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 = 12.02
CAGR EPS = 26.36%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 12.02 * (1 + 26.36%) / (0.0364 * 2) = 208.57

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) = 7.86
Ebitda Yield = 0.3329
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 = 0.0389
Debt = 0.7188
Market Cap = 19.86
Weight Debt = Market Cap / (Market Cap + Debt) = 19.86 / (19.86 + 0.7188) = 0.9651
Weight Cost Debt = 100% - 0.9651 = 0.0349
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 = 2.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 2.37 * 5.94 + 0 = 0.1708
WACC = (0.0389 / 0.7188) * (100% - 0.9651) * (1 - 0.21) + 0.1708 + 0.9651 = 4.4
Terminal Value = Discount (7.86 * (1 + 0.3329) / (4.4 - 0.3329)) = 29.25
Company Value = ∑ (7.86 / (1 + 4.4) ^ 5) = 20.63
Price = (Terminal Value + Company Value) / Count shares = (29.25 + 20.63) / 107530000 = 463.85

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) = -0.2609
FCF Yield = -0.0327
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 = 0.0389
Debt = 0.7188
Market Cap = 19.86
Weight Debt = Market Cap / (Market Cap + Debt) = 19.86 / (19.86 + 0.7188) = 0.9651
Weight Cost Debt = 100% - 0.9651 = 0.0349
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 = 2.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 2.37 * 5.94 + 0 = 0.1708
WACC = (0.0389 / 0.7188) * (100% - 0.9651) * (1 - 0.21) + 0.1708 + 0.9651 = 4.4
Terminal Value = Discount (-0.2609 * (1 + -0.0327) / (4.4 - -0.0327)) = -2.66
Company Value = ∑ (-0.2609 / (1 + 4.4) ^ 5) = -1.23
Price = (Terminal Value + Company Value) / Count shares = (-2.66 + -1.23) / 107530000 = -36.17