We reiterate BUY as we believe MWG’s strong business execution will lead to elevated earnings growth post-2020. MWG’s current 2020/2021F PERs of 15.7x/11.5x look appealing given our EPS CAGR forecast of 32% for 2020-2023F. We raise our target price 17% mainly because we reduce our DCF discount rate for BHX by 5 ppts to 15%, premised on (1) our view that BHX will see substantial net margin improvement in 2021F (+4.7 ppts to -4.3%) from a scale-driven GPM expansion and management’s plan to slow