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Total Shareholder Return: Planning a Future Perfect

Total shareholder return can not only be a measure of past performance, but it can be harnessed as the prime touchstone for planning future performance.

Fortnightly Magazine - January 2006

pervasive balance-sheet reconstruction, the sense of untamed risk subsided and share prices rebounded. Needless to say, this was an unusual period, but not inconsistent with the basic risk-growth price relationship discussed herein.

3. This is an article, not a textbook, and neither space nor the reader’s patience permits discussion of all the exquisite complications that can be layered on this arithmetic process. For instance, what if the company issues new shares and new equity? What if the company re-engineers its finances to modify its WACC? How does a contemplated merger affect these calculations? And so forth. The basic answer is, this approach still works, you just have to make the peripheral adjustments necessary to take account of each of these complications.