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 = 0.6167
CAGR EPS = 19.19%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 4.27 + (4.27 * 19.19% / 100) = 5.09

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) = 0.1383
Ebitda Yield = 0.2353
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 = 0.0125
Debt = 0.0741
Market Cap = 0.2548
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2548 / (0.2548 + 0.0741) = 0.7748
Weight Cost Debt = 100% - 0.7748 = 0.2252
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.81 * 5.94 + 0 = 0.1343
WACC = (0.0125 / 0.0741) * (100% - 0.7748) * (1 - 0.21) + 0.1343 + 0.7748 = 13.28
Terminal Value = Discount (0.1383 * (1 + 0.2353) / (13.28 - 0.2353)) = 0.8935
Company Value = ∑ (0.1383 / (1 + 13.28) ^ 5) = 0.3141
Price = (Terminal Value + Company Value) / Count shares = (0.8935 + 0.3141) / 49100000 = 24.59

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) = 0.1219
FCF Yield = 0.2569
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 = 0.0125
Debt = 0.0741
Market Cap = 0.2548
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2548 / (0.2548 + 0.0741) = 0.7748
Weight Cost Debt = 100% - 0.7748 = 0.2252
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.81 * 5.94 + 0 = 0.1343
WACC = (0.0125 / 0.0741) * (100% - 0.7748) * (1 - 0.21) + 0.1343 + 0.7748 = 13.28
Terminal Value = Discount (0.1219 * (1 + 0.2569) / (13.28 - 0.2569)) = 0.662
Company Value = ∑ (0.1219 / (1 + 13.28) ^ 5) = 0.2683
Price = (Terminal Value + Company Value) / Count shares = (0.662 + 0.2683) / 49100000 = 18.95