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 = 8
CAGR EPS = 2.51%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 8 * (1 + 2.51%) / (0.0364 * 2) = 112.66

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 合理的价格
DPS — 当前股息
g — 预期增长率
DPS = 2.31
g = 0.0639
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 = -1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.44 * 5.94 + 0 = -0.0586
Price = (2.31 * (1 + 0.0639)) / (-0.0586 - 0.0639) = 20.05

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) = 1.38
Ebitda Yield = 0.0404
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 = 0.0753
Debt = 1.8
Market Cap = 25.83
Weight Debt = Market Cap / (Market Cap + Debt) = 25.83 / (25.83 + 1.8) = 0.9348
Weight Cost Debt = 100% - 0.9348 = 0.0652
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 = -1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.44 * 5.94 + 0 = -0.0586
WACC = (0.0753 / 1.8) * (100% - 0.9348) * (1 - 0.21) + -0.0586 + 0.9348 = 3.22
Terminal Value = Discount (1.38 * (1 + 0.0404) / (3.22 - 0.0404)) = 149.78
Company Value = ∑ (1.38 / (1 + 3.22) ^ 5) = 5.81
Price = (Terminal Value + Company Value) / Count shares = (149.78 + 5.81) / 98200000 = 1584.4

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) = 1.06
FCF Yield = 0.0396
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 = 0.0753
Debt = 1.8
Market Cap = 25.83
Weight Debt = Market Cap / (Market Cap + Debt) = 25.83 / (25.83 + 1.8) = 0.9348
Weight Cost Debt = 100% - 0.9348 = 0.0652
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 = -1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.44 * 5.94 + 0 = -0.0586
WACC = (0.0753 / 1.8) * (100% - 0.9348) * (1 - 0.21) + -0.0586 + 0.9348 = 3.22
Terminal Value = Discount (1.06 * (1 + 0.0396) / (3.22 - 0.0396)) = 126.62
Company Value = ∑ (1.06 / (1 + 3.22) ^ 5) = 4.47
Price = (Terminal Value + Company Value) / Count shares = (126.62 + 4.47) / 98200000 = 1334.91