DDM share valuation


Came across this solution for a share valuation using a DDM model. It seems that they disregarding the cash flows in the first 7 years, and only taking the PV of terminal value as the share price…why are we ignoring the initial cash flows? Am I missing something here?

Very hard to tell for sure based solely on this picture without any further context, but could be that they’re simply calculating the PV of future dividends as of 2021 per what the statement reads, rather than valuing the shares?

No…unfortunately the answer was for share price was $24.12, I’m guessing it’s just incorrect?