A DCF has three parts: a forecast of unlevered-free-cash-flow for five to ten years, a terminal-value for everything after, and a discount-rate, normally wacc. Discounting each and summing gives enterprise value; subtracting net-debt gives equity value.
Its reputation for precision is undeserved. Small changes in growth and discount rate move the answer enormously, and terminal value is usually two thirds of it. The discipline is valuable because it forces assumptions into the open, not because the output is accurate.
Example: Northwind Tools projects unlevered free cash flow rising from $70M to $108M over five years, plus a terminal value of $2.1B, discounted at 8.1%. The total is $2.9B of enterprise value against a market price of $2.86B.
Related: unlevered-free-cash-flow, wacc, terminal-value, present-value, sensitivity-analysis