We attended MWG’s investor calls on August 14, 2020. Our takeaways reinforce our optimism on MWG’s business execution, which should bolster strong earnings growth in the next few years. As expected, TGDD (mobile) and DMX (consumer electronics) are facing headwinds from softer discretionary spending. That said, MWG’s plan to open a total of ~1,000 super-mini DMX stores (new format) after a successful pilot implies potential upside to our DMX forecasts post-2020.