MGI’s Q3 revenues declined as expected, while adjusted operating profit fell short of our expectations due to higheroperating costs than estimated. MGI reiterated its guidance of lower revenues in 2023 due to a challenging marketenvironment. During the quarter, MGI increased its market share further, and we believe MGI is well-positioned tocontinue to do so. We, therefore, see a clear upside in the low valuation as ad spending recovers. We recognize thepossibility that the recovery might take longer than expected, which could impede the stock's performance until theoutlook improves.

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