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 = 1.92
CAGR EPS = 7.78%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 24.17 + (24.17 * 7.78% / 100) = 26.05

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 = 4.34
g = 0.1158
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 = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.11 * 5.94 + 0 = -0.0357
Price = (4.34 * (1 + 0.1158)) / (-0.0357 - 0.1158) = 31.94

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) = 11.11
Ebitda Yield = -0.0605
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 = 0.29
Debt = 4.19
Market Cap = 5.78
Weight Debt = Market Cap / (Market Cap + Debt) = 5.78 / (5.78 + 4.19) = 0.5799
Weight Cost Debt = 100% - 0.5799 = 0.4201
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 = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.11 * 5.94 + 0 = -0.0357
WACC = (0.29 / 4.19) * (100% - 0.5799) * (1 - 0.21) + -0.0357 + 0.5799 = 5.42
Terminal Value = Discount (11.11 * (1 + -0.0605) / (5.42 - -0.0605)) = 69.94
Company Value = ∑ (11.11 / (1 + 5.42) ^ 5) = 54.45
Price = (Terminal Value + Company Value) / Count shares = (69.94 + 54.45) / 2908550000 = 42.77

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) = 1.18
FCF Yield = -0.2524
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 = 0.29
Debt = 4.19
Market Cap = 5.78
Weight Debt = Market Cap / (Market Cap + Debt) = 5.78 / (5.78 + 4.19) = 0.5799
Weight Cost Debt = 100% - 0.5799 = 0.4201
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 = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + -1.11 * 5.94 + 0 = -0.0357
WACC = (0.29 / 4.19) * (100% - 0.5799) * (1 - 0.21) + -0.0357 + 0.5799 = 5.42
Terminal Value = Discount (1.18 * (1 + -0.2524) / (5.42 - -0.2524)) = 2.21
Company Value = ∑ (1.18 / (1 + 5.42) ^ 5) = 10.1
Price = (Terminal Value + Company Value) / Count shares = (2.21 + 10.1) / 2908550000 = 4.23