Extended Shareholder Return™ Calculator

Please select a sector to proceed with calculations.

This calculator computes the Extended Shareholder Return™ (TR²S / TR³S) for any company, listed or unlisted. It measures whether a company preserves its asset base (TR²S) and whether it moves away from extractive business models (TR³S). For listed companies, import research data from Perplexity. For unlisted companies, enter financial data manually. The calculator delivers: Capital Discipline Gate status, CDQ Score, quadrant placement, structural vulnerability, and CEO compensation alignment. All calculations follow the Calculation Manual.

Company

Company or Ticker *

Year *

Currency (auto)

Sector (auto)

Research

Fill in Company, Ticker, Year, and Sector above. Then copy the prompt, run it in Perplexity Deep Research, and import the results.

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No data is transmitted. The prompt is copied locally to your clipboard. Perplexity delivers raw data in English. All calculations (PROMPT, quadrant, vulnerability, TR²S, TR³S) are performed by this page using mechanics.html definitions.

Research Findings

Return Data with TRS Calculation

P₀ Opening price

P₁ Closing price

D Dividends per share

Currency From Company settings

Company *

Year *

Currency

Sector

Enterprise Value Estimator (optional). If you do not have a formal valuation, estimate EV using one of two methods. The result pre-fills the EV fields below. You can override manually.

Method A: EBITDA Multiple

EBITDA

Multiple

Method B: Book Value

Total Equity

Net Debt

EV₀ Enterprise value, start of period

EV₁ Enterprise value, end of period

Owner distributions Total period

Currency From Company settings

Calculated TRS:

TRS: -

Total Return to Shareholders: TRS = (P₁ - P₀ + D) / P₀

Capital Discipline Gate

ROIC % Return on Invested Capital

WACC % Weighted Average Cost of Capital

FCF millions Free Cash Flow

Currency From Company settings

ND / EBITDA Net Debt / EBITDA

Threshold sector-based Automatically set by sector

Capital Discipline Gate

CDG = ?

The Capital Discipline Gate determines whether extended return metrics (TR²S, TR³S) can inform CEO long-term incentive compensation. Only companies demonstrating capital discipline (CDG = PASS) qualify for extended LTI structures.

Asset Viability Factor

Primary Material Dependency → RAR

INPUT Source: Annual Report / Sustainability Report

Recycled/secondary material share (%)

→

COMPUTED Sec. 1.2

RAR

0.00

No data

Enter recycled material % to compute RAR.

Asset Utilization Intensity → LVE

INPUT Source: Annual Report (cash flow statement)

Capex as % of revenue

→

COMPUTED Sec. 1.2

LVE

0.00

No data

Enter capex % to compute LVE.

Circular Value Capture → CRR

INPUT Source: Annual Report / Segment Reporting

Service/aftermarket/repair revenue share (%)

→

COMPUTED Sec. 1.2

CRR

0.00

No data

Enter service revenue % to compute CRR.

Resource Cost Exposure → θ adjustment

INPUT Source: COGS analysis, margin volatility

Commodity margin sensitivity

→

COMPUTED Sec. 1.2

θ adj

0.00

No data

Calculated RM (Asset Preservation Multiplier):

RM: -

RM = α·RAR + β·LVE + γ·CRR

When TRS ≥ 0: TR²S = TRS × (1 + RM)
When TRS < 0: TR²S = TRS × (1 - θ·RM)

Sector	θ base	α (RAR)	β (LVE)	γ (CRR)
Extractives	0.40	0.45	0.35	0.20
Manufacturing	0.30	0.40	0.40	0.20
Construction	0.35	0.35	0.45	0.20
Consumer Goods	0.25	0.30	0.30	0.40
Food Systems	0.32	0.35	0.35	0.30
Transport	0.28	0.40	0.40	0.20
Technology	0.20	0.35	0.30	0.35

θ base adjusted by Resource Cost Exposure assessment (-0.10 to +0.10)

The Asset Viability Factor enables boards to reward CEOs for preserving the asset base. The four assessment questions (Primary Material Dependency, Asset Utilization, Circular Revenue, Resource Cost Exposure) translate into formula inputs (RAR, LVE, CRR, θ). Higher scores increase the Asset Preservation Multiplier (RM), lifting TR²S above the baseline return. In downturns, θ dampens losses for companies with strong asset preservation. CDG = FAIL blocks all extended bonuses if ROIC falls below WACC.

