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 = 22.05
CAGR EPS = 32.21%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 22.05 * (1 + 32.21%) / (0.0389 * 2) = 374.72

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 = 5.84
g = 0.252
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 = 3.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 3.66 * 5.94 + 0 = 0.2478
Price = (5.84 * (1 + 0.252)) / (0.2478 - 0.252) = 1710.48

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) = 31.69
Ebitda Yield = 0.1459
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 = 0.512
Debt = 38.41
Market Cap = 201.98
Weight Debt = Market Cap / (Market Cap + Debt) = 201.98 / (201.98 + 38.41) = 0.8402
Weight Cost Debt = 100% - 0.8402 = 0.1598
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 = 3.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 3.66 * 5.94 + 0 = 0.2478
WACC = (0.512 / 38.41) * (100% - 0.8402) * (1 - 0.21) + 0.2478 + 0.8402 = 1.25
Terminal Value = Discount (31.69 * (1 + 0.1459) / (1.25 - 0.1459)) = 255.81
Company Value = ∑ (31.69 / (1 + 1.25) ^ 5) = 118.03
Price = (Terminal Value + Company Value) / Count shares = (255.81 + 118.03) / 489400000 = 763.87

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) = 16.07
FCF Yield = 0.1275
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 = 0.512
Debt = 38.41
Market Cap = 201.98
Weight Debt = Market Cap / (Market Cap + Debt) = 201.98 / (201.98 + 38.41) = 0.8402
Weight Cost Debt = 100% - 0.8402 = 0.1598
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 = 3.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 3.66 * 5.94 + 0 = 0.2478
WACC = (0.512 / 38.41) * (100% - 0.8402) * (1 - 0.21) + 0.2478 + 0.8402 = 1.25
Terminal Value = Discount (16.07 * (1 + 0.1275) / (1.25 - 0.1275)) = 148.08
Company Value = ∑ (16.07 / (1 + 1.25) ^ 5) = 61.61
Price = (Terminal Value + Company Value) / Count shares = (148.08 + 61.61) / 489400000 = 428.45