The average daily circulation of Agora’s Gazeta Wyborcza came in at 301,984 copies in July 2011, down 7.8% y/y and up 5.2% m/m. Rzeczpospolita’s circulation was down 10.5% y/y and down 5.13% m/m, while Dziennik Gazeta Prawna was down 14.9% y/y and down 2.3% m/m in July. Poland’s overall daily newspaper market was down 8.7% y/y and up 1.7% m/m in the period.
Our view:
Despite a seasonally weak month, in July average daily circulations jumped above 300k copies, however negative trend is being continued. Dynamic of Gazeta Wyborcza’s daily circulation was better than dynamic of total press market in Poland and circulation of main competitors during the period, on annual and monthly basis. We would expect recent release of data to have neutral impact on the stock price today.
[Recommendation: Hold; Fair Value 25.00 PLN]