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 = 5.58
CAGR EPS = 44.8%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 5.58 * (1 + 44.8%) / (0.0389 * 2) = 103.9

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 = 1
g = -1.2
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 = -0.1082
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.1082 * 5.94 + 0 = 0.0237
Price = (1 * (1 + -1.2)) / (0.0237 - -1.2) = -0.1648

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) = 3.43
Ebitda Yield = 0.1583
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 = 0.12
Debt = 1.06
Market Cap = 172.89
Weight Debt = Market Cap / (Market Cap + Debt) = 172.89 / (172.89 + 1.06) = 0.9939
Weight Cost Debt = 100% - 0.9939 = 0.0061
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 = -0.1082
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.1082 * 5.94 + 0 = 0.0237
WACC = (0.12 / 1.06) * (100% - 0.9939) * (1 - 0.21) + 0.0237 + 0.9939 = 8.87
Terminal Value = Discount (3.43 * (1 + 0.1583) / (8.87 - 0.1583)) = 37.28
Company Value = ∑ (3.43 / (1 + 8.87) ^ 5) = 9.93
Price = (Terminal Value + Company Value) / Count shares = (37.28 + 9.93) / 278000000 = 169.81

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) = 4.81
FCF Yield = 0.231
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 = 0.12
Debt = 1.06
Market Cap = 172.89
Weight Debt = Market Cap / (Market Cap + Debt) = 172.89 / (172.89 + 1.06) = 0.9939
Weight Cost Debt = 100% - 0.9939 = 0.0061
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 = -0.1082
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.1082 * 5.94 + 0 = 0.0237
WACC = (0.12 / 1.06) * (100% - 0.9939) * (1 - 0.21) + 0.0237 + 0.9939 = 8.87
Terminal Value = Discount (4.81 * (1 + 0.231) / (8.87 - 0.231)) = 27.18
Company Value = ∑ (4.81 / (1 + 8.87) ^ 5) = 12.48
Price = (Terminal Value + Company Value) / Count shares = (27.18 + 12.48) / 278000000 = 142.64