That's an old valuation that was done during the ICO, most likely to scare away investors so the parties behind that valuation get a bigger share of ICN tokens.
ICN has already crushed their valuation by few light years already.
They assumed entire ICN price would come from ICNX and ICNP, they didn't factor in any potential dividends from OFM platform.
They also assumed a P/E ratio of 25 even in the optimistic case. Tech startups often have extremely high P/E ratio like 100, 200, or infinity. Even a big, established tech company like Facebook has P/E ratio of 48
Yes, it was a fud-piece to try to slow the dilution of everyone's investments during ico. Thanks, Smith and Crown!