Questions on valuations of tokens/ICOs.

I reviewed the Veritaseum forensic report on GNO and if I'm not mistaken the valuation forecast in the report identifies the value of a GNO token to be about 1/6 of where it is today.

My question is regarding a forensic valuation of a VERI token.  As of today the value of all the outstanding tokens is approx $15B.

just for reference NDAQ = about $12B, ICE = about $39B, CME = about $41B, all with lots of earnings.

Not sure what else to compare VERI to other than what I listed.

I'm not trying to disrespect the VERI team - in fact I am in awe of the mind-bending applications - just hoping for some perspective on valuations.  (and also help in de-bending my mind as the applications may be beyond my simple-mindedness).