I just included my background to point out the fact that my explanation is purely academic. Right now I cannot say whether your congratulations was sarcastic or not, but thank you ;)

To your answer: I wanted to point out what is being valued and how it works. In this case the only thing that is being valued is the income. All risks associated must be accounted for. This was also supposed to be a hint to another question regarding how to value a website that does not yet create revenue: here you value future estimated revenue.

To your argument: You are absolutely right, of course. But still you start with expected future income.

Similarly, icu argued that you do not have just one figure. I completely agree. But that also happens if you consider a range of assumptions instead of concrete numbers. And even if you have a limited amount of potential buyers and they might pay more or less, you have to have an idea of whatever your are selling is worth.