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.

8. Travelers ( TRV) is a property and casualty insurer. Travelers ranks as one of the cheapest Dow components, based on a variety of valuation measures. It's scheduled to report fourth-quarter results Jan. 25. Third-quarter net income rose 7.5% past $1 billion and earnings per share stretched 28% to $2.11, helped by a year-over-year decrease in the float. Travelers was a model of stability during the recession, never posting a quarterly loss, even as competitors such as The Hartford required TARP funds. Travelers sells for a forward P/E of 9.1, a 40% peer discount. Travelers has grown the dividend 9.2% a year, on average, over a five-year horizon.

7. Alcoa ( AA) sells aluminum and alumina worldwide. It swung to a fourth-quarter profit of $258 million, or 24 cents a share, from a loss of $277 million, or 27 cents, a year earlier. Revenue grew 4% to $5.7 billion. The operating margin widened from 1.2% to 7.3%. Alcoa's stock sells for a forward earnings multiple of 11, a book value multiple of 1.1 and a sales multiple of 0.8, 75%, 68% and 96% discounts to metals and mining industry averages. Yet, analysts offer poor reviews of Alcoa. It receives "buy" ratings from 53% of Wall Street researchers, ranking as the fourth worst-rated Dow stock. However, unloved equities often outperform.

6. American Express ( AXP) is a credit-card company. It is due to announce its fourth-quarter performance Jan. 24. Its third-quarter net income surged 71% to $1.1 billion and earnings per share advanced 67% to 90 cents, restrained by a higher share count. Revenue expanded 17%. The operating margin extended from 13% to 22%. American Express shares trade at a forward earnings multiple of 12, a notable discount to the S&P 500 average, but at parity with consumer finance peer investments. Two thirds of analysts rate AmEx "buy." Financial-sector focused KBW expects the stock to rise 29% to $60. Credit Suisse forecasts a decline to $40.

5. Chevron ( CVX) is the world's second-largest energy company after Dow component Exxon Mobil ( XOM). Chevron will release fourth-quarter numbers Jan. 28. Third-quarter net income declined 1.7% to $3.8 billion. Earnings per share fell 2.6% to $1.87. Revenue grew 7.6%. The operating margin rose from 11% to 12%. Chevron's stock sells for a trailing earnings multiple of 11, a forward earnings multiple of 9.3, a book value multiple of 1.8 and a sales multiple of 1, 44%, 51%, 59% and 68% peer discounts. A hefty 76% of analysts rate Chevron "buy." It ranks third-highest among Dow stocks. Chevron's dividend has grown 10% a year, on average, over a five-year span.

4. General Electric ( GE) is an industrial conglomerate. It will release fourth-quarter results Jan. 21. Third-quarter net income dropped 18% to $2.1 billion, but earnings per share increased 32% to 29 cents. Revenue declined 4.5% to $36 million. The operating margin improved from 16% to 21%. GE's stock trades at a forward earnings multiple of 15 and a book value multiple of 1.7, 11% and 25% discounts to conglomerate peer averages. GE offers a yield of 3% with a safe payout ratio of 33%. Its dividend has fallen from a high of 31 cents paid in 2009, but has risen in the past two quarters. Roughly 53% of analysts rate GE's stock "buy" and 47% rank it "hold."

3. AT&T ( T) is a diversified telecom company, with wireline and wireless units. The recent loss of Apple iPhone exclusivity has hurt AT&T's stock, which has fallen 3.1% in a month. AT&T will report fourth-quarter results Jan. 27. Third-quarter adjusted profit of 55 cents narrowly exceeded researchers' consensus forecast and sales beat expectations by 1.1%. Analysts give AT&T generally positive reviews. It receives 22 "buy" ratings and 17 "hold" recommendations. No researchers rank it "sell." Credit Suisse offers a 12-month target of $35, suggesting 24% upside. Sanford Bernstein, on the other hand, expects a drop to $25. AT&T is the highest yielding Dow stock.

2. Verizon ( VZ) is a diversified telecom company. It will release fourth-quarter performance figures Jan. 25. Third-quarter net income dropped 25% to $881 million, or 31 cents a share. Revenue decreased 3% to $26 billion. The operating margin hovered above 18%. Verizon's stock is second-cheapest among Dow components based on cash flow per share. However, it's fairly valued, relative to peer investments, based on its forward P/E of 16 and book value multiple of 2.6. Verizon is the second highest-yielding Dow stock and has boosted its payout 3.5% a year, on average, over a five-year span. It is the second-worst rated Dow stock, based on analysts' aggregate view.

1. Bank of America ( BAC) is a diversified financial-services company with commercial and investment banking operations. It will report fourth-quarter results Jan. 21. Bank of America's third-quarter loss multiplied to $7.3 billion, or 77 cents a share. Revenue declined 2%. The operating margin widened from 11% to 31%. Bank of America's cash-flow multiple, at 1.3, is lowest in the Dow and represents a huge 88% industry discount. It is expected to multiply its dividend in 2011 as economic growth picks up. Its current 0.3% yield is among the lowest in the Dow. Currently, 62% of analysts rate the stock "buy." Raymond James expects the stock to rise 60% to $24.

-- Written by Jake Lynch in Boston.


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