When does discounting UFCF and LFCF produce the same value? When do they not?

The UFCF method relies on assuming a target capital structure throughout the projection period. However, LFCF may have their capital structure change throughout the projection period as the company pays back debt or borrows more. As a result, they usually result in slightly different values. However, if the target capital structure and the actual capital structure ends up being the same throughout the projection period, then in theory the values would be the same.