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 = -143
CAGR EPS = 51.08%
Key Rate = 0.165
Excess Key Rate = 2
Price = 276.4 + (276.4 * 51.08% / 100) = 417.59

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) = -3.51
Ebitda Yield = -0.0655
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 = 26.3
Debt = 114.7
Market Cap = 168.2
Weight Debt = Market Cap / (Market Cap + Debt) = 168.2 / (168.2 + 114.7) = 0.5946
Weight Cost Debt = 100% - 0.5946 = 0.4054
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) = 6.65
β = 1.38
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 6.65 + 1.38 * 5.91 + 12.94 = 0.2772
WACC = (26.3 / 114.7) * (100% - 0.5946) * (1 - 0.2) + 0.2772 + 0.5946 = 18.4
Terminal Value = Discount (-3.51 * (1 + -0.0655) / (18.4 - -0.0655)) = -5.65
Company Value = ∑ (-3.51 / (1 + 18.4) ^ 5) = -12.79
Price = (Terminal Value + Company Value) / Count shares = (-5.65 + -12.79) / 584000000 = -31.56

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) = 12.88
FCF Yield = -1.81
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 = 26.3
Debt = 114.7
Market Cap = 168.2
Weight Debt = Market Cap / (Market Cap + Debt) = 168.2 / (168.2 + 114.7) = 0.5946
Weight Cost Debt = 100% - 0.5946 = 0.4054
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) = 6.65
β = 1.38
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 6.65 + 1.38 * 5.91 + 12.94 = 0.2772
WACC = (26.3 / 114.7) * (100% - 0.5946) * (1 - 0.2) + 0.2772 + 0.5946 = 18.4
Terminal Value = Discount (12.88 * (1 + -1.81) / (18.4 - -1.81)) = -2.24
Company Value = ∑ (12.88 / (1 + 18.4) ^ 5) = 17.49
Price = (Terminal Value + Company Value) / Count shares = (-2.24 + 17.49) / 584000000 = 26.11