Magni Giuseppe - also known as Magni Peppino "Pep" - was an Italian bicycle manufacturer, whose frames where mainly built by the expert hands of Giovanni - "Vanni" - Losa. The frame builder from Vittuone - a small city close to Milan - manufactured exquisite bicycles, maybe most famously the Cinelli Supercorsa from the 1990s to 2008.
Like any other frame built by Losa, this Pep Magni illustrates refined triangular engravings on the lugs and cut-outs underneath the bottom bracket with a "V" shape to symbolise his nickname 'Vanni'. As for the tubes, this frame is made of light and sturdy Columbus SL tubes, the choice of most of the frame builders back in the 1970s and 1980s.
To protect the frame (and decals) from the inevitable ravages of time, the former owner sprayed an extra layer of clear coat onto it. This could as well be buffed out by anyone who likes to practice their polishing skills on a few varnish runs ;-)
Generally the frame is more than just sound and looks as cool as a 1970s bike gets.