Company: GDSTR
Filing Date: 2025-04-24
Form Type: S-4/A
Source: 0001213900-25-034782
Chunk: 154

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-04-24
Form: S-4/A
Chunk 154
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 •   Voltalia SA                                                 
 •   SunHydrogen, Inc.                                           
 •   Beijing SinoHytec Co., Ltd.                                 
 •   Loop Energy Inc.                                            
 •   HydrogenPro ASA                                             
 •   Heliogen, Inc.                                              
 •   ReFuels N.V.                                                
 •   Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd. |     | •   ITM Power Plc                
 •   Nel ASA                      
 •   McPhy Energy S.A.            
 •   Green Hydrogen Systems A/S   
 •   CMG Cleantech S.A.           
 •   Next Hydrogen Solutions Inc. 
 •   L S materials., Ltd.         
 •   Tidewater Renewables Ltd.    
 •   Lhyfe SA                     |

Although none of the Comparable Companies listed above are directly comparable to Infintium, EntrepreneurShares selected these companies based on its professional judgment due to similar operating industries with business characteristics that, for purposes of its analysis, EntrepreneurShares considered as close proxies the business characteristics of the current operations and plans that Infintium management indicated about Infintium. For each of the Comparable Companies identified above, an Enterprise Value -to-Revenue(EV/Revenue) multiple range of 4.8x to 13.26x was selected as the comparable valuation metric to determine an implied Enterprise Value range of USD 72 Million to USD 221 Million for Infintium’s consolidated potential future business. The multiples derived, were reflected in the most recent public filings made by the Comparable Companies and consensus estimates obtained from publicly available equity research analysts’ projections made available by CapitalIQ as of the date of valuation. Infintium’s implied Enterprise Value under this method was computed based on the present value of the Next Twelve Months (“NTM”) Revenue forecasts (which Infintium management indicated would be a reasonable basis to illustrate the future potential of Infintium’s business plans, assuming the occurrence of events and circumstances underlying the assumptions incorporated in Infintium management forecasts). Income Method — Discounted Cash Flow Analysis EntrepreneurShares also conducted and analyzed a discounted cash flow analysis to calculate the implied Enterprise Value of Infintium, utilizing estimates of the illustrative standalone, unlevered, after -taxfree cash flows that Infintium management forecast during a four and a -halfyear period based on various assumptions Infintium management indicated that Infintium plans to pursue. For purposes of its discounted cash flow analyses, unlevered free cash flow