Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键率
Excess Key Rate — 超出关键率的期望
EPS = -2.65
CAGR EPS = 7.28%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 9.49 + (9.49 * 7.28% / 100) = 10.18

Price = (Terminal Value + Company Value) / Count shares
Price - 合理的价格
Terminal Value — 邮政过程中的费用
Company Value — 预测期内的成本
Count shares - 股票数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.23
Ebitda Yield = -1.75
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 债务服务
Debt - 债务，十亿
Weight Debt - 相对于债务的重量
Weight Cost Debt - 债务权重有关大写
Tax - 税
Interest Expense = 2.67
Debt = 0.746
Market Cap = 8.1
Weight Debt = Market Cap / (Market Cap + Debt) = 8.1 / (8.1 + 0.746) = 0.9157
Weight Cost Debt = 100% - 0.9157 = 0.0843
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 盈利能力
β (beta) — 确定与市场有关的股份（资产）风险（资产），并显示了与市场收益变化有关的行动盈利能力变化的敏感性。 Beta系数不仅可以针对单独的操作计算，还可以计算投资组合。
Risk Premium — 高级风险 - 投资诉讼风险的奖励
Country Premium - 国家风险
k(f) = 3.01
β = -2.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -2.72 * 5.94 + 0 = -0.1315
WACC = (2.67 / 0.746) * (100% - 0.9157) * (1 - 0.21) + -0.1315 + 0.9157 = 279.63
Terminal Value = Discount (2.23 * (1 + -1.75) / (279.63 - -1.75)) = -0.000464
Company Value = ∑ (2.23 / (1 + 279.63) ^ 5) = 1.58
Price = (Terminal Value + Company Value) / Count shares = (-0.000464 + 1.58) / 1841260000 = 0.8576

Price = (Terminal Value + Company Value) / Count shares
Price - 合理的价格
Terminal Value — 邮政过程中的费用
Company Value — 预测期内的成本
Count shares - 股票数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0035
FCF Yield = -0.4887
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 债务服务
Debt - 债务，十亿
Weight Debt - 相对于债务的重量
Weight Cost Debt - 债务权重有关大写
Tax - 税
Interest Expense = 2.67
Debt = 0.746
Market Cap = 8.1
Weight Debt = Market Cap / (Market Cap + Debt) = 8.1 / (8.1 + 0.746) = 0.9157
Weight Cost Debt = 100% - 0.9157 = 0.0843
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 盈利能力
β (beta) — 确定与市场有关的股份（资产）风险（资产），并显示了与市场收益变化有关的行动盈利能力变化的敏感性。 Beta系数不仅可以针对单独的操作计算，还可以计算投资组合。
Risk Premium — 高级风险 - 投资诉讼风险的奖励
Country Premium - 国家风险
k(f) = 3.01
β = -2.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -2.72 * 5.94 + 0 = -0.1315
WACC = (2.67 / 0.746) * (100% - 0.9157) * (1 - 0.21) + -0.1315 + 0.9157 = 279.63
Terminal Value = Discount (0.0035 * (1 + -0.4887) / (279.63 - -0.4887)) = 0
Company Value = ∑ (0.0035 / (1 + 279.63) ^ 5) = 0.0155
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0155) / 1841260000 = 0.0084