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 = 3.72
CAGR EPS = 22.09%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 3.72 * (1 + 22.09%) / (0.0364 * 2) = 62.34

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) = 1.47
Ebitda Yield = 0.2871
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 = 0.0287
Debt = 0.4102
Market Cap = 3.39
Weight Debt = Market Cap / (Market Cap + Debt) = 3.39 / (3.39 + 0.4102) = 0.8921
Weight Cost Debt = 100% - 0.8921 = 0.1079
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 = 2.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.17 * 5.94 + 0 = 0.1554
WACC = (0.0287 / 0.4102) * (100% - 0.8921) * (1 - 0.21) + 0.1554 + 0.8921 = 5.61
Terminal Value = Discount (1.47 * (1 + 0.2871) / (5.61 - 0.2871)) = 6.25
Company Value = ∑ (1.47 / (1 + 5.61) ^ 5) = 3.92
Price = (Terminal Value + Company Value) / Count shares = (6.25 + 3.92) / 44590000 = 228.1

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) = 0.799
FCF Yield = 0.2931
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 = 0.0287
Debt = 0.4102
Market Cap = 3.39
Weight Debt = Market Cap / (Market Cap + Debt) = 3.39 / (3.39 + 0.4102) = 0.8921
Weight Cost Debt = 100% - 0.8921 = 0.1079
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 = 2.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 2.17 * 5.94 + 0 = 0.1554
WACC = (0.0287 / 0.4102) * (100% - 0.8921) * (1 - 0.21) + 0.1554 + 0.8921 = 5.61
Terminal Value = Discount (0.799 * (1 + 0.2931) / (5.61 - 0.2931)) = 3.32
Company Value = ∑ (0.799 / (1 + 5.61) ^ 5) = 2.11
Price = (Terminal Value + Company Value) / Count shares = (3.32 + 2.11) / 44590000 = 121.79