fiber and cable market, with revenue streams relatively diversified across five reportable segments. The author suggests that GLW's multiples are currently mostly lower than the sector median and its 5-year average valuation ratios, and that the stock is undervalued. The author uses a DCF model and a DDM valuation approach to estimate GLW's fair value, projecting a 4.8% revenue CAGR and a peak FCF margin of 10% in FY 2032 and beyond. The fair value is estimated at about $34 billion, more than 20% higher than the current market cap. The author recommends GLW as a strong buy for long-term investors, despite risks such as high technological risks, supply-chain risks, foreign exchange risks, and geopolitical risks related to the company's significant sales in China.

Signet Jewelers is the world's largest retailer of diamond jewelry, with over $7.40B worth of luxury jewelry sold in FY23 and over 2800 stores across the US, Canada, and the UK & Ireland. Signet's extensively vertically integrated supply chain and new push towards achieving operational excellence present a compelling turnaround story that is only just beginning to benefit from their business improvements. The expected growth in wedding and engagements forecast in the US for the coming years should help further bolster sales for the jeweler. Signet has a narrow economic moat due to the scale of their operations and range of jewelry products offered to a wide set of customer demographics. Signet's balance between broad and focused banners and unique customer experiences should drive growth. Signet's ecommerce sales grew in FY23, reaching a new record of 20.4% of total sales. Signet is currently trading at a reasonable discount compared to their future cash generation abilities and using a conservative CAGR shows the stock to be undervalued by over 60%. However, Signet's primary risk is its high exposure to the cyclical nature of global economies and declining levels of marriages in the US. The author awards Signet with a Strong Buy rating.