How do you build from revenue to unlevered free cash flow in a projection?

• Start at revenue, subtract every cash operating cost, then subtract interest and dividends to reach the free cash left over
• Start from EBITDA, subtract capex and the change in working capital, and skip the tax step since EBITDA is pre-tax
• Tax revenue directly at the marginal rate, then add back D&A and subtract capex to get the unlevered figure
• Revenue to EBIT, tax EBIT, add back D&A, subtract capex, subtract the increase in net working capital
• Take net income, add back D&A and capex, and leave working capital out since it is not a cash item