Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 2.1
CAGR EPS = 21.37%
Key Rate = 0.165
Excess Key Rate = 2
Price = 2.1 * (1 + 21.37%) / (0.165 * 2) = 7.72

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 = 0.5917
g = 1.15
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 = -0.4002
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + -0.4002 * 5.91 + 12.94 = 0.183
Price = (0.5917 * (1 + 1.15)) / (0.183 - 1.15) = 1.32

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) = 48.22
Ebitda Yield = 0.528
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 = 2.63
Debt = 41.3
Market Cap = 18.1
Weight Debt = Market Cap / (Market Cap + Debt) = 18.1 / (18.1 + 41.3) = 0.3047
Weight Cost Debt = 100% - 0.3047 = 0.6953
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 = -0.4002
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + -0.4002 * 5.91 + 12.94 = 0.183
WACC = (2.63 / 41.3) * (100% - 0.3047) * (1 - 0.2) + 0.183 + 0.3047 = 5.13
Terminal Value = Discount (48.22 * (1 + 0.528) / (5.13 - 0.528)) = 120.34
Company Value = ∑ (48.22 / (1 + 5.13) ^ 5) = 101.79
Price = (Terminal Value + Company Value) / Count shares = (120.34 + 101.79) / 1115000000 = 199.22

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) = -1566.44
FCF Yield = 1.91
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 = 2.63
Debt = 41.3
Market Cap = 18.1
Weight Debt = Market Cap / (Market Cap + Debt) = 18.1 / (18.1 + 41.3) = 0.3047
Weight Cost Debt = 100% - 0.3047 = 0.6953
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 = -0.4002
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + -0.4002 * 5.91 + 12.94 = 0.183
WACC = (2.63 / 41.3) * (100% - 0.3047) * (1 - 0.2) + 0.183 + 0.3047 = 5.13
Terminal Value = Discount (-1566.44 * (1 + 1.91) / (5.13 - 1.91)) = -1910.88
Company Value = ∑ (-1566.44 / (1 + 5.13) ^ 5) = -1899.03
Price = (Terminal Value + Company Value) / Count shares = (-1910.88 + -1899.03) / 1115000000 = -3416.96