Why in the question #3 of case american greetings

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Why in the question #3 of case American Greetings, the calculation of total cash flow & DCF only count in the terminal value on 2015? 

Reference no: EM13755438

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Why in the question #3 of case american greetings : Why in the question #3 of case American Greetings, the calculation of total cash flow & DCF only count in the terminal value on 2015?
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