The government has been considering introducing a ban on beer advertising in television before 23.00, according to today’s ‘Gazeta Prawna’. This could reduce TV station’s ad revenues by 2-3% starting from 2007, newspaper said.
Our view: At this stage, we find it hard to evaluate the likelihood of introducing a partial ban on beer advertising in Poland. We would expect a negative market reaction to the news. We reiterate our Hold rating for the stock.