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 = 683.28
CAGR EPS = 33.05%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 683.28 * (1 + 33.05%) / (0.0389 * 2) = 11684.86

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 = 512
g = 0.2422
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) = 3.01
β = 0.0871
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.0871 * 5.94 + 0 = 0.0353
Price = (512 * (1 + 0.2422)) / (0.0353 - 0.2422) = 3074.11

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) = 58.84
Ebitda Yield = 0.1349
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 = 0.171
Debt = 1.18
Market Cap = 1150.26
Weight Debt = Market Cap / (Market Cap + Debt) = 1150.26 / (1150.26 + 1.18) = 0.999
Weight Cost Debt = 100% - 0.999 = 0.001
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) = 3.01
β = 0.0871
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.0871 * 5.94 + 0 = 0.0353
WACC = (0.171 / 1.18) * (100% - 0.999) * (1 - 0.21) + 0.0353 + 0.999 = 11.34
Terminal Value = Discount (58.84 * (1 + 0.1349) / (11.34 - 0.1349)) = 1812.97
Company Value = ∑ (58.84 / (1 + 11.34) ^ 5) = 165.55
Price = (Terminal Value + Company Value) / Count shares = (1812.97 + 165.55) / 29490000 = 67091.3

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) = 85.06
FCF Yield = 0.288
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 = 0.171
Debt = 1.18
Market Cap = 1150.26
Weight Debt = Market Cap / (Market Cap + Debt) = 1150.26 / (1150.26 + 1.18) = 0.999
Weight Cost Debt = 100% - 0.999 = 0.001
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) = 3.01
β = 0.0871
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.0871 * 5.94 + 0 = 0.0353
WACC = (0.171 / 1.18) * (100% - 0.999) * (1 - 0.21) + 0.0353 + 0.999 = 11.34
Terminal Value = Discount (85.06 * (1 + 0.288) / (11.34 - 0.288)) = 366.66
Company Value = ∑ (85.06 / (1 + 11.34) ^ 5) = 189.7
Price = (Terminal Value + Company Value) / Count shares = (366.66 + 189.7) / 29490000 = 18865.95