Which of these two methods is better: discounting the equity cash flow or discounting the free cash flow?

Discounting the free cash flow method because generate the net of taxes and also operate Assets, Libilities and Capital Expenditures.

Thanks for invitation,

Agree with the answer og our colleague Mr. Fahim El Baloshi.

I'm favoring to Discounting the Equity should be used as the discount rate because it involves only the amount left for equity investors. It ensures calculating Equity Value instead of Enterprise Value.

Free Cash flow is better in view of the (1-T) concept. But I am favoring Risk Free Rate  as your Required Rate of Return

its healthy to use the free cash flow, it will reflect on taxation and other benefit