FCFE forecasting formula when to use?

[swt326]

The following formula appears to be used in forecasting FCFE but not necessarily in all instances:
NI - (1-DR)(capex - depr) - (1-DR)(Inv in WC) = FCFE
Do we always use this when we are forecasting or is there some other reason on why we use this formula??

 

[Rockstar Nation]

I only use this formula when the vignette/questions specifically asks for FCFE when the firm is striving for some target DR (Debt to Asset ratio). Otherwise, it’s best to stick with the traditional FCFE formulae.