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 = 0.18
CAGR EPS = 15.1%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 0.18 * (1 + 15.1%) / (0.0364 * 2) = 2.81

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) = 0.13
Ebitda Yield = 0.13
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 = 0.0443
Debt = 0.49
Market Cap = 2.32
Weight Debt = Market Cap / (Market Cap + Debt) = 2.32 / (2.32 + 0.49) = 0.83
Weight Cost Debt = 100% - 0.83 = 0.17
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) = 2.4
β = 4.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.4 + 4.21 * 5.94 + 0 = 0.27
WACC = (0.0443 / 0.49) * (100% - 0.83) * (1 - 0.21) + 0.27 + 0.83 = 7.37
Terminal Value = Discount (0.13 * (1 + 0.13) / (7.37 - 0.13)) = 1.8
Company Value = ∑ (0.13 / (1 + 7.37) ^ 5) = 0.41
Price = (Terminal Value + Company Value) / Count shares = (1.8 + 0.41) / 126020000 = 17.51

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) = 0.0815
FCF Yield = 0.13
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 = 0.0443
Debt = 0.49
Market Cap = 2.32
Weight Debt = Market Cap / (Market Cap + Debt) = 2.32 / (2.32 + 0.49) = 0.83
Weight Cost Debt = 100% - 0.83 = 0.17
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) = 2.4
β = 4.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.4 + 4.21 * 5.94 + 0 = 0.27
WACC = (0.0443 / 0.49) * (100% - 0.83) * (1 - 0.21) + 0.27 + 0.83 = 7.37
Terminal Value = Discount (0.0815 * (1 + 0.13) / (7.37 - 0.13)) = 1.23
Company Value = ∑ (0.0815 / (1 + 7.37) ^ 5) = 0.26
Price = (Terminal Value + Company Value) / Count shares = (1.23 + 0.26) / 126020000 = 11.79