In the remuneration report, LTI (Long-Term Incentive) awards are 80% tied to the TSR (Total Shareholder Return) criterion, with an average share price of 8-12e in Q4/27, also considering other distributions and dividends. Taking into account previous insider purchases at prices of 6.5-7e in the last ~6 months, the management likely has a strong view on the true value of Aspon. My impression is that management’s goals are often achieved, but for example, in 2025, only 19% of the CEO’s bonus potential was realized.
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