Total shareholder return

For a simple one-period calculation with no reinvestment or capital changes, TSR equals (closing price − opening price + dividend per share)/opening price. It includes both income and capital gain or loss and therefore differs from dividend yield or earnings growth. Rights issues, splits, dividend reinvestment and longer measurement periods require consistent adjustments. A rising EPS does not guarantee a positive TSR because market expectations and required returns can change. Compare returns over the same period and recognise that general market movements can influence the result.