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Do you consider yourself a value investor? For ideas on how to search for potentially undervalued names, we ran a screen.

We began by screening the S&P 500 for stocks paying dividend yields above 2% and sustainable payout ratios below 50%. We then screened for those that appear undervalued relative to the ratio levered free cash flow/enterprise value.

Levered free cash flow is the free cash flow after deducting interest payments on outstanding debt. Enterprise value is the sum of the firm's value from all ownership sources: market cap, outstanding debt, and preferred shares. Companies with high ratios of levered free cash flow/enterprise value may be undervalued by the market.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these names could offer both income and price appreciation? Use this list as a starting point for your own analysis.

1. AFLAC Inc. (NYSE:AFL): Provides supplemental health and life insurance. Dividend yield at 2.89%, payout ratio at 29.26%. Levered free cash flow at $2.47B vs. enterprise value at $24.06B (implies a LFCF/EV ratio at 10.27%).

2. Best Buy Co. Inc. (NYSE:BBY): Operates as a retailer of consumer electronics, home office products, entertainment products, appliances, and related services primarily in the United States, Europe, Canada, and China. Dividend yield at 2.37%, payout ratio at 20.66%. Levered free cash flow at $2.16B vs. enterprise value at $9.09B (implies a LFCF/EV ratio at 23.76%).

3. Comcast Corporation (NASDAQ:CMCSA): Provides entertainment, information, and communications products and services in the United States and internationally. Dividend yield at 2.17%, payout ratio at 28.85%. Levered free cash flow at $15.12B vs. enterprise value at $118.19B (implies a LFCF/EV ratio at 12.79%).

4. Dr Pepper Snapple Group, Inc. (NYSE:DPS): Engages in the manufacture and distribution of non-alcoholic beverages in the United States, Canada, and Mexico. Dividend yield at 3.49%, payout ratio at 43.11%. Levered free cash flow at $1.08B vs. enterprise value at $10.14B (implies a LFCF/EV ratio at 10.65%).

5. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX): Engages in the exploration, mining, and production of mineral resources. Dividend yield at 2.61%, payout ratio at 31.23%. Levered free cash flow at $4.42B vs. enterprise value at $39.82B (implies a LFCF/EV ratio at 11.1%).

6. Gannett Co., Inc. (NYSE:GCI): Operates as a media and marketing solutions company in the United States and internationally. Dividend yield at 5.20%, payout ratio at 12.47%. Levered free cash flow at $637.24M vs. enterprise value at $5.25B (implies a LFCF/EV ratio at 12.14%).

7. L-3 Communications Holdings Inc. (NYSE:LLL): Provides command, control, communications, intelligence, surveillance, and reconnaissance systems; aircraft modernization and maintenance; and government services in the United States and internationally. Dividend yield at 2.87%, payout ratio at 19.71%. Levered free cash flow at $1.12B vs. enterprise value at $10.31B (implies a LFCF/EV ratio at 10.86%).

8. Lexmark International Inc. (NYSE:LXK): Develops, manufactures, and supplies printing and imaging solutions for offices. Dividend yield at 2.90%, payout ratio at 5.61%. Levered free cash flow at $228.82M vs. enterprise value at $2.00B (implies a LFCF/EV ratio at 11.44%).

9. The McGraw-Hill Companies, Inc. (MHP): Provides various information services for financial, educational, and business information markets worldwide. Dividend yield at 2.20%, payout ratio at 35.19%. Levered free cash flow at $1.41B vs. enterprise value at $13.37B (implies a LFCF/EV ratio at 10.55%).

10. Marathon Petroleum Corporation (NYSE:MPC): Engages in refining, transporting, and marketing petroleum products primarily in the United States and internationally. Dividend yield at 2.31%, payout ratio at 6.70%. Levered free cash flow at $2.23B vs. enterprise value at $15.45B (implies a LFCF/EV ratio at 14.43%).

11. Raytheon Co. (NYSE:RTN): Provides electronics, mission systems integration, and other capabilities in the areas of sensing, effects, and command, control, communications, and intelligence systems, as well as mission support services in the United States and internationally. Dividend yield at 3.31%, payout ratio at 32.14%. Levered free cash flow at $1.87B vs. enterprise value at $18.34B (implies a LFCF/EV ratio at 10.2%).

12. Safeway Inc. (NYSE:SWY): Operates as a food and drug retailer in North America. Dividend yield at 2.78%, payout ratio at 36.31%. Levered free cash flow at $1.09B vs. enterprise value at $10.43B (implies a LFCF/EV ratio at 10.45%).

13. Time Warner Inc. (NYSE:TWX): Operates as a media and entertainment company in the United States and internationally. Dividend yield at 2.91%, payout ratio at 34.73%. Levered free cash flow at $10.80B vs. enterprise value at $50.90B (implies a LFCF/EV ratio at 21.22%).

14. Whirlpool Corp. (NYSE:WHR): Engages in the manufacture and marketing of home appliances worldwide. Dividend yield at 2.61%, payout ratio at 37.95%. Levered free cash flow at $1.15B vs. enterprise value at $7.34B (implies a LFCF/EV ratio at 15.67%).

15. Xerox Corp. (NYSE:XRX): Engages in the development, manufacture, marketing, service, and finance of document equipment, software, solutions, and services worldwide. Dividend yield at 2.07%, payout ratio at 18.96%. Levered free cash flow at $2.14B vs. enterprise value at $18.83B (implies a LFCF/EV ratio at 11.36%).

*LFCF/EV data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 15 S&P 500 Dividend Stocks Undervalued By Levered Free Cash Flows