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 = 10.45
CAGR EPS = 43.17%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 48.55 + (48.55 * 43.17% / 100) = 69.5

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 = 0.0492
g = 4.37
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 = 1.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 1.29 * 5.94 + 0 = 0.1068
Price = (0.0492 * (1 + 4.37)) / (0.1068 - 4.37) = 0.0619

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) = 327.98
Ebitda Yield = 1.28
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 = 1.16
Debt = 2.29
Market Cap = 58.73
Weight Debt = Market Cap / (Market Cap + Debt) = 58.73 / (58.73 + 2.29) = 0.9625
Weight Cost Debt = 100% - 0.9625 = 0.0375
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 = 1.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 1.29 * 5.94 + 0 = 0.1068
WACC = (1.16 / 2.29) * (100% - 0.9625) * (1 - 0.21) + 0.1068 + 0.9625 = 39.74
Terminal Value = Discount (327.98 * (1 + 1.28) / (39.74 - 1.28)) = 159.18
Company Value = ∑ (327.98 / (1 + 39.74) ^ 5) = 145.38
Price = (Terminal Value + Company Value) / Count shares = (159.18 + 145.38) / 183660000 = 1658.28

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) = 5.85
FCF Yield = 0.2227
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 = 1.16
Debt = 2.29
Market Cap = 58.73
Weight Debt = Market Cap / (Market Cap + Debt) = 58.73 / (58.73 + 2.29) = 0.9625
Weight Cost Debt = 100% - 0.9625 = 0.0375
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 = 1.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 1.29 * 5.94 + 0 = 0.1068
WACC = (1.16 / 2.29) * (100% - 0.9625) * (1 - 0.21) + 0.1068 + 0.9625 = 39.74
Terminal Value = Discount (5.85 * (1 + 0.2227) / (39.74 - 0.2227)) = 7.68
Company Value = ∑ (5.85 / (1 + 39.74) ^ 5) = 7.3
Price = (Terminal Value + Company Value) / Count shares = (7.68 + 7.3) / 183660000 = 81.55