It sounds like prattle

An interesting website. They threw some light on the focus areas for telecom valuation. The firm undertakes valuation exercises for telcos with special focus on:
1. Physical assets - wireline and wireless networks
2. Intangible assets - eg spectrum liceses. In fact they had undertaken a study to determine the revenues that will flow to the treasury with the auction of a particular spectrum.
3. Contracts in place and competitive strategies
4. And finally the entire business.

For the revenues generated from issue of new licenses, some of the factors considered were:
Previous revenues generated in Mhz-pop. They could use an income approach or a comparables approach. The differences in the parameters for the income approach, the least of which is the diverse WACC, lead to a preference for the comparables approach. The argument is that the comparables have already taken into account present value of future cash flows.
Technology differences
Drop in price with the issue of new licenses
Lower price if the spectrum is encumbered.
The price quoted was 1.65 dollars per MHz-pop. The revenue is then calculated as 1.65 into the total bandwidth being auctioned and the population of the coverage area (in this case the population of the US) in a base year.