Company: GDSTR
Filing Date: 2025-07-18
Form Type: S-4/A
Source: 0001213900-25-065671
Chunk: 161

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-07-18
Form: S-4/A
Chunk 161
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 forecasts of its business plans. EntrepreneurShares discounted Company illustrative unlevered free cash flows over a four -and-a-half-yearforecast horizon, as well as the terminal value using the Gordon Growth Method for a business in a state of rapid growth, to arrive at an estimated Enterprise Value as at the date of valuation using a time -weighteddiscount rate based on a WACC range of 10.89% to 25.59%, taking into account of the potential future business of the Company, in conjunction with industry and economic indicators. 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. The valuation range under this method was calculated to be between $19 million to $ 192 million. Based on the derived valuation range of approximately $19 million to $192 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. Miscellaneous The foregoing summary of certain financial analyses does not purport to be a complete description of the analyses or data presented by EntrepreneurShares. In connection with the evaluation of the Business Combination. EntrepreneurShares performed a variety of financial and comparative analyses for the purpose of rendering its opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary descriptions. Selecting portions of the analyses or of the summary described above, without considering the analyses as a whole, could create an incomplete view of the processes underlying EntrepreneurShares’ opinion. In arriving at its fairness determination, EntrepreneurShares considered the results of all the analyses and did not draw, in isolation, conclusions from or with regard to any one analysis or factor considered by it for purposes of its opinion. Rather, EntrepreneurShares made its determination as to fairness on the basis of its experience and professional judgment after considering