Equity Swap Discounting discounted, comparing, practice, problems, question

soverby

Hey guys,
I was going over practice problems for the CFA lvl 2 and had a question about equity swap discounting. I noticed that when valuing an equity swap, you discount the fixed/floating leg to get the PV but the equity return portion is not discounted.
This seems counterintuitive as you should be comparing the PV of both legs in order to calculate the MV. Maybe I am looking at this the wrong way but it seems as if we are comparing PV and FV.
The way I see it is that since you don’t know the future payment amount, you only look at the current return, which is 100% accrued. Therefore, you don’t discount. Nevertheless, you still wont receive payment for those returns until a future date. Something seems off, I would appreciate it if you guys could share your thoughts.
Thanks!!