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 = -1.6
CAGR EPS = 7.28%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 21.88 + (21.88 * 7.28% / 100) = 23.47

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) = -0.12
Ebitda Yield = -0.0472
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 = 0.0404
Debt = 0.47
Market Cap = 2.96
Weight Debt = Market Cap / (Market Cap + Debt) = 2.96 / (2.96 + 0.47) = 0.86
Weight Cost Debt = 100% - 0.86 = 0.14
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) = 2.71
β = -1.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + -1.91 * 5.94 + 0 = -0.0863
WACC = (0.0404 / 0.47) * (100% - 0.86) * (1 - 0.21) + -0.0863 + 0.86 = 6.66
Terminal Value = Discount (-0.12 * (1 + -0.0472) / (6.66 - -0.0472)) = -0.74
Company Value = ∑ (-0.12 / (1 + 6.66) ^ 5) = -0.56
Price = (Terminal Value + Company Value) / Count shares = (-0.74 + -0.56) / 123910000 = -10.45

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) = -0.0536
FCF Yield = -0.0948
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 = 0.0404
Debt = 0.47
Market Cap = 2.96
Weight Debt = Market Cap / (Market Cap + Debt) = 2.96 / (2.96 + 0.47) = 0.86
Weight Cost Debt = 100% - 0.86 = 0.14
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) = 2.71
β = -1.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + -1.91 * 5.94 + 0 = -0.0863
WACC = (0.0404 / 0.47) * (100% - 0.86) * (1 - 0.21) + -0.0863 + 0.86 = 6.66
Terminal Value = Discount (-0.0536 * (1 + -0.0948) / (6.66 - -0.0948)) = -0.22
Company Value = ∑ (-0.0536 / (1 + 6.66) ^ 5) = -0.28
Price = (Terminal Value + Company Value) / Count shares = (-0.22 + -0.28) / 123910000 = -3.99