This post by Chris Burniske on Cryptoasset Valuation Models is a must-read:
https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7
Download Chris' model here:
https://docs.google.com/spreadsheets/d/1ng4vv3TUE0DoB12diyc8nRfZuAN13k3aRR30gmuKM2Y/edit?usp=sharing
Some screenshot excerpts:
Here's a simpler Cryptoasset Valuation Model:
