Today Agora has started the 16-volume collection "Illustrated Encyclopedia For the Whole Family". The first book priced at PLN 2.50 will be circulated in 300 thousand copies together with a special supplement to "Gazeta Wyborcza". The following volumes will be offered every Wednesday at PLN 19.90 plus the price of "Gazeta Wyborcza".
At the first glance the product, which has been licensed from Dorling Kindersley, and attempts to emulate the success of 20 volumes “Encyclopaedia” last year, looks attractive, although the price seems to be rather high. It follows the launch of another publishing project called 'Decades'last week . Multiplying publications like this gives cushion for Agora earnings, following halving of ‘Gazeta’ copy price earlier this year. We reiterate our Buy rating for the stock.