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 = -16.1
CAGR EPS = 33%
Key Rate = 0.165
Excess Key Rate = 2
Price = 12.92 + (12.92 * 33% / 100) = 17.18

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) = 442.55
Ebitda Yield = 0.067
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 = 291.2
Debt = 1491
Market Cap = 132.3
Weight Debt = Market Cap / (Market Cap + Debt) = 132.3 / (132.3 + 1491) = 0.0815
Weight Cost Debt = 100% - 0.0815 = 0.9185
Tax = 0.2
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) = 7.73
β = 2.54
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + 2.54 * 5.91 + 12.94 = 0.3569
WACC = (291.2 / 1491) * (100% - 0.0815) * (1 - 0.2) + 0.3569 + 0.0815 = 15.64
Terminal Value = Discount (442.55 * (1 + 0.067) / (15.64 - 0.067)) = 2554.22
Company Value = ∑ (442.55 / (1 + 15.64) ^ 5) = 1264.95
Price = (Terminal Value + Company Value) / Count shares = (2554.22 + 1264.95) / 9650000000 = 395.77

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) = 616.37
FCF Yield = -2.27
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 = 291.2
Debt = 1491
Market Cap = 132.3
Weight Debt = Market Cap / (Market Cap + Debt) = 132.3 / (132.3 + 1491) = 0.0815
Weight Cost Debt = 100% - 0.0815 = 0.9185
Tax = 0.2
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) = 7.73
β = 2.54
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + 2.54 * 5.91 + 12.94 = 0.3569
WACC = (291.2 / 1491) * (100% - 0.0815) * (1 - 0.2) + 0.3569 + 0.0815 = 15.64
Terminal Value = Discount (616.37 * (1 + -2.27) / (15.64 - -2.27)) = -155.87
Company Value = ∑ (616.37 / (1 + 15.64) ^ 5) = 254.28
Price = (Terminal Value + Company Value) / Count shares = (-155.87 + 254.28) / 9650000000 = 10.2