Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 3.71
CAGR EPS = 138.58%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 46.52 + (46.52 * 138.58% / 100) = 110.99

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) = 595.3
Ebitda Yield = 1.23
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 = 27.18
Debt = 28.45
Market Cap = 103.79
Weight Debt = Market Cap / (Market Cap + Debt) = 103.79 / (103.79 + 28.45) = 0.7848
Weight Cost Debt = 100% - 0.7848 = 0.2152
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 = 2.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.59 * 5.94 + 0 = 0.1806
WACC = (27.18 / 28.45) * (100% - 0.7848) * (1 - 0.21) + 0.1806 + 0.7848 = 75.02
Terminal Value = Discount (595.3 * (1 + 1.23) / (75.02 - 1.23)) = 168.12
Company Value = ∑ (595.3 / (1 + 75.02) ^ 5) = 118.21
Price = (Terminal Value + Company Value) / Count shares = (168.12 + 118.21) / 1957140000 = 146.3

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) = 6.5
FCF Yield = -1.69
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 = 27.18
Debt = 28.45
Market Cap = 103.79
Weight Debt = Market Cap / (Market Cap + Debt) = 103.79 / (103.79 + 28.45) = 0.7848
Weight Cost Debt = 100% - 0.7848 = 0.2152
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 = 2.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.59 * 5.94 + 0 = 0.1806
WACC = (27.18 / 28.45) * (100% - 0.7848) * (1 - 0.21) + 0.1806 + 0.7848 = 75.02
Terminal Value = Discount (6.5 * (1 + -1.69) / (75.02 - -1.69)) = -0.1114
Company Value = ∑ (6.5 / (1 + 75.02) ^ 5) = 12.23
Price = (Terminal Value + Company Value) / Count shares = (-0.1114 + 12.23) / 1957140000 = 6.19