BOSTON ( TheStreet) -- As investors pour tens of billions of dollars into equities, historically cheap Dow stocks are among the most attractive, offering fat dividends and emerging-markets exposure. Although many people use trailing or forward price-to-earnings ratios as value gauges, cash flow is often more reliable. Here are the 10 cheapest Dow dividend stocks, based on cash flow per share. Below, they are ordered from cheap to cheapest.

10. Intel ( INTC) is the world's largest chipmaker. Fourth-quarter profit advanced 48% to $3.4 billion, or 59 cents a share. Revenue rose 8.4% to more than $11 billion. The operating margin widened from 35% to 38%. Intel's fourth quarter was the most profitable in company history. Still, its stock is historically undervalued, selling for a trailing earnings multiple of just 10, a 53% discount to the stock's five-year average of 22. Its forward earnings multiple of 9.5 reflects a 42% discount. Roughly 60% of analysts rate Intel "buy." Credit Suisse expects the stock to advance 33% to $28. Intel yields 3% and has grown its payout 15% a year over a five-year span.

9. Wal-Mart ( WMT) is not only the world's largest retailer, but the world's biggest company, based on sales. It is scheduled to release fiscal fourth-quarter results Feb. 22. Fiscal third-quarter net income increased 9.3% to $3.4 billion, but earnings per share climbed 16% to 95 cents, boosted by a lower share count. The operating margin remained steady at 5.5%. Wal-Mart's stock trades at a forward earnings multiple of 13, a 21% peer discount. Its trailing earnings multiple of 14 reflects a 12% discount to the five-year average. Wal-Mart receives "buy" ratings from 68% of analysts. HSBC, second most-accurate Wal-Mart forecaster of 2010, expects a rise of 23% to $68 in 2011.

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