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 = 903.65
CAGR EPS = 11.11%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 903.65 * (1 + 11.11%) / (0.0389 * 2) = 12905.34

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 = 310
g = 0.1507
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 = 0.1233
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.1233 * 5.94 + 0 = 0.0374
Price = (310 * (1 + 0.1507)) / (0.0374 - 0.1507) = 3150.09

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) = 1040.15
Ebitda Yield = 0.0935
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 = 43.03
Debt = 986.85
Market Cap = 5502.35
Weight Debt = Market Cap / (Market Cap + Debt) = 5502.35 / (5502.35 + 986.85) = 0.8479
Weight Cost Debt = 100% - 0.8479 = 0.1521
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 = 0.1233
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.1233 * 5.94 + 0 = 0.0374
WACC = (43.03 / 986.85) * (100% - 0.8479) * (1 - 0.21) + 0.0374 + 0.8479 = 3.45
Terminal Value = Discount (1040.15 * (1 + 0.0935) / (3.45 - 0.0935)) = 16253.48
Company Value = ∑ (1040.15 / (1 + 3.45) ^ 5) = 3940.73
Price = (Terminal Value + Company Value) / Count shares = (16253.48 + 3940.73) / 292990000 = 68924.56

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) = 267.47
FCF Yield = -0.000746
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 = 43.03
Debt = 986.85
Market Cap = 5502.35
Weight Debt = Market Cap / (Market Cap + Debt) = 5502.35 / (5502.35 + 986.85) = 0.8479
Weight Cost Debt = 100% - 0.8479 = 0.1521
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 = 0.1233
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.1233 * 5.94 + 0 = 0.0374
WACC = (43.03 / 986.85) * (100% - 0.8479) * (1 - 0.21) + 0.0374 + 0.8479 = 3.45
Terminal Value = Discount (267.47 * (1 + -0.000746) / (3.45 - -0.000746)) = 6406
Company Value = ∑ (267.47 / (1 + 3.45) ^ 5) = 1211.3
Price = (Terminal Value + Company Value) / Count shares = (6406 + 1211.3) / 292990000 = 25998.49