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 = -37.51
CAGR EPS = 27.07%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 77.4 + (77.4 * 27.07% / 100) = 98.35

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) = 0.4129
Ebitda Yield = -1.68
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 = 1.95
Debt = 6.07
Market Cap = 15.84
Weight Debt = Market Cap / (Market Cap + Debt) = 15.84 / (15.84 + 6.07) = 0.7232
Weight Cost Debt = 100% - 0.7232 = 0.2768
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 = 0.3587
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.3587 * 5.94 + 0 = 0.0481
WACC = (1.95 / 6.07) * (100% - 0.7232) * (1 - 0.21) + 0.0481 + 0.7232 = 25.29
Terminal Value = Discount (0.4129 * (1 + -1.68) / (25.29 - -1.68)) = -0.0472
Company Value = ∑ (0.4129 / (1 + 25.29) ^ 5) = 1.02
Price = (Terminal Value + Company Value) / Count shares = (-0.0472 + 1.02) / 182900000 = 5.33

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) = 15.52
FCF Yield = 0.0957
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 = 1.95
Debt = 6.07
Market Cap = 15.84
Weight Debt = Market Cap / (Market Cap + Debt) = 15.84 / (15.84 + 6.07) = 0.7232
Weight Cost Debt = 100% - 0.7232 = 0.2768
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 = 0.3587
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.3587 * 5.94 + 0 = 0.0481
WACC = (1.95 / 6.07) * (100% - 0.7232) * (1 - 0.21) + 0.0481 + 0.7232 = 25.29
Terminal Value = Discount (15.52 * (1 + 0.0957) / (25.29 - 0.0957)) = 35.03
Company Value = ∑ (15.52 / (1 + 25.29) ^ 5) = 33.45
Price = (Terminal Value + Company Value) / Count shares = (35.03 + 33.45) / 182900000 = 374.44