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 = 230.35
CAGR EPS = 16.73%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 230.35 * (1 + 16.73%) / (0.0364 * 2) = 3693.44

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 = 24
g = 0.14
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 = 0.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.5 * 5.94 + 0 = 0.0564
Price = (24 * (1 + 0.14)) / (0.0564 - 0.14) = 335.4

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) = 21.47
Ebitda Yield = 0.0799
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 = 0.01
Debt = 0.91
Market Cap = 88.74
Weight Debt = Market Cap / (Market Cap + Debt) = 88.74 / (88.74 + 0.91) = 0.99
Weight Cost Debt = 100% - 0.99 = 0.01
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 = 0.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.5 * 5.94 + 0 = 0.0564
WACC = (0.01 / 0.91) * (100% - 0.99) * (1 - 0.21) + 0.0564 + 0.99 = 0.91
Terminal Value = Discount (21.47 * (1 + 0.0799) / (0.91 - 0.0799)) = 312.95
Company Value = ∑ (21.47 / (1 + 0.91) ^ 5) = 89.98
Price = (Terminal Value + Company Value) / Count shares = (312.95 + 89.98) / 26770000 = 15051.66

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) = 16.45
FCF Yield = 0.16
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 = 0.01
Debt = 0.91
Market Cap = 88.74
Weight Debt = Market Cap / (Market Cap + Debt) = 88.74 / (88.74 + 0.91) = 0.99
Weight Cost Debt = 100% - 0.99 = 0.01
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 = 0.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.5 * 5.94 + 0 = 0.0564
WACC = (0.01 / 0.91) * (100% - 0.99) * (1 - 0.21) + 0.0564 + 0.99 = 0.91
Terminal Value = Discount (16.45 * (1 + 0.16) / (0.91 - 0.16)) = 123.49
Company Value = ∑ (16.45 / (1 + 0.91) ^ 5) = 60.98
Price = (Terminal Value + Company Value) / Count shares = (123.49 + 60.98) / 26770000 = 6891.18