Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 135

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 135
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 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).

63 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 was defined as Earnings Before Interest and after tax, plus depreciation and amortization expenses, less capital expenditures and less working capital investments. EntrepreneurShares calculated the illustrative terminal value of Infintium’s future potential business using the Gordon Growth Method for a business in a state of rapid growth under the premise of a going concern. The Gordon Growth Method was applied to the estimate of the terminal year unlevered free cash flow reflected in Infintium’s forecasts of its business plans. EntrepreneurShares discounted Infintium illustrative unlevered free cash flows over a four and a -halfyear forecast horizon, as well as a terminal value using the method described above, to arrive at an estimated Enterprise Value as at the date of valuation using a time -weighteddiscount rate range of 10.89% to 25.59%, based on the potential future business of Infintium, in conjunction with industry and economic indicators. The discount rate assigned to Infintium was based on EntrepreneurShares judgment of the idiosyncratic risk profile given various factors such as stage of business, expected liquidity, size of the company and nature of industry among other factors which would require an additional risk premium over the risk -freerate and equity risk premium. 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