fund management business valuation

It wouldn't be straying too far to say that funds management can be sold at a multiple of earings income. At peak, banks were paying say 10x earnings for funds management business.

BUT...Cenro...distressed and we are no where near peak.
So here goes beer coaster calculation:

Fund Management income $140M x say 5x income $700M. This would probably be a starting point for bidding. It would then come down to bidders building in their costs and synergy savings. Could push a little higher. Still $700-$1b max I reckon.

Have I missed anything?