Equities: Private Company Valuation GPCM, GTM

If a question says: Calculate value of company using GTM or GPM, we always give the value of equity? Why do we always subtract debt when value of company should include both debt and equity?

I understand that we will be paying for the equity portion only but the phrase"value of company" throws me off. Is it safe to assume that in all questions related private company valuation, we have to give equity values only?