As I suspected, Steven Mallas explained the key characteristics that make Wrigley (NYSE:WWY) a great company. But he didn't help me lay to rest my two key concerns: valuation and future growth.

In fact, Steve pointed out that free cash flow is falling because of higher capital spending. He sees this as eventually leading to growth, while I pointed out in my opener that Wrigley is suffering from lower cash flow generation as competitors such as Hershey (NYSE:HSY) and Cadbury Schweppes (NYSE:CSG) have eaten away at profit margins for five years straight now. So while a longer-term goal of 9% to 11% earnings growth is nothing to sneeze at, I see Wrigley having a tougher time stretching into double-digit bottom-line growth on an annual basis.

On to valuation. Given the lofty earnings and free cash flow multiple, I'm not comfortable investing in Wrigley, given its inability to grow cash flow or margins over the past few years. In fact, I see better risk/return trade-offs in the two companies Steve mentioned that Berkshire Hathaway now owns: Motley Fool Inside Value recommendation Coca-Cola (NYSE:KO) and Procter & Gamble (NYSE:PG).

Coke trades at less than 30 times trailing free cash flow, while mighty Procter & Gamble trades at closer to 20 times trailing free cash. And Anheuser-Busch (NYSE:BUD) trades right at 20 times trailing free cash -- Berkshire Hathaway also happens to own it. The point is, I can find plenty of cash-flow generating companies that trade at more attractive multiples.

In any case, a comparison is useful because it demonstrates a valuation range that would make me comfortable owning Wrigley. Until its stock price contracts or its prospects improve, I'll continue to chew on other consumer goods companies for more favorable investment opportunities.    

Wait! You're not done with this Duel. Go back and read the other arguments, then vote for a winner.

Wrigley is an Income Investor pick. Discover other dynamic dividend payers with a free 30-day trial. Anheuser-Busch and Coca-Cola are recommendations of Motley Fool Inside Value. Berkshire Hathaway is recommended in bothStock Advisor and Inside Value.

Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.