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 = -3.86
CAGR EPS = 0.2828%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 190.11 + (190.11 * 0.2828% / 100) = 190.64

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) = -1.98
Ebitda Yield = 0.1243
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 = 0.0028
Debt = 2.69
Market Cap = 72.51
Weight Debt = Market Cap / (Market Cap + Debt) = 72.51 / (72.51 + 2.69) = 0.9643
Weight Cost Debt = 100% - 0.9643 = 0.0357
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 = 4.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 4.09 * 5.94 + 0 = 0.2732
WACC = (0.0028 / 2.69) * (100% - 0.9643) * (1 - 0.21) + 0.2732 + 0.9643 = 0.3439
Terminal Value = Discount (-1.98 * (1 + 0.1243) / (0.3439 - 0.1243)) = -18.06
Company Value = ∑ (-1.98 / (1 + 0.3439) ^ 5) = -7.84
Price = (Terminal Value + Company Value) / Count shares = (-18.06 + -7.84) / 332710000 = -77.85

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) = 7.14
FCF Yield = 0.5085
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 = 0.0028
Debt = 2.69
Market Cap = 72.51
Weight Debt = Market Cap / (Market Cap + Debt) = 72.51 / (72.51 + 2.69) = 0.9643
Weight Cost Debt = 100% - 0.9643 = 0.0357
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 = 4.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 4.09 * 5.94 + 0 = 0.2732
WACC = (0.0028 / 2.69) * (100% - 0.9643) * (1 - 0.21) + 0.2732 + 0.9643 = 0.3439
Terminal Value = Discount (7.14 * (1 + 0.5085) / (0.3439 - 0.5085)) = 20.95
Company Value = ∑ (7.14 / (1 + 0.3439) ^ 5) = 18.22
Price = (Terminal Value + Company Value) / Count shares = (20.95 + 18.22) / 332710000 = 117.74