After rising for several months, Agora’s “Gazeta Wyborcza” daily copy sales dropped by 3.1% in November, compared with the same month in the previous year, for the second month in a row, while national newspaper circulation increased by 18.5%. The picture is more favorable for Agora on a January-November comparison basis, where “GW” demonstrated 4.1% sales growth against the backdrop of a fall of the market as a whole by 1.4%. Agora’s newspaper did much worse, than its main rival “Fakt” tabloid, whose copy sales soared by 11.8% y/y in November, but declined by –3.9% y/y in January–November period. Other national newspapers reported relatively weaker copy sales in November with “SuperExpress” tabloid down another 2.1%, and “Rzeczpospolita” broadsheet higher by 0.4%. For the first time, the statistics include Agora’s new daily “Nowy Dzien”, which was launched on November 15th. ND average daily circulation at 210,972 copies came below the targeted 250-300,000 copies, but nonetheless the title became the 4th national daily newspaper, closing on the “Super Express” tabloid, which sold 223,089 copies in November. Overall, we believe weaker “GW” copy sales are fully attributable to the cannibalization effect of the “Nowy Dzien” launch, which in itself should add to strengthening Agora’s total market share in advertising spending. We believe that the news on “GW” and “ND” copy sales in November would be neutral for the stock today. We continue rating Agora as a Hold with a fair value estimate of PLN 70 per share.