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.
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.