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 = 3.32
CAGR EPS = -4.62%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 3.32 * (1 + -4.62%) / (0.0389 * 2) = 40.74

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) = 1.15
Ebitda Yield = -0.0241
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 = 0.1221
Debt = 2.66
Market Cap = 16.14
Weight Debt = Market Cap / (Market Cap + Debt) = 16.14 / (16.14 + 2.66) = 0.8586
Weight Cost Debt = 100% - 0.8586 = 0.1414
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 = 0.8943
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.8943 * 5.94 + 0 = 0.0832
WACC = (0.1221 / 2.66) * (100% - 0.8586) * (1 - 0.21) + 0.0832 + 0.8586 = 3.67
Terminal Value = Discount (1.15 * (1 + -0.0241) / (3.67 - -0.0241)) = 15.4
Company Value = ∑ (1.15 / (1 + 3.67) ^ 5) = 5.43
Price = (Terminal Value + Company Value) / Count shares = (15.4 + 5.43) / 237550000 = 87.66

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) = 1.63
FCF Yield = 0.0729
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 = 0.1221
Debt = 2.66
Market Cap = 16.14
Weight Debt = Market Cap / (Market Cap + Debt) = 16.14 / (16.14 + 2.66) = 0.8586
Weight Cost Debt = 100% - 0.8586 = 0.1414
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 = 0.8943
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.8943 * 5.94 + 0 = 0.0832
WACC = (0.1221 / 2.66) * (100% - 0.8586) * (1 - 0.21) + 0.0832 + 0.8586 = 3.67
Terminal Value = Discount (1.63 * (1 + 0.0729) / (3.67 - 0.0729)) = 40.25
Company Value = ∑ (1.63 / (1 + 3.67) ^ 5) = 6.35
Price = (Terminal Value + Company Value) / Count shares = (40.25 + 6.35) / 237550000 = 196.2