The sales of outdoor advertising companies in Poland grew by 30% y/y in 4Q05, picking up in comparison with 3Q05 and making the full year growth figure equal to 26% y/y, which beats analyst estimates of 20% growth for FY2005. The data, provided by Polish Chamber of Outdoor Advertising (IGRZ), is based on net sales figures, after rebates, which is more reliable than the gross figures. The surprisingly good data were positively influenced by two rounds of presidential elections held in October last year, and General Elections held in September, with political campaigning accounting for 5.14% of ad-spend in FY2005. Apart from that, other sectors contributed to the growth strongly, led by telecoms (18.3% share in ad-spend) and entertainment (13.3% share). We view the news as supportive for Agora, which owns the company with the biggest share of the outdoor market – AMS. In our view, data on outdoor ad-spending might be indicative of strong performance for other media segments in 4Q05, which should lead to strong performance in Agora, which derives the vast majority of its revenues from other segments, especially from the daily press segment. Given the longer-term outlook, with growth in outdoor advertising spending forecasted to slow down to 8-10% y/y in 2006, we reiterate our Hold rating for the stock (PLN 70.0 fair value estimate).