Low interest rates reduce the discount rate on corporate earnings and cash flow, raising their present value.

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One thing about fixed-income funds in the closed-end world, Kate, is that every 12% approximately, of a discount, equals 1% of real cash flow.

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Its valuation of six times debt-adjusted cash flow is a 20% discount to the sector.

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It trades at 2.3 times cash flow and 3.6 times 1998 expected earnings -- a 65% discount to other Latin food retailers.

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However, the price-to-free-cash-flow ratio looks attractive at 19.29x, a roughly 13.8% discount to the peer group average of 22.37x.

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