Poland/Enterprises/Media
Warsaw (Puls Biznesu) – The report prepared by BDM PKO BP brokerage, saying that the stock of Agora media group is overvalued by nearly 40 percent. The stock has fallen by 5 percent since it was published.
During holidays, lots of recommendations for Agora had been published. Analysts focused on better results and ad market revival, which – in their opinions – explained stock prices of over PLN 50 (EUR 11.5).
Surprisingly, the result forecasts for 2005 published by BDM PKO BP are even higher than those presented by other brokerages. The difference are more conservative assumptions at valuing the stock.
On the other hand, BDM PKO BP stressed the lack of strategy in Agora and the threat of the listing of TVN television broadcaster. It is also true that Agora is more expensive than its foreign rivals.
(PLN 1 = EUR 0.229)