Agora has not placed its bid in the tender for the media assets of Norway’s Orkla, which includes a majority stake in ‘Rzeczpospolita’, a leading broadsheet newspaper in Poland. According to press reports, Agora’s main rival, Axel Springer Polska has not been mentioned among eight contenders that placed bids for Orkla either. This means that ASP would need to build its market position in the quality newspaper segment in Poland from scratch. We expect a slightly positive market impact from the news, which we anticipated, and reiterate our Buy rating for Agora, with a PLN 60.0 per share fair value estimate.