Agora’s ‘Gazeta Wyborcza’ newspaper copy sales grew in November, with average daily copy sales up by 4.5%, compared with the same month in the previous year, while all of the other national newspapers reported weaker copy sales, with ‘Rzeczpospolita’ broadsheet down by 16.4% y/y, ‘SuperExpress’ tabloid down 7.9% y/y, and ‘Fakt’ tabloid down by 6.0% y/y. ‘Dziennik’ copy sales were only 198 311 copies, lower by 2.0% compared with the previous month.
Our view: In November, the month marked with local elections, ‘Gazeta’ copy sales came weaker by only 1.6% compared with the previous month, slightly better than its main rival ‘Dziennik’, whose copy sales decreased by 2.0%, and much better than the rest of the peers.
What becomes evident, ‘Gazeta’ is expanding its circulation at the expense of ‘Rzeczpospolita’, following recent changes the latter newspaper profile, apparently to the worse, while ‘Dziennik’ copy sales have stabilized around 200.000 copies. We would expect a positive impact of the news today. We reiterate our Hold rating for the stock.