Investment Recommendation: We have updated our expectations for Moneta Money Bank. Based on our estimates, we are issuing a new target price and rating. Our new target price is CZK192.0 per share, and we are issuing a Hold recommendation. (Both have been under review since April 24, 2026.) Compared to peers, Moneta is trading at a premium. It is therefore more expensive than its competitors. According to our estimates, Moneta is trading at a P/B of 3.0x, a P/E of 14.8x, and a P/S of 7.0x. The median for the group of comparable companies is 1.5x, 9.9x, and 2.2x respectively. In our view, the premium is justified. This is due to its strong capital position, asset quality, and conservative business model. Furthermore, Moneta offers one of the highest dividend yield in the group.