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 = 0.3455
CAGR EPS = -15.72%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 0.3455 * (1 + -15.72%) / (0.0364 * 2) = 4

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 = 0.313
g = 0.0813
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 = 0.4544
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.4544 * 5.94 + 0 = 0.0538
Price = (0.313 * (1 + 0.0813)) / (0.0538 - 0.0813) = 12.31

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) = 0.0167
Ebitda Yield = 0.0316
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 = 0.0073
Debt = 0.1675
Market Cap = 0.0822
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0822 / (0.0822 + 0.1675) = 0.3293
Weight Cost Debt = 100% - 0.3293 = 0.6707
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 = 0.4544
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.4544 * 5.94 + 0 = 0.0538
WACC = (0.0073 / 0.1675) * (100% - 0.3293) * (1 - 0.21) + 0.0538 + 0.3293 = 3.46
Terminal Value = Discount (0.0167 * (1 + 0.0316) / (3.46 - 0.0316)) = 4.84
Company Value = ∑ (0.0167 / (1 + 3.46) ^ 5) = 0.071
Price = (Terminal Value + Company Value) / Count shares = (4.84 + 0.071) / 20560000 = 238.83

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) = 0.0165
FCF Yield = 0.0918
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 = 0.0073
Debt = 0.1675
Market Cap = 0.0822
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0822 / (0.0822 + 0.1675) = 0.3293
Weight Cost Debt = 100% - 0.3293 = 0.6707
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 = 0.4544
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.68 + 0.4544 * 5.94 + 0 = 0.0538
WACC = (0.0073 / 0.1675) * (100% - 0.3293) * (1 - 0.21) + 0.0538 + 0.3293 = 3.46
Terminal Value = Discount (0.0165 * (1 + 0.0918) / (3.46 - 0.0918)) = 0.2661
Company Value = ∑ (0.0165 / (1 + 3.46) ^ 5) = 0.0628
Price = (Terminal Value + Company Value) / Count shares = (0.2661 + 0.0628) / 20560000 = 15.99