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 = 0.3191
CAGR EPS = -34.21%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 0.3191 * (1 + -34.21%) / (0.0389 * 2) = 2.7

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) = 0.9873
Ebitda Yield = 0.0811
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 = 0.2433
Debt = 3.89
Market Cap = 27.61
Weight Debt = Market Cap / (Market Cap + Debt) = 27.61 / (27.61 + 3.89) = 0.8764
Weight Cost Debt = 100% - 0.8764 = 0.1236
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) = 3.01
β = 5.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 5.52 * 5.94 + 0 = 0.358
WACC = (0.2433 / 3.89) * (100% - 0.8764) * (1 - 0.21) + 0.358 + 0.8764 = 5.21
Terminal Value = Discount (0.9873 * (1 + 0.0811) / (5.21 - 0.0811)) = 28.52
Company Value = ∑ (0.9873 / (1 + 5.21) ^ 5) = 3.63
Price = (Terminal Value + Company Value) / Count shares = (28.52 + 3.63) / 154800000 = 207.7

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) = 0.1029
FCF Yield = -0.118
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 = 0.2433
Debt = 3.89
Market Cap = 27.61
Weight Debt = Market Cap / (Market Cap + Debt) = 27.61 / (27.61 + 3.89) = 0.8764
Weight Cost Debt = 100% - 0.8764 = 0.1236
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) = 3.01
β = 5.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 5.52 * 5.94 + 0 = 0.358
WACC = (0.2433 / 3.89) * (100% - 0.8764) * (1 - 0.21) + 0.358 + 0.8764 = 5.21
Terminal Value = Discount (0.1029 * (1 + -0.118) / (5.21 - -0.118)) = 0.4142
Company Value = ∑ (0.1029 / (1 + 5.21) ^ 5) = 0.5858
Price = (Terminal Value + Company Value) / Count shares = (0.4142 + 0.5858) / 154800000 = 6.46