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 = 3.01
CAGR EPS = 32.94%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 3.01 * (1 + 32.94%) / (0.0364 * 2) = 55.04

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) = 18.97
Ebitda Yield = 0.3404
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 = 0.0155
Debt = 0.1413
Market Cap = 10.69
Weight Debt = Market Cap / (Market Cap + Debt) = 10.69 / (10.69 + 0.1413) = 0.987
Weight Cost Debt = 100% - 0.987 = 0.013
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 = -1.82
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.82 * 5.94 + 0 = -0.0813
WACC = (0.0155 / 0.1413) * (100% - 0.987) * (1 - 0.21) + -0.0813 + 0.987 = 8.48
Terminal Value = Discount (18.97 * (1 + 0.3404) / (8.48 - 0.3404)) = 66.23
Company Value = ∑ (18.97 / (1 + 8.48) ^ 5) = 43.24
Price = (Terminal Value + Company Value) / Count shares = (66.23 + 43.24) / 88930000 = 1230.94

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) = 38.7
FCF Yield = 1.05
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 = 0.0155
Debt = 0.1413
Market Cap = 10.69
Weight Debt = Market Cap / (Market Cap + Debt) = 10.69 / (10.69 + 0.1413) = 0.987
Weight Cost Debt = 100% - 0.987 = 0.013
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 = -1.82
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -1.82 * 5.94 + 0 = -0.0813
WACC = (0.0155 / 0.1413) * (100% - 0.987) * (1 - 0.21) + -0.0813 + 0.987 = 8.48
Terminal Value = Discount (38.7 * (1 + 1.05) / (8.48 - 1.05)) = 54.61
Company Value = ∑ (38.7 / (1 + 8.48) ^ 5) = 52.36
Price = (Terminal Value + Company Value) / Count shares = (54.61 + 52.36) / 88930000 = 1202.84