FCF is uncommitted freely-available cash flow after capital expenditures to maintain operations at the same economic level. FCFF is free cash flow to the total firm. FCFE is free cash flow to the equity owners. The proper analysis and perspective depends on the purpose of the valuation.
Additional analysis can consider the costs of debt and equity capital and return on equity.
Financial investments or portfolio investments in stock, bonds, and other marketable securities are valued independently of the market. Market price is not value, pricing is not valuation, and pricing models are not valuation models. For example, any model that includes market beta for risk is a hybrid pricing model, not a valuation model. A model that uses Monte Carlo simulation to address uncertainty indpendently of market-generated factors is a true valuation model. The Theory of Investment Value by John Burr Williams is the codification of first principles of intrinsic value.