Morgan Stanley IM: Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals
We study the sources of total shareholder return (TSR) and tie them to underlying economic principles.25.10.2023 | 06:45 Uhr
- The concepts are useful to help assess the prospective returns of a stock and to create a framework for flagging potential value traps, companies with justifiably inexpensive valuations.
- The analysis reveals that few investors in the stocks of companies that pay dividends earned the TSR and refutes the common belief that dividends contribute to capital accumulation.
- This framework gives investors a checklist of drivers and the tools to help assess them.