Free cash flow to firm

A common formulation starts with operating profit after tax, adds back relevant non-cash expenses, then deducts capital expenditure and increases in operating working capital. Financing interest and principal payments are excluded when discounting FCFF at an appropriate WACC, avoiding double-counting financing. The resulting value is normally an operating enterprise value; adjust for separately valued non-operating assets and relevant debt or other claims to reach equity value. 'Free cash flow' is used in different ways, so state whether it refers to all finance providers or only equity.