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

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By comparison, TotalFinaElf trades at 8.6 times debt-adjusted cash flow and Exxon trades at 12, based on yesterday's closing prices.

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The ratio of net debt to adjusted EBITDA from 2013 through 2015 is to remain within the range of 2.0 to 2.5 as in the previous three years.

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The existing investment with debt may provide better risk-adjusted returns than can be achieved when reinvesting the prospective sales proceeds.

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Despite gigantic debt-fueled government transfer payments, Americans are suffering from a five-year stagnation in inflation-adjusted disposable income, which is expected to continue into 2014.

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