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 = 6.55
CAGR EPS = 6.1%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 107.23 + (107.23 * 6.1% / 100) = 113.76

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) = 0.4367
Ebitda Yield = 0.0236
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 = 0.058
Debt = 1.08
Market Cap = 5.12
Weight Debt = Market Cap / (Market Cap + Debt) = 5.12 / (5.12 + 1.08) = 0.8256
Weight Cost Debt = 100% - 0.8256 = 0.1744
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) = 2.68
β = -2.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -2.04 * 5.94 + 0 = -0.0946
WACC = (0.058 / 1.08) * (100% - 0.8256) * (1 - 0.21) + -0.0946 + 0.8256 = 4.13
Terminal Value = Discount (0.4367 * (1 + 0.0236) / (4.13 - 0.0236)) = 20.69
Company Value = ∑ (0.4367 / (1 + 4.13) ^ 5) = 1.85
Price = (Terminal Value + Company Value) / Count shares = (20.69 + 1.85) / 38140000 = 590.93

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) = 0.9304
FCF Yield = 0.0968
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 = 0.058
Debt = 1.08
Market Cap = 5.12
Weight Debt = Market Cap / (Market Cap + Debt) = 5.12 / (5.12 + 1.08) = 0.8256
Weight Cost Debt = 100% - 0.8256 = 0.1744
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) = 2.68
β = -2.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -2.04 * 5.94 + 0 = -0.0946
WACC = (0.058 / 1.08) * (100% - 0.8256) * (1 - 0.21) + -0.0946 + 0.8256 = 4.13
Terminal Value = Discount (0.9304 * (1 + 0.0968) / (4.13 - 0.0968)) = 15
Company Value = ∑ (0.9304 / (1 + 4.13) ^ 5) = 3.43
Price = (Terminal Value + Company Value) / Count shares = (15 + 3.43) / 38140000 = 483.32