Utility stocks with PPA's support significantly higher valuations. SPZ trades at ~9x 2013 EBITDA, but its comparables trade at ~11-~13x EBITDA. There is still some upside to valuation - not to mention you get paid 5% yield to wait. There is practically zero risk on these names, that's why they're so expensive.
I've got two names which are growing at over 30% annually and trade at 3x P/E ex cash...if you want some value.
My favorite is CMI, a manufacturer of mobile satellites. The company is growing extremely fast (with new products this year), generate tons of FCF, pays a 5% dividend, and buys back tons of stock. Exclduing cash, the name trades at 3x P/E. CEO owns 35% of the shares outstanding and will respond to emails and phone calls quite candidly. The ticker is V.CMI.
The other is V.GAV - I know a less about this name, but it is growing, generates a lot of FCF, trades cheaply, and is active in M&A.
You want cheap...look at those names.