New Axel Springer daily newspaper would enter the market just after Easter holiday, on April 18th, according to press reports. The news has been widely expected, but nonetheless, the stock price plummeted 4.8% on Friday. The market reaction seems to be overdone, as we believe that Agora’s market position would be extremely difficult to undermine by the new newspaper launch. While we would expect some rebound today, we reiterate our Buy rating for Agora with PLN 60.0 fair value estimate.