Is the Entry Cash outflow always discarded when calculating the intrinsic Enterprise value using the Discounted Cash Flow? If so, why the Exit cash flow is used in the Present Value calculation formula?

Is there any situation to include the Entry (Cash outflow) when calculating the Present Value?

Assumptions Tax Rate 2596 1296 Discount Rate Perpetural Growth Rate EV/EBITDA Mulltiple 396 Transaction Date 31-12-2017 Fiscal Year End 30-06-2018 Current Price 25.00 Shares Outstanding 20,000 Debt 30,000 Cash 239,550 Capex 15,000 2020 Discounted Cash Flow Date Time Periods Terminal Value Perpetural Growth EV/EBITDA Average 537,981 546,278 542,129 Year Froction EBIT Less: Cash Taxes Plus: D&A Less: Capex Less: Changes in NWC Unlevered FCF (Entry)/Exit Transaction CF Transaction CF Entry 2018 2019 2021 2022 Exit 31-12-2017 30-06-2018 30-06-2019 30-06-2020 30-06-2021 30-06-2022 30-06-2022 0 1 2 3 0.50 1.00 1.00 1.00 1.00 47,814 51,095 55,861 58,693 63,039 11,954 12,774 13,965 14,673 15,760 15,008 15,005 15,003 15,002 15,001 15,000 15,000 15,000 15,000 15,000 375 611 398 511 272 35,494 37,715 41,501 43,510 47,008 (290,450) 542,129 17,747 37,715 41,501 43,510 47,008 542,129 (290,450) 17,747 37,715 41,501 43,510 47,008 542, 129 Market Value Intrinsic Value Enterprise Value Plus: Cash Less: Deb: Equity Value =XNPV/D6,D28:328,D18:J18) XNPV(rate, values, dates) 30,000 672,532 Market Cap Plus: Debt Less: Cash Enterprise Value 500,000 30,000 239,550 290,450 Equity Value/Share 33.63 Equity Value/Share 25.00