Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 107.64
CAGR EPS = 8.71%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 1098 + (1098 * 8.71% / 100) = 1193.63

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 = 28
g = 0.1511
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 = 0.394
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.394 * 5.94 + 0 = 0.0535
Price = (28 * (1 + 0.1511)) / (0.0535 - 0.1511) = 330.38

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) = 195.29
Ebitda Yield = -0.0184
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 = 606.64
Debt = 5394.95
Market Cap = 1700.8
Weight Debt = Market Cap / (Market Cap + Debt) = 1700.8 / (1700.8 + 5394.95) = 0.2397
Weight Cost Debt = 100% - 0.2397 = 0.7603
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 = 0.394
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.394 * 5.94 + 0 = 0.0535
WACC = (606.64 / 5394.95) * (100% - 0.2397) * (1 - 0.21) + 0.0535 + 0.2397 = 8.87
Terminal Value = Discount (195.29 * (1 + -0.0184) / (8.87 - -0.0184)) = 1169.36
Company Value = ∑ (195.29 / (1 + 8.87) ^ 5) = 793.7
Price = (Terminal Value + Company Value) / Count shares = (1169.36 + 793.7) / 1434060000 = 1368.88

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) = 110.1
FCF Yield = -1.71
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 = 606.64
Debt = 5394.95
Market Cap = 1700.8
Weight Debt = Market Cap / (Market Cap + Debt) = 1700.8 / (1700.8 + 5394.95) = 0.2397
Weight Cost Debt = 100% - 0.2397 = 0.7603
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 = 0.394
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.01 + 0.394 * 5.94 + 0 = 0.0535
WACC = (606.64 / 5394.95) * (100% - 0.2397) * (1 - 0.21) + 0.0535 + 0.2397 = 8.87
Terminal Value = Discount (110.1 * (1 + -1.71) / (8.87 - -1.71)) = -28.34
Company Value = ∑ (110.1 / (1 + 8.87) ^ 5) = 273.6
Price = (Terminal Value + Company Value) / Count shares = (-28.34 + 273.6) / 1434060000 = 171.03