Agora’s ‘Gazeta Wyborcza’ newspaper copy sales grew in April, with average daily copy sales at 478k, up by 0.9%, compared with the same month in the previous year, while all of the other national newspapers reported weaker copy sales, with ‘Rzeczpospolita’ broadsheet down by 12.6% y/y, ‘SuperExpress’ tabloid down 5.3% y/y, and ‘Fakt’ tabloid down 2.5 y/y. ‘Dziennik’ copy sales were 211k copies, down 16.6% y/y.
Our view: In April, the month marked with new collection launches and heated political debate, ‘Gazeta’ copy sales rose by 2.1% compared with the previous month, much better than its main rival ‘Dziennik’, whose copy sales dropped by 2.1%, and much better than the rest of the peers. What is evident, ‘Gazeta’ is expanding its circulation at the expense of ‘Rzeczpospolita’, on the back of the latter’s too high copy price, PLN 2.7 vs. Gazeta’s PLN 1.5, while ‘Dziennik’ copy sales have stabilized around 200.000 copies. We would expect a neutral impact of the news today, as the continuation on the positive trend was anticipated. We reiterate our Hold rating for the stock.