Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 156

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 156
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 Guideline Companies and consensus estimates obtained from publicly available equity research analysts’ projections made available by CapIQ as of the Access Date. EntrepreneurShares derived a multiple range based on the mean and median multiples of the GPC Guideline Companies and applied the multiple range to the Company’s FY2025 Revenue resulting in an implied valuation range of $79 million to $242 million. The implied valuation range of $79 million to $242 million was discounted using a period factor of 0.54 and discount rate of 18% calculated as the WACC, resulting in a valuation range of $72 million to $221 million. The FY2025 Revenue was based on the operational forecasts provided by Company Management. Based on the derived valuation range of approximately $72 million to $221 million, the transaction based on a pre -moneytotal enterprise value of $130 million fell within the derived valuation range and was deemed to be fair from a financial point of view under this methodology. EntrepreneurShares utilized the platform and analytical tools of CapIQ’s public company database (the “database,” unless otherwise indicated, as accessed as of June 20, 2024 (the “Access Date”)), to assist with the identification of GPC Guideline Companies and to obtain certain publicly available information about those companies, as further described below. Of the total number of companies with securities listed on various national securities exchange (“public companies”) included in the database as of the Access Date, EntrepreneurShares focused its analysis on public companies classified within the following Global Industry Classification Standards classifications (“GICS,” referring to the classifications developed by S&P Dow Jones Indices and MSCI, as of the Access Date): •Worldwide Presence: Of the total number of companies included in the database as of the Access Date, EntrepreneurShares selected a group of 70,719 public companies with securities listed on various national exchanges globally in order to incorporate in the GPC Analysis companies with operations and foci outside as well as inside of North America (the “Worldwide Presence Category”). •All Energy, Materials and Industrials: Within the companies in the Worldwide Presence Category, EntrepreneurShares narrowed its search to the approximately 18,864 public companies that fall within the GICS general “Energy”, “Materials” and “Industrials” classification, which incorporates, among other companies, Coal and Consumable Fuels, Semiconductor Manufacturing Services and Hydroelectric Power Generation (the “General Energy, Materials and Industrials Category”). •Specific Hydrogen Category: EntrepreneurShares’ search was further narrowed to approximately 408 companies