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 = 1.67
CAGR EPS = 123.69%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 19.02 + (19.02 * 123.69% / 100) = 42.54

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) = 0.5135
Ebitda Yield = 0.1294
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
Debt = 1.11
Market Cap = 1.62
Weight Debt = Market Cap / (Market Cap + Debt) = 1.62 / (1.62 + 1.11) = 0.5934
Weight Cost Debt = 100% - 0.5934 = 0.4066
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0 * 5.94 + 0 = 0.0301
WACC = (0 / 1.11) * (100% - 0.5934) * (1 - 0.21) + 0.0301 + 0.5934 = 0.0179
Terminal Value = Discount (0.5135 * (1 + 0.1294) / (0.0179 - 0.1294)) = 4.48
Company Value = ∑ (0.5135 / (1 + 0.0179) ^ 5) = 2.04
Price = (Terminal Value + Company Value) / Count shares = (4.48 + 2.04) / 68000000 = 95.95

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) = 0.1423
FCF Yield = 0.3246
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
Debt = 1.11
Market Cap = 1.62
Weight Debt = Market Cap / (Market Cap + Debt) = 1.62 / (1.62 + 1.11) = 0.5934
Weight Cost Debt = 100% - 0.5934 = 0.4066
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0 * 5.94 + 0 = 0.0301
WACC = (0 / 1.11) * (100% - 0.5934) * (1 - 0.21) + 0.0301 + 0.5934 = 0.0179
Terminal Value = Discount (0.1423 * (1 + 0.3246) / (0.0179 - 0.3246)) = 0.5806
Company Value = ∑ (0.1423 / (1 + 0.0179) ^ 5) = 0.4381
Price = (Terminal Value + Company Value) / Count shares = (0.5806 + 0.4381) / 68000000 = 14.98