Agora’s ‘Gazeta Wyborcza’ newspaper copy sales grew in January, with average daily copy sales up by 24.9%, compared with the same month in the previous year, while all of the other national newspapers reported weaker, or flat, copy sales, with ‘Rzeczpospolita’ broadsheet down by 11.8% y/y, ‘SuperExpress’ tabloid down 3.1% y/y, and ‘Fakt’ tabloid flat y/y. ‘Dziennik’ copy sales were 203,811 copies, down 3.7% compared with the previous month.
Our view: In January, the month marked with new collection launches and revamping of its woman’s supplement, ‘Gazeta’ copy sales came flat compared with the previous month, slightly better than its main rival ‘Dziennik’, whose copy sales dropped by 3.7%, 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, and on the back of the latter’s too high copy price (PLN 2.7 vs. PLN 1.5), 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.