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 = 0.2714
CAGR EPS = 4.49%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 0.2714 * (1 + 4.49%) / (0.0364 * 2) = 3.89

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 = 1.72
g = 0.907
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 = -0.9243
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.9243 * 5.94 + 0 = -0.0248
Price = (1.72 * (1 + 0.907)) / (-0.0248 - 0.907) = 3.51

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) = 4.54
Ebitda Yield = 0.3531
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 = 0.208
Debt = 6.01
Market Cap = 12.49
Weight Debt = Market Cap / (Market Cap + Debt) = 12.49 / (12.49 + 6.01) = 0.6751
Weight Cost Debt = 100% - 0.6751 = 0.3249
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 = -0.9243
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.9243 * 5.94 + 0 = -0.0248
WACC = (0.208 / 6.01) * (100% - 0.6751) * (1 - 0.21) + -0.0248 + 0.6751 = 2.7
Terminal Value = Discount (4.54 * (1 + 0.3531) / (2.7 - 0.3531)) = 16.48
Company Value = ∑ (4.54 / (1 + 2.7) ^ 5) = 12.33
Price = (Terminal Value + Company Value) / Count shares = (16.48 + 12.33) / 330120000 = 87.25

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) = 0.7966
FCF Yield = 0.0565
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 = 0.208
Debt = 6.01
Market Cap = 12.49
Weight Debt = Market Cap / (Market Cap + Debt) = 12.49 / (12.49 + 6.01) = 0.6751
Weight Cost Debt = 100% - 0.6751 = 0.3249
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 = -0.9243
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -0.9243 * 5.94 + 0 = -0.0248
WACC = (0.208 / 6.01) * (100% - 0.6751) * (1 - 0.21) + -0.0248 + 0.6751 = 2.7
Terminal Value = Discount (0.7966 * (1 + 0.0565) / (2.7 - 0.0565)) = 24.97
Company Value = ∑ (0.7966 / (1 + 2.7) ^ 5) = 3.3
Price = (Terminal Value + Company Value) / Count shares = (24.97 + 3.3) / 330120000 = 85.61