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 = 36.3
CAGR EPS = 0%
Key Rate = 0.165
Excess Key Rate = 2
Price = 36.3 * (1 + 0%) / (0.165 * 2) = 110

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 = 36.2
g = 0.0987
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
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + 0 * 5.91 + 12.94 = 0.2067
Price = (36.2 * (1 + 0.0987)) / (0.2067 - 0.0987) = 368.15

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) = 10.24
Ebitda Yield = 0.0489
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 = 1.51
Debt = 16.9
Market Cap = 35.3
Weight Debt = Market Cap / (Market Cap + Debt) = 35.3 / (35.3 + 16.9) = 0.6762
Weight Cost Debt = 100% - 0.6762 = 0.3238
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
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + 0 * 5.91 + 12.94 = 0.2067
WACC = (1.51 / 16.9) * (100% - 0.6762) * (1 - 0.2) + 0.2067 + 0.6762 = 7.24
Terminal Value = Discount (10.24 * (1 + 0.0489) / (7.24 - 0.0489)) = 321.85
Company Value = ∑ (10.24 / (1 + 7.24) ^ 5) = 37.77
Price = (Terminal Value + Company Value) / Count shares = (321.85 + 37.77) / 90000000 = 3995.75

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) = 10.4
FCF Yield = 0.1375
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 = 1.51
Debt = 16.9
Market Cap = 35.3
Weight Debt = Market Cap / (Market Cap + Debt) = 35.3 / (35.3 + 16.9) = 0.6762
Weight Cost Debt = 100% - 0.6762 = 0.3238
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
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 7.73 + 0 * 5.91 + 12.94 = 0.2067
WACC = (1.51 / 16.9) * (100% - 0.6762) * (1 - 0.2) + 0.2067 + 0.6762 = 7.24
Terminal Value = Discount (10.4 * (1 + 0.1375) / (7.24 - 0.1375)) = 128.04
Company Value = ∑ (10.4 / (1 + 7.24) ^ 5) = 32.7
Price = (Terminal Value + Company Value) / Count shares = (128.04 + 32.7) / 90000000 = 1785.94