The history is confusing but Pep Magni appears to a separate but possibly related brand. Magni was part of the Trapeletti corporate family, which also owned Bianchi and Chiorda. Circa 1975, as small Italian shop owned by Peppino started building under the Pep Magni brand. I don't know if this was the result of a change in ownership of the brand or a separate brand, to get around the Magni trademark. What I've researched indicates both brands are tied to Fiorenzo Magni, the great contemporary of Bartali and Coppi. The Pep Magni frames I've seen were all reportedly built by master craftsman Giovanna Lossa and exhibit his trademark V-cutouts and PEP embossing on the stays and fork crowns.

The subject bicycle is actually a re-decaled Marnati from the late 1970s based on the embossing and cutouts.

Edit: added pics courtesy of CR.