Step $1$: Use the DCF model $($NPV formula$)$ to calculate the PV of the firm's Current Cash Flows

Step $2$: Use the Constant growth model and the PV formula to calculate the PV of the firm's Future Cash Flows $($terminal value$).$

Step $3$: To determine Enterprise $($Operating$)$ Value: Add Step $1$ and Step $2$ Step $4$: To determine Value of the Firm, Complete Step $3,$ then add the firm's current assets.

Step $5$: To determine Value of the Firm's Common Equity, Complete Step $4,$ then subtract Current Liabiities, Long$-$Term Debt and Preferred Stock.