Doing a 3-5 year P&L forecast, not sure if I'm supposed to discount to PV / for TVoM.

Doing a case study for a SaaS company, and being asked to make a 3-5 year P&L forecast with varying drivers and assumptions. When doing so, am I expected to discount my Net Income to PV? I guess the better question is: in what cases do you actually discount, and when is it not needed?

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