Agora S.A.

AGO.WA

Publishing · Communication Services

Price

8.70 PLN

+0.08 (+0.93%)

Market Cap

405.3M PLN

Exchange

Warsaw Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Agora S.A. is a Polish media company that runs newspapers, websites, radio stations, and cinemas. Its most well-known product is *Gazeta Wyborcza*, one of Poland's largest daily newspapers, which it has published since 1989. The company serves everyday readers, advertisers, and moviegoers, making it one of the most recognized media brands in Poland.

Agora makes money in several ways: selling print and digital newspaper subscriptions, charging advertisers to place ads across its websites and radio stations, and selling cinema tickets through its Helios theater chain. Almost all of its business is in Poland, making it heavily tied to the Polish economy and consumer spending. The company faces ongoing pressure from declining print readership and competition from global digital platforms like Google and Meta for advertising budgets, which is the central risk to its long-term revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+375.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

13.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

85M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Agora S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 46.6M (2021) → 46.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

42.7%

Healthy — 42.7% gross margin

Profit after running costs

Operating Margin

6.2%

Modest — 6.2% operating margin

Return on the money invested

ROCE

7.8%

Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.2%

Steady sales growth (+8.2% YoY)

Profit growth

EPS YoY

+558.3%

Earnings growing fast (+558.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

563%

Turns 563% of profit into real cash

Spare cash per sale

FCF Margin

5.2%

Thin free cash flow (5.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

1.28x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.0x

Attractive valuation — P/E 11.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

5.75%

Healthy income — 5.75% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-51.8%

Dividend cut (-51.8% YoY) — warning sign

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