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 = 50.61
CAGR EPS = 21.96%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 840.73 + (840.73 * 21.96% / 100) = 1025.32

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 合理的价格
DPS — 当前股息
g — 预期增长率
DPS = 11
g = 0.6618
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 = -1.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.93 * 5.94 + 0 = -0.0879
Price = (11 * (1 + 0.6618)) / (-0.0879 - 0.6618) = 24.38

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) = 22.03
Ebitda Yield = 0.3542
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 = 0.3897
Debt = 3.5
Market Cap = 43.91
Weight Debt = Market Cap / (Market Cap + Debt) = 43.91 / (43.91 + 3.5) = 0.9262
Weight Cost Debt = 100% - 0.9262 = 0.0738
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 = -1.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.93 * 5.94 + 0 = -0.0879
WACC = (0.3897 / 3.5) * (100% - 0.9262) * (1 - 0.21) + -0.0879 + 0.9262 = 8.64
Terminal Value = Discount (22.03 * (1 + 0.3542) / (8.64 - 0.3542)) = 73.58
Company Value = ∑ (22.03 / (1 + 8.64) ^ 5) = 49.13
Price = (Terminal Value + Company Value) / Count shares = (73.58 + 49.13) / 63000000 = 1947.9

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) = 12.74
FCF Yield = 0.17
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 = 0.3897
Debt = 3.5
Market Cap = 43.91
Weight Debt = Market Cap / (Market Cap + Debt) = 43.91 / (43.91 + 3.5) = 0.9262
Weight Cost Debt = 100% - 0.9262 = 0.0738
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 = -1.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.93 * 5.94 + 0 = -0.0879
WACC = (0.3897 / 3.5) * (100% - 0.9262) * (1 - 0.21) + -0.0879 + 0.9262 = 8.64
Terminal Value = Discount (12.74 * (1 + 0.17) / (8.64 - 0.17)) = 117.85
Company Value = ∑ (12.74 / (1 + 8.64) ^ 5) = 36.49
Price = (Terminal Value + Company Value) / Count shares = (117.85 + 36.49) / 63000000 = 2449.94