Boxers and bras may be next on the shopping list for private-equity buyers with Hanesbrands Inc. offering one of the cheapest valuations in the retail industry.

The underwear maker’s $6.2 billion market value is 12 times its free cash flow from the past year, lower than all but two similar-sized U.S. apparel companies, according to data compiled by Bloomberg. While Warren Buffett’s Berkshire Hathaway Inc. has 43 percent of the U.S. industry through brands including Fruit of the Loom, suitors would get a second-place share of 19 percent by buying Hanes, data compiled by IBISWorld Inc. show.

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