Total Shareholder return is expressed as a percentage and corresponds to the addition of the Return on the Share (dividends / value of the Share) and the capital gains rate (capital gains during the period divided by the initial Share value). It is the Return earned by a Shareholder who bought the Share at the beginning of a period, earned dividends, and then sold the Share at the end of the period. TSR measures the past year's performance. Total Shareholder return is one of the Market indicators of value creation. To smoothen out market Volatility TSR is usually measured over long periods, like 5 or 10 years.

(See Chapters 28 and 27 of the Vernimmen)

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