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 = 9.45
CAGR EPS = 19.3%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 92.41 + (92.41 * 19.3% / 100) = 110.25

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) = 19.85
Ebitda Yield = 0.185
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 = 1.4
Debt = 33.63
Market Cap = 32.81
Weight Debt = Market Cap / (Market Cap + Debt) = 32.81 / (32.81 + 33.63) = 0.4938
Weight Cost Debt = 100% - 0.4938 = 0.5062
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 = 1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.14 * 5.94 + 0 = 0.0947
WACC = (1.4 / 33.63) * (100% - 0.4938) * (1 - 0.21) + 0.0947 + 0.4938 = 3.32
Terminal Value = Discount (19.85 * (1 + 0.185) / (3.32 - 0.185)) = 131.67
Company Value = ∑ (19.85 / (1 + 3.32) ^ 5) = 65.3
Price = (Terminal Value + Company Value) / Count shares = (131.67 + 65.3) / 333200000 = 591.15

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) = 8.48
FCF Yield = 0.1724
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 = 1.4
Debt = 33.63
Market Cap = 32.81
Weight Debt = Market Cap / (Market Cap + Debt) = 32.81 / (32.81 + 33.63) = 0.4938
Weight Cost Debt = 100% - 0.4938 = 0.5062
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 = 1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 1.14 * 5.94 + 0 = 0.0947
WACC = (1.4 / 33.63) * (100% - 0.4938) * (1 - 0.21) + 0.0947 + 0.4938 = 3.32
Terminal Value = Discount (8.48 * (1 + 0.1724) / (3.32 - 0.1724)) = 60.69
Company Value = ∑ (8.48 / (1 + 3.32) ^ 5) = 28.43
Price = (Terminal Value + Company Value) / Count shares = (60.69 + 28.43) / 333200000 = 267.45