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Free Cash Flow calculations


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I'm curious as to what methods everyone uses.  I started by using the relatively simple cash flow statement method (add back depreciation/amortization and other appropriate non-cash charges then subtract estimated cap ex for maintenance to get owner earnings).  However, on a friend's recommendation, I've been reading "Valuation: Measuring and managing the value of companies", which uses NOPLAT and a lot of balance sheet reorganizations to come up with FCF and ROIC.  This second method is much more intensive, but perhaps more accurate?  I'll need to apply it a few times first. 


In any event, what do you use?

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