jacksparrow

Start with:
FCFF=NI+Depr+Int(1-T)-FCInv-WCInv

Now remember
NI = [EBIT-Int]*(1-T)
substitute

FCFF=EBIT(1-T)+Depr-FCInv-WCInv

-Int(1-T) + Int(1-T) cancels out.

Then on to:
CFO=NI+Depr-WCInv
So FCFF=CFO+Int(1-T)-FCInv

FCFE=FCFF-Int(1-T)+NetBorrowing
(is all you need)

I am writing this all from memory ... so pardon me if any mistakes have been made in transcription - but you should get the general idea.

CP