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 = 2.25
CAGR EPS = 7.28%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 9.96 + (9.96 * 7.28% / 100) = 10.69

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 = 0.35
g = 0.072
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) = 2.71
β = -0.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + -0.28 * 5.94 + 0 = 0.0108
Price = (0.35 * (1 + 0.072)) / (0.0108 - 0.072) = 6.2

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) = 10.58
Ebitda Yield = 0.0452
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 = 0.88
Debt = 22.63
Market Cap = 21.41
Weight Debt = Market Cap / (Market Cap + Debt) = 21.41 / (21.41 + 22.63) = 0.49
Weight Cost Debt = 100% - 0.49 = 0.51
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) = 2.71
β = -0.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + -0.28 * 5.94 + 0 = 0.0108
WACC = (0.88 / 22.63) * (100% - 0.49) * (1 - 0.21) + 0.0108 + 0.49 = 3.07
Terminal Value = Discount (10.58 * (1 + 0.0452) / (3.07 - 0.0452)) = 656.97
Company Value = ∑ (10.58 / (1 + 3.07) ^ 5) = 44.22
Price = (Terminal Value + Company Value) / Count shares = (656.97 + 44.22) / 2249000000 = 311.78

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) = 0.81
FCF Yield = -0.13
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 = 0.88
Debt = 22.63
Market Cap = 21.41
Weight Debt = Market Cap / (Market Cap + Debt) = 21.41 / (21.41 + 22.63) = 0.49
Weight Cost Debt = 100% - 0.49 = 0.51
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) = 2.71
β = -0.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.71 + -0.28 * 5.94 + 0 = 0.0108
WACC = (0.88 / 22.63) * (100% - 0.49) * (1 - 0.21) + 0.0108 + 0.49 = 3.07
Terminal Value = Discount (0.81 * (1 + -0.13) / (3.07 - -0.13)) = 3.81
Company Value = ∑ (0.81 / (1 + 3.07) ^ 5) = 4.98
Price = (Terminal Value + Company Value) / Count shares = (3.81 + 4.98) / 2249000000 = 3.91