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 = 7.9
CAGR EPS = 16.02%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 7.9 * (1 + 16.02%) / (0.0389 * 2) = 117.86

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) = 1.25
Ebitda Yield = 0.0941
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 = 0.0922
Debt = 2.42
Market Cap = 7.48
Weight Debt = Market Cap / (Market Cap + Debt) = 7.48 / (7.48 + 2.42) = 0.7553
Weight Cost Debt = 100% - 0.7553 = 0.2447
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 = -0.7264
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.7264 * 5.94 + 0 = -0.013
WACC = (0.0922 / 2.42) * (100% - 0.7553) * (1 - 0.21) + -0.013 + 0.7553 = 2.97
Terminal Value = Discount (1.25 * (1 + 0.0941) / (2.97 - 0.0941)) = 18.35
Company Value = ∑ (1.25 / (1 + 2.97) ^ 5) = 4.8
Price = (Terminal Value + Company Value) / Count shares = (18.35 + 4.8) / 54210000 = 426.91

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) = 0.797
FCF Yield = 0.0457
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 = 0.0922
Debt = 2.42
Market Cap = 7.48
Weight Debt = Market Cap / (Market Cap + Debt) = 7.48 / (7.48 + 2.42) = 0.7553
Weight Cost Debt = 100% - 0.7553 = 0.2447
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 = -0.7264
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.7264 * 5.94 + 0 = -0.013
WACC = (0.0922 / 2.42) * (100% - 0.7553) * (1 - 0.21) + -0.013 + 0.7553 = 2.97
Terminal Value = Discount (0.797 * (1 + 0.0457) / (2.97 - 0.0457)) = 45.22
Company Value = ∑ (0.797 / (1 + 2.97) ^ 5) = 3.34
Price = (Terminal Value + Company Value) / Count shares = (45.22 + 3.34) / 54210000 = 895.67