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 = 13302.27
CAGR EPS = 147.46%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 15.88 + (15.88 * 147.46% / 100) = 39.3

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) = 1439844.68
Ebitda Yield = 1.39
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 = 1978.32
Debt = 127210.85
Market Cap = 611.29
Weight Debt = Market Cap / (Market Cap + Debt) = 611.29 / (611.29 + 127210.85) = 0.0048
Weight Cost Debt = 100% - 0.0048 = 0.9952
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 = 0.0713
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.0713 * 5.94 + 0 = 0.031
WACC = (1978.32 / 127210.85) * (100% - 0.0048) * (1 - 0.21) + 0.031 + 0.0048 = 1.23
Terminal Value = Discount (1439844.68 * (1 + 1.39) / (1.23 - 1.39)) = 2353202.98
Company Value = ∑ (1439844.68 / (1 + 1.23) ^ 5) = 2320812.77
Price = (Terminal Value + Company Value) / Count shares = (2353202.98 + 2320812.77) / 227580000 = 20537902.08

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) = 125082.12
FCF Yield = 1.13
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 = 1978.32
Debt = 127210.85
Market Cap = 611.29
Weight Debt = Market Cap / (Market Cap + Debt) = 611.29 / (611.29 + 127210.85) = 0.0048
Weight Cost Debt = 100% - 0.0048 = 0.9952
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 = 0.0713
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.0713 * 5.94 + 0 = 0.031
WACC = (1978.32 / 127210.85) * (100% - 0.0048) * (1 - 0.21) + 0.031 + 0.0048 = 1.23
Terminal Value = Discount (125082.12 * (1 + 1.13) / (1.23 - 1.13)) = 224462.61
Company Value = ∑ (125082.12 / (1 + 1.23) ^ 5) = 218991.65
Price = (Terminal Value + Company Value) / Count shares = (224462.61 + 218991.65) / 227580000 = 1948564.29