Extended Return (First Lens)

TR²S = -

System Conditions Factor

Asset Revenue Alignment → ARA

INPUT Source: Segment reporting, customer industry breakdown (Perplexity estimate if not directly disclosed)

Revenue from extractive end-use (%) Revenue from regenerative end-use (%)

→

COMPUTED Sec. 1.3

ARA

0.0

No data

Enter extractive and regenerative revenue % to compute ARA.

Supply Chain Resilience → VCI

INPUT Source: Annual Report risk section, procurement (Perplexity estimate if not directly disclosed)

Critical single-source dependencies (count) Diversified/circular procurement (%)

→

COMPUTED Sec. 1.3

VCI

0.00

No data

Enter dependency count and diversified procurement % to compute VCI.

Ecosystem Contribution → ECR

INPUT Source: Sustainability report, environmental capex (Perplexity estimate if not directly disclosed)

Ecosystem restoration spend (% of EBITDA)

→

COMPUTED Sec. 1.3

ECR

0.00

No data

Enter restoration spend % to compute ECR.

Resilience Index

RI = -

Weighted sum of supply chain and ecosystem factors

Regenerative Exposure

RE = -

Business model direction amplifies or dampens RI

RI = λ·VCI + μ·ECR

Resilience Index: weighted sum of supply chain and ecosystem factors

RE = ARA × RI

Regenerative Exposure: business model direction amplifies or dampens RI

TR³S = TR²S × (1 + RE)

Second lens: system-level impact on extended return

Sector	λ (VCI)	μ (ECR)
Extractives	0.40	0.60
Manufacturing	0.50	0.50
Construction	0.45	0.55
Consumer Goods	0.60	0.40
Food Systems	0.50	0.50
Transport	0.55	0.45
Technology	0.60	0.40

The System Conditions Factor enables boards to reward CEOs for building external resilience. ARA determines whether the business model amplifies or dampens system risk. Higher VCI and ECR inputs increase the Resilience Index (RI), which feeds into the Regenerative Exposure (RE). Positive RE lifts TR³S above TR²S; negative ARA can reduce it. This aligns CEO incentives with long-term system stability, not just internal asset management.

Extended Return (Second Lens)

TR³S = -

Results: Extended Return

Market Return

TRS = -

Extended Return (First Lens)

TR²S = -

Extended Return (Second Lens)

TR³S = -

CDQ Score

CDQ Rating

✓

Calculation Verification Trace

Extended Return Risk Assessment Matrix

Analysis Year –

Quadrant Placement

–

Structural Vulnerability

–

Enter data above to generate positioning analysis.

CEO Compensation

A. Compensation Package

Pre-filled with the European CEO median base salary of EUR 1.52M (source: Mercer Board and CEO Remuneration in Europe, 2024). If you have actual compensation data from the remuneration report, enter it below to replace the median values.

Base Salary

Annual fixed salary (EU median: 1.52M)

STI Target

Short-term incentive at 100% (typically 100% of base)

LTI Target

Long-term incentive at 100% vesting (typically 200% of base)

LTI Cap

Maximum LTI payout (% of target)

Currency

Total at target: - (base) + - (STI) + - (LTI at 100%) = - | Maximum LTI: -

B. Vesting Ladder

The vesting ladder translates the CEO's actual return into a payout percentage. Below the threshold: no payout. At target: 100% of LTI. At cap: 200% of LTI. Between levels, payout interpolates linearly. TR²S and TR³S have lower thresholds because they are harder to achieve: they already incorporate asset preservation and system resilience on top of market return.

Metric	Below Threshold 0% vesting	Threshold 50% vesting	Target 100% vesting	Stretch 150% vesting	Cap 200% vesting
TRS	< 0%	0%	30%	40%	50%
TR²S	< 0%	0%	25%	35%	45%
TR³S	< 0%	0%	20%	30%	40%

C. Payout Calculation

Three steps determine LTI payout for each metric. All three metrics are always calculated. The industry profile determines which metric is recommended as the governing LTI measure.

1 Vesting % = where the actual return falls on the vesting ladder (0% to 200%)

2 Final Vesting Factor (FVF) = Vesting % x CDG (CDG = 1 if passed, 0 if failed)

3 LTI Payout = LTI Target x FVF, capped at LTI Target x LTI Cap %

Metric	Return	Vesting %	FVF	LTI Payout	Total Comp	vs TRS
TRS	-	-	-	-	-	-
TR²S	-	-	-	-	-	-
TR³S	-	-	-	-	-	-

Enter data above to see the compensation comparison.