Roberto,
I am not an expert of finances either. However, from a broad historical perspective, I can see the following...
.ORG established in 1985. Estimated Value = $0.
.ORG transferred from Verisign to PIR in 2003. Estimated Value = $0 plus right for Verisign to maintain .COM contract
PIR sold from iSOC to Ethos in 2019. Value = $1.135 billion (yet to be closed)
I don't have any reason to doubt the valuation of the proposed transaction. I trust Ethos has done their financial homework properly. I also have no reason to doubt that iSOC has not done their homework too. Ethos and iSOC seem to believe they have found fair market value.
I think it's irrelevant to worry about the valuation of the transaction in 2019, as agreed to between Ethos and PIR. It's up to the buyer and the seller to establish a fair market price. I also think it's a red herring to worry about any potential .ORG domain price increases. That ship has sailed.
I do think end users have an interest in whether PIR is sold as an asset from iSOC (non-profit) to Ethos (for-profit). The mission of those two organizations are very different. It is well accepted that for-profit companies only have one mandate to their shareholders and that is to make money. It's simple and should not be controversial in, and of, itself. They may want to protect the value of their asset, PIR, but their overriding mission serves the interests of their shareholders.
I think many people are missing the nature of Ethos's investment. Although ICANN may add guard rails to protect against pure-profit behaviour, I suspect the investment payoff to Ethos is when they sell their asset in the future. A metaphor that can be used is when a company purchases a building. They maintain it and collect rent for a number of years, but the big payoff is when they sell it for capital gains in the future. Capital gains is the profit motive, not the rent/revenue that's earned each year while managing the asset. Hence, it is highly likely that Ethos is making a $1.135 billion bet that it can maintain and grow the value of PIR, so that it will make more than $1.135 billion in the future. This is what private equity companies do. If Ethos is successful, PIR will be worth more than $1.135 billion in the future. Still the current and future valuation of PIR is not relevant to end users. End users are often well served by properly functioning capital markets in the right context.
However, in this case, it's the switching of the organizational mission from a non-profit, iSOC, to a for-profit, Ethos, which causes problems and risks for many Internet stakeholders and end users. Current .ORG registrants are switching from assumed stakeholders to Ethos/PIR customers. The nature of the relationship is changed during the transaction.
Regardless on how this is done, I believe Katherine Maher, CEO and Executive Director of the Wikimedia Foundation, makes a valid point in wanting to preserve "a longterm commitment to the open and noncommercial internet". Hence, I believe At-Large End Users interests do not align with iSOC organizational interests for purposes of this transaction.
Cheers,
David