FCTF and discount rates.

Hello,

I understand with Free cash flows we don’t discount interest individually but then discount at the WACC. Then with either FCTE or dividend capacity we do individually take out interest but discount at the cost of equity.

It seems that sometimes though after getting the valuation for FCTE, we then deduct the debt from the overall figure so it just represents equity but other questions I’ve seen they haven’t deducted the debt from this figure. Can you tell how to know whether to deduct debt from the overall valuation?

Thanks,
Alex