Kaplan kit MTQ

It is now 1/1/20X6. predator co is looking make a bid for entire share capital of prey co , a small family owned company that make specialist gears for high performance racing bikes. prey co products have had a niche but loyal customer base for many years but demand started to soar in late 20X3 when it was revealed that all gold medal winners in cycling events at olympics were using new revolutionary gear type developed & pattented by prey co.
The sale has been agreed in principle but a valuation still needs to be agreed for Prey co

Summary of SOFP
20×1 20X2 20X3 20X4 20X5 20X6
audited audited audited audited unaudited forecast
PAT (10) 20 60 130 140 156
Divid paid – 10 30 65 70 78

What growth rate should be used if estimating value of prey co using DVM.

Sir here while calculating “g” they have taken 65 (20X4) as earliest dividend. Can you please explain me that why they have not taken 20X2 or 20X3 as earliest dividend?