Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 155

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 155
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GS:HYZN)                            |
| Ideanomics, Inc. (NasdaqCM:IDEX)                             |
| Impact Coatings AB (publ) (OM:IMPC)                          |
| Jiangxi Hengda Hi-Tech Co.,Ltd. (SZSE:002591)                |
| Kaji Technology Corporation (TSE:6391)                       |
| Lhyfe SA (ENXTPA:LHYFE)                                      |
| NuScale Power Corporation (NYSE:SMR)                         |
| Oriana Power Limited (NSEI:ORIANA)                           |
| Pilot Energy Limited (ASX:PGY)                               |
| Pressure Technologies plc (AIM:PRES)                         |
| Sichuan Shudao Equipment & Technology Co.,Ltd. (SZSE:300540) |
| Wolftank-Adisa Holding AG (XTRA:WAH)                         |

| Summary Statistics |     | TEV/Total Revenues |
| High               |     | 76.3x              |
| Low                |     | 0.5x               |
| Mean               |     | 8.4x               |
| Median             |     | 2.7x               |

72 The discount rate used was approximately 18%, which was based on the mid -pointof the calculated WACC range of 10.89% to 25.59%. The WACC has been calculated based on the cost of debt and cost of equity using an assumed 98% equity to 2% debt ratio, based on current capital structure that was expected to continue. The after -taxcost of debt was approximately 5%. The cost of equity was calculated to be a range of 11.01% to 26.01% based on a risk premium range of approximately 0% to 15% which was assigned to the Company based on EntrepreneurShares’ evaluation of the particular risk profile given various factors such as stage of business, expected liquidity, size of the company, nature of industry, geographic location of business operations among other factors which may require an additional risk premium over the risk -freerate and equity risk premium. Based upon each of the GPC Guideline Companies identified above, a forward next twelve months (“NTM”) Enterprise Value -to-Revenue(EV/Revenue) multiple range of 2.72x to 8.36x was selected as the comparable valuation metric. The multiples used were reflected in the most recent public filings made by the GPC