Requesting Opinion on Valuation Method currently, website, interested, positive

AnalystAlan

Hi Guys,
I’m interested in valuing a a company’s equity in the marine shipping industry. 40% of capital is debt and the industry is highly cyclical.
The earnings are currently positive but are in decline or trough.
I am unsure if i should use FCFF or FCFE. I’m leaning towards FCFF because although company debt is stable, industry debt levels will fluctuate. Also, i’m not sure if i should be normalizing earnings or doing a multi-stage FCFF.
I checked Damodaran’s website and i’m still not sure…
FCFF with normalized earnings or project the earnings year per year over 2-3 stages towards recovery?
Anyone?