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    Jolyon Wellington

    Research Analyst at JPMorgan Chase & Co.

    Jolyon Wellington is an Equity Research Analyst at J.P. Morgan Securities plc, specializing in the coverage of U.K. industrials with direct analysis of companies such as Balfour Beatty plc. His research contributions include participation in earnings calls and detailed sector insights, but public records do not indicate widely reported performance metrics, TipRanks rankings, or consistent analyst success rates. Wellington joined J.P. Morgan after building years of experience in the sector, holding his current analyst post for several years in the London office. He is registered with FCA regulations in the UK and holds key securities licenses required for sell-side research and equity analysis.

    Jolyon Wellington's questions to Balfour Beatty plc/ADR (BAFBF) leadership

    Jolyon Wellington's questions to Balfour Beatty plc/ADR (BAFBF) leadership • Q2 2016

    Question

    Jolyon Wellington from JPMorgan asked for the drivers behind the confidence in moving the UK construction margin from breakeven to 2-3%, whether revenue shrinkage would be required, and how falling interest rates affect the infrastructure portfolio's valuation.

    Answer

    CEO Leo Quinn attributed his confidence in UK margins to bidding on higher-margin projects with a lower overhead base, noting the business is planned for flat revenue, so any growth is a bonus and no shrinkage is required to hit the target. Regarding the infrastructure portfolio, he explained that its assets have robust, often inflation-linked returns, making their valuation less sensitive to interest rate fluctuations than might be expected.

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