It will be too early too tell in their financials. We might get some commentary around margins and competition but I doubt it. MND or LYL haven't announced any contract wins either so I might be jumping at shadows.
When you look at the ROE for the various players you can see the attraction for MND and LYL.
But ROE is a function of industry competitiveness (as well as obvious cyclicality in this industry).
Mr Market doesn't seem to be as worried as I am though. Price / book value for GNG is currently 4.73x on my numbers. While that is ok for a company that can maintain their high ROE it is much higher than it has been historically facing into what is arguably more competition from some very respected players.
