The marketing campaign of ‘Play’, the fourth mobile operator in Poland, owned in 23.4% by Netia, has gained full momentum. The company announced that it would spend PLN 250m on advertising in all types of media in 2007. The amount corresponds with advertising budgets of the established operators and is in line with earlier indications.
Our view: We remain sceptical on the prospects for ‘Play’ launch. Apart from high promotional bill, the successful launch would probably require undercutting rival operator prices. We reiterate our Sell rating for the stock.