Expert Monitor consultancy has estimated Agora list price press advertising revenues at PLN 53.29m in August 2006, up from PLN 48.95m in August last year. Among Agora rivals, ‘Fakt’ ads revenues amounted to PLN 12.0m, ‘Rzeczpospolita’ – PLN 6.3m, ‘Super Express’ - PLN 5.95m and ‘Fakt’ - 3.6m.
Our view: The list price data ignores substantial rebates given to advertising buyers, but even excluding that, it is clear that Agora maintains its leadership position. We reiterate our Buy rating for the stock.