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 = 0.63
CAGR EPS = 15.71%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 0.63 * (1 + 15.71%) / (0.0364 * 2) = 10.03

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) = 5.36
Ebitda Yield = 0.19
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 = 0.4
Debt = 18.09
Market Cap = 2.27
Weight Debt = Market Cap / (Market Cap + Debt) = 2.27 / (2.27 + 18.09) = 0.11
Weight Cost Debt = 100% - 0.11 = 0.89
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) = 2.71
β = 2.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + 2.24 * 5.94 + 0 = 0.16
WACC = (0.4 / 18.09) * (100% - 0.11) * (1 - 0.21) + 0.16 + 0.11 = 1.77
Terminal Value = Discount (5.36 * (1 + 0.19) / (1.77 - 0.19)) = 33.37
Company Value = ∑ (5.36 / (1 + 1.77) ^ 5) = 18.31
Price = (Terminal Value + Company Value) / Count shares = (33.37 + 18.31) / 290390000 = 177.97

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) = -4.9
FCF Yield = 0.0943
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 = 0.4
Debt = 18.09
Market Cap = 2.27
Weight Debt = Market Cap / (Market Cap + Debt) = 2.27 / (2.27 + 18.09) = 0.11
Weight Cost Debt = 100% - 0.11 = 0.89
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) = 2.71
β = 2.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + 2.24 * 5.94 + 0 = 0.16
WACC = (0.4 / 18.09) * (100% - 0.11) * (1 - 0.21) + 0.16 + 0.11 = 1.77
Terminal Value = Discount (-4.9 * (1 + 0.0943) / (1.77 - 0.0943)) = -64.12
Company Value = ∑ (-4.9 / (1 + 1.77) ^ 5) = -19.52
Price = (Terminal Value + Company Value) / Count shares = (-64.12 + -19.52) / 290390000 = -288.02