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 = 101.29
CAGR EPS = 12.15%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 101.29 * (1 + 12.15%) / (0.0364 * 2) = 1560.31

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) = 46.21
Ebitda Yield = 0.0682
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 = 0.584
Debt = 4.25
Market Cap = 465.77
Weight Debt = Market Cap / (Market Cap + Debt) = 465.77 / (465.77 + 4.25) = 0.991
Weight Cost Debt = 100% - 0.991 = 0.009
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 = 0.0278
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.0278 * 5.94 + 0 = 0.0285
WACC = (0.584 / 4.25) * (100% - 0.991) * (1 - 0.21) + 0.0285 + 0.991 = 10.78
Terminal Value = Discount (46.21 * (1 + 0.0682) / (10.78 - 0.0682)) = 747.41
Company Value = ∑ (46.21 / (1 + 10.78) ^ 5) = 149.17
Price = (Terminal Value + Company Value) / Count shares = (747.41 + 149.17) / 197780000 = 4533.25

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) = 42.63
FCF Yield = 0.0973
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 = 0.584
Debt = 4.25
Market Cap = 465.77
Weight Debt = Market Cap / (Market Cap + Debt) = 465.77 / (465.77 + 4.25) = 0.991
Weight Cost Debt = 100% - 0.991 = 0.009
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 = 0.0278
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.0278 * 5.94 + 0 = 0.0285
WACC = (0.584 / 4.25) * (100% - 0.991) * (1 - 0.21) + 0.0285 + 0.991 = 10.78
Terminal Value = Discount (42.63 * (1 + 0.0973) / (10.78 - 0.0973)) = 2688.68
Company Value = ∑ (42.63 / (1 + 10.78) ^ 5) = 130.22
Price = (Terminal Value + Company Value) / Count shares = (2688.68 + 130.22) / 197780000 = 14252.73