Question: value of long position

V = (S - PVD) - FP / ((1+R)^(T-t)) Could anyone help me understand why PVD is subtracted from the value of long position? Isn’t the PV of future dividend part of the value pack? Many thanks in advance!

underlying is not sold. it is a position on the underlying. So the Owner of the underlying gets the dividends over the time period of the contract. and he also receives the spot.

thanks CP.