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 = 45.11
CAGR EPS = 42.35%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 45.11 * (1 + 42.35%) / (0.0364 * 2) = 882.06

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 = 6.35
g = 0.3359
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 = 2.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.3 * 5.94 + 0 = 0.1635
Price = (6.35 * (1 + 0.3359)) / (0.1635 - 0.3359) = 49.2

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) = 7.49
Ebitda Yield = 0.1825
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 = 0.4337
Debt = 2.86
Market Cap = 129.87
Weight Debt = Market Cap / (Market Cap + Debt) = 129.87 / (129.87 + 2.86) = 0.9785
Weight Cost Debt = 100% - 0.9785 = 0.0215
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 = 2.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.3 * 5.94 + 0 = 0.1635
WACC = (0.4337 / 2.86) * (100% - 0.9785) * (1 - 0.21) + 0.1635 + 0.9785 = 12.02
Terminal Value = Discount (7.49 * (1 + 0.1825) / (12.02 - 0.1825)) = 80.64
Company Value = ∑ (7.49 / (1 + 12.02) ^ 5) = 19.12
Price = (Terminal Value + Company Value) / Count shares = (80.64 + 19.12) / 69250000 = 1440.54

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) = 4.48
FCF Yield = 0.207
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 = 0.4337
Debt = 2.86
Market Cap = 129.87
Weight Debt = Market Cap / (Market Cap + Debt) = 129.87 / (129.87 + 2.86) = 0.9785
Weight Cost Debt = 100% - 0.9785 = 0.0215
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 = 2.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.3 * 5.94 + 0 = 0.1635
WACC = (0.4337 / 2.86) * (100% - 0.9785) * (1 - 0.21) + 0.1635 + 0.9785 = 12.02
Terminal Value = Discount (4.48 * (1 + 0.207) / (12.02 - 0.207)) = 35.32
Company Value = ∑ (4.48 / (1 + 12.02) ^ 5) = 11
Price = (Terminal Value + Company Value) / Count shares = (35.32 + 11) / 69250000 = 668.81