Which are the situations in which we do not use a DCF in the valuation?

If the company’s cash flow is unreliable or unpredictable, or if debt and working capital play fundamentally distinct roles, we wouldn’t utilise a DCF in the assessment.
Financial firms, such as banks, do not reinvest debt, and working capital accounts for a large portion of their balance sheets, thus we do not utilise a DCF for them.