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 = 0.6344
CAGR EPS = -11.67%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 0.6344 * (1 + -11.67%) / (0.0389 * 2) = 7.2

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) = 3.16
Ebitda Yield = 0.0988
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 = 0.5893
Debt = 24.4
Market Cap = 53.48
Weight Debt = Market Cap / (Market Cap + Debt) = 53.48 / (53.48 + 24.4) = 0.6867
Weight Cost Debt = 100% - 0.6867 = 0.3133
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 = 7.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 7.21 * 5.94 + 0 = 0.4586
WACC = (0.5893 / 24.4) * (100% - 0.6867) * (1 - 0.21) + 0.4586 + 0.6867 = 2.21
Terminal Value = Discount (3.16 * (1 + 0.0988) / (2.21 - 0.0988)) = 40.52
Company Value = ∑ (3.16 / (1 + 2.21) ^ 5) = 12.3
Price = (Terminal Value + Company Value) / Count shares = (40.52 + 12.3) / 1548690000 = 34.11

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) = -35.21
FCF Yield = 0.5115
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 = 0.5893
Debt = 24.4
Market Cap = 53.48
Weight Debt = Market Cap / (Market Cap + Debt) = 53.48 / (53.48 + 24.4) = 0.6867
Weight Cost Debt = 100% - 0.6867 = 0.3133
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 = 7.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 7.21 * 5.94 + 0 = 0.4586
WACC = (0.5893 / 24.4) * (100% - 0.6867) * (1 - 0.21) + 0.4586 + 0.6867 = 2.21
Terminal Value = Discount (-35.21 * (1 + 0.5115) / (2.21 - 0.5115)) = -97.48
Company Value = ∑ (-35.21 / (1 + 2.21) ^ 5) = -83.7
Price = (Terminal Value + Company Value) / Count shares = (-97.48 + -83.7) / 1548690000 = -116.99