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 = 164.2
CAGR EPS = 21.36%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 986.2 + (986.2 * 21.36% / 100) = 1196.81

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) = 77.29
Ebitda Yield = 0.0789
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 = 2.18
Debt = 21.55
Market Cap = 156.48
Weight Debt = Market Cap / (Market Cap + Debt) = 156.48 / (156.48 + 21.55) = 0.8789
Weight Cost Debt = 100% - 0.8789 = 0.1211
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) = 2.68
β = 1.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.78 * 5.94 + 0 = 0.1326
WACC = (2.18 / 21.55) * (100% - 0.8789) * (1 - 0.21) + 0.1326 + 0.8789 = 8.04
Terminal Value = Discount (77.29 * (1 + 0.0789) / (8.04 - 0.0789)) = 39061.19
Company Value = ∑ (77.29 / (1 + 8.04) ^ 5) = 263.24
Price = (Terminal Value + Company Value) / Count shares = (39061.19 + 263.24) / 142770000 = 275439.03

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) = 27.96
FCF Yield = 0.1369
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 = 2.18
Debt = 21.55
Market Cap = 156.48
Weight Debt = Market Cap / (Market Cap + Debt) = 156.48 / (156.48 + 21.55) = 0.8789
Weight Cost Debt = 100% - 0.8789 = 0.1211
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) = 2.68
β = 1.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.78 * 5.94 + 0 = 0.1326
WACC = (2.18 / 21.55) * (100% - 0.8789) * (1 - 0.21) + 0.1326 + 0.8789 = 8.04
Terminal Value = Discount (27.96 * (1 + 0.1369) / (8.04 - 0.1369)) = 382.03
Company Value = ∑ (27.96 / (1 + 8.04) ^ 5) = 85.99
Price = (Terminal Value + Company Value) / Count shares = (382.03 + 85.99) / 142770000 = 3278.17