A revised Food and Drug Administration consumer advisory for methylmercury (mercury) in fish should be good news for Star-Kist Foods parent Del Monte Foods (NYSE:DLM). Women who are or may become pregnant, nursing mothers, and young children are warned to eat no more than six ounces of albacore (white meat) tuna per week. However, the FDA said it is healthy to eat up to 12 ounces (two meals) of light meat tuna -- the kind found in Del Monte's fast-growing and high-margin Tuna Creations.

Although Del Monte's Star-Kist sells albacore, former ConAgra (NYSE:CAG) subsidiary Bumble Bee has a fairly dominant 40% market share. Sometimes it is better not to be No 1.

Del Monte, meanwhile, with more than $1 billion in debt acquired a few years back along with a number of low-growth brands from H.J. Heinz (NYSE:HNZ), is looking for growth. Morris the Cat is out to revive his line of feline pet foods, and Del Monte is launching a number of new pet products to follow up on the success at Star-Kist.

As it stands, the company expects earnings up to 9% ($0.91 a share) higher in the fiscal year ending next month. Moreover, the company is on track to generate in excess of $150 million in free cash flow, which should provide the opportunity to whittle down that $1.7 billion in debt.

Yet the story here is value, not growth, and Del Monte looks cheap relative to its peers. General Mills (NYSE:GIS), with slow sales and flat earnings growth, trades at 18 times trailing earnings. Flagging sales and earnings at Kraft Foods (NYSE:KFT) have only lowered that stock's multiple to 16 times trailing earnings. By comparison, Del Monte trades at 12 times the upper end of its earnings guidance for the fiscal year ending next month.

The dark cloud -- and many would argue that it is not so dark -- is that Wal-Mart (NYSE:WMT) accounts for a quarter of total sales. Wal-Mart is aggressive with its vendors, but being one of those vendors proves you're a player. At such a modest multiple to earnings, and with a more accommodating tone out of the FDA, Del Monte is a savory offering for food-minded investors.

Interested in discussing food or Del Monte with other investors? Try our The Gestalt of Cooking or Del Monte Foods discussion boards.

Fool contributor W.D. Crotty , a tuna addict who went cold turkey when the initial FDA advisory was issued (to protect his inner child), does not own any stocks mentioned.