ZenithOptimedia has announced its advertising market growth forecast, saying that it expects Central and Eastern Europe ad spend to grow at the faster rate that the rest of the world by the year 2009. CEE advertising spending would grow by double digits (up 15.6% in 2007, up 14.4% in 2008, up 13.9% in 2009), compared with only 5% on average elsewhere in the world.
Our view: Although the fastest growing market in CEE would be Russia, the country where CME is still not present, we view the ZenithOptimedia forecast as supportive for CME businesses in other CEE countries. We reiterate our Buy rating for CME.