MOON has had a good start to the year, including a return to growth at Greetz. Today’s update confirms deepening customer engagement, increasing purchase frequency and attach rates driven by its broad range of tech-led and product-led enhancements. With a loyalty driven model, high repeat sales, compounding levers for expansion, 20% PBT margin and strong FCF which funds s/holder returns, MOON warrants a much higher multiple than the 10x Apr’27 P/E (12% adj FCF yield) it has drifted back to. With a 70% TSR on offer, we reiterate our Buy stance.