How would I value a high capex intensive business with proportionately increasing debt?

Looking at a deal in the communications tower business....typically it is valued at a multiple of Tower Cash Flow...fairly straight forward. Need to look at the value today, but this company is growing and the growth is precedent on building out communication towers which require significant capex (and accompanying financing).

However, if I had to do some sort of EV analysis outside of that, what would I do? DCF? Some sort of NPV on Tower Cash Flow? Project financing hybrid?

For example: Year 0: TCF $10.0MM, EBITDA: $5.0MM, Capex: $50.0MM Year 1: TCF $15.0MM, EBITDA: $12.0MM, Capex: $170.0MM, Debt Draw: $160.0MM Year 2: TCF: $40.0MM, EBITDA: $20.0MM, Capex: $40.0MM, Debt Draw: $30.0MM Year 3: TCF: $50.0MM, EBITDA: $42.0MM, no capex or debt financing Year 4: TCF: $52.0MM, EBITDA: 43.5MM, no capex or debt financing Year 5: TCF: $53.0MM, EBITDA: 44.0MM, no capex or debt financing

FYI - These things typically trade at a multiple of 20.0x TCF.