SSE: 601658 - Postal Savings Bank of China Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 0.87
CAGR EPS = 65.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5 + (5 * 65.53% / 100) = 8.28

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 324.33
Ebitda Yield = 0.0742
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 216.52
Debt = 407.88
Market Cap = 461.3
Weight Debt = Market Cap / (Market Cap + Debt) = 461.3 / (461.3 + 407.88) = 0.5307
Weight Cost Debt = 100% - 0.5307 = 0.4693
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 0.0989
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0989 * 5.94 + 0 = 0.0341
WACC = (216.52 / 407.88) * (100% - 0.5307) * (1 - 0.21) + 0.0341 + 0.5307 = 41.73
Terminal Value = Discount (324.33 * (1 + 0.0742) / (41.73 - 0.0742)) = 177.51
Company Value = ∑ (324.33 / (1 + 41.73) ^ 5) = 532.41
Price = (Terminal Value + Company Value) / Count shares = (177.51 + 532.41) / 99161080000 = 7.16

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2099.65
FCF Yield = 0.5301
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 216.52
Debt = 407.88
Market Cap = 461.3
Weight Debt = Market Cap / (Market Cap + Debt) = 461.3 / (461.3 + 407.88) = 0.5307
Weight Cost Debt = 100% - 0.5307 = 0.4693
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 0.0989
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0989 * 5.94 + 0 = 0.0341
WACC = (216.52 / 407.88) * (100% - 0.5307) * (1 - 0.21) + 0.0341 + 0.5307 = 41.73
Terminal Value = Discount (2099.65 * (1 + 0.5301) / (41.73 - 0.5301)) = 4982.16
Company Value = ∑ (2099.65 / (1 + 41.73) ^ 5) = 1584.25
Price = (Terminal Value + Company Value) / Count shares = (4982.16 + 1584.25) / 99161080000 = 66.22