He is 100% wrong.
That is an asinine valuation for a company like Disney buying a franchise (and all of the other parts that come with Lucasfilm) such as Star Wars, and I hope to god you never have to do actual valuation. Heck, Marvel pre Avengers / second-half Marvel Cinematic Universe was 4 billion.
http://www.newsarama.com/24999-disney-s-4-billion-marvel-buy-was-it-worth-it.html
As for Star Wars...
Actually....
they could reasonably have done that
http://www.wired.com/2015/12/disney-star-wars-return-on-investment/
Mind you, this is before the movie came out, and we didn't know if the movie was actually, well, good. 150 million, in a year, in licensing alone.
Marvel at that point already had even greater passive revenues from merchandising and licensing, and a pretty good idea and a reasonable expectation of releasing 2 blockbusters per year for at least the next few years. Lucasfilm is a 1 film per year kind of deal at this stage(and no one has any real idea how the non-saga side stories will perform).
When looking at ROI, a lot of people get revenue and profit confused, and they neglect opportunity costs. You don't just take gross revenue from a property and use that for valuation, and anyone suggesting that Lucasfilm should have been bought for even $10b is terribly fiscally irresponsible.
You have to consider that the funds being used to make these Star Wars movies would have gone into other projects had Disney not bought lucasfilm, and those films would have had some average level of profitability. So to come up with a value of Lucasfilm, you have to take the passive income from licensing and merchandising added to the expected increase in profitability of a potential Star Wars film over whatever the alternative would be, and stretch that over a reasonable length of time that you want to make your money back. Which is something like 10 years or less, not fucking 40 years.
Anyone suggesting that lucasfilm should have had a valuation in the tens of billions does not understand anything about finance really. If someone paid $20 billion for lucasfilm, every Star Wars film for the next decade could make $2 billion in box office and another billion in merchandising revenue(a highly improbable outcome), and the ROI would still be less than they would get if they put that $20 billion in a bond fund.
Like I said, $4 b was probably a slight discount when you factor in Indiana Jones and everything else Lucasfilm owns, but it is not a $10b+ discount, it's a ~$2b discount at most.
