Yesterday, in the radio interview, Wanda Rapaczynska, CEO of Agora signaled that Agora might repeat Gazeta Wyborcza format in Ukraine. The statement was not very specific and rather vague but in our opinion it could mean that finally Agora is considering new serious project, which we view as very positive. On the other hand a new big project could potentially mean lower than expected buy back program for this year than is expected to be soon announced. We reiterate our Buy rating for Agora with a fair value estimate of PLN 51.1 per share.