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 = 32.69
CAGR EPS = 35.23%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 163.7 + (163.7 * 35.23% / 100) = 221.37

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) = 12.95
Ebitda Yield = 0.1344
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 = 0.826
Debt = 13.17
Market Cap = 16.69
Weight Debt = Market Cap / (Market Cap + Debt) = 16.69 / (16.69 + 13.17) = 0.5588
Weight Cost Debt = 100% - 0.5588 = 0.4412
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 = -0.3734
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -0.3734 * 5.94 + 0 = 0.0046
WACC = (0.826 / 13.17) * (100% - 0.5588) * (1 - 0.21) + 0.0046 + 0.5588 = 4.93
Terminal Value = Discount (12.95 * (1 + 0.1344) / (4.93 - 0.1344)) = 135.64
Company Value = ∑ (12.95 / (1 + 4.93) ^ 5) = 43.81
Price = (Terminal Value + Company Value) / Count shares = (135.64 + 43.81) / 97880000 = 1833.39

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) = 0.532
FCF Yield = -0.1377
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 = 0.826
Debt = 13.17
Market Cap = 16.69
Weight Debt = Market Cap / (Market Cap + Debt) = 16.69 / (16.69 + 13.17) = 0.5588
Weight Cost Debt = 100% - 0.5588 = 0.4412
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 = -0.3734
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + -0.3734 * 5.94 + 0 = 0.0046
WACC = (0.826 / 13.17) * (100% - 0.5588) * (1 - 0.21) + 0.0046 + 0.5588 = 4.93
Terminal Value = Discount (0.532 * (1 + -0.1377) / (4.93 - -0.1377)) = 1.93
Company Value = ∑ (0.532 / (1 + 4.93) ^ 5) = 3.22
Price = (Terminal Value + Company Value) / Count shares = (1.93 + 3.22) / 97880000 = 52.58