There are 83 companies in the S&P 500 with an enterprise value to earnings before interest, taxes, depreciation and amortization - or EV/EBITDA - multiple of less than 6.0x.

Many of those companies are cyclical companies which will see falling profitability and higher valuation.  However, the following companies are also trading at 6.0x EV/EBITDA or lower.

CBS  (CBS)  5.3x
FedEx  (FDX)  5.2x
News Corp (NWS.A) 6.0x
Pfizer (PFE)  5.8x
Safeway (SWY) 5.9X
Supervalu (SVU)  5.0x
Texas Instruments (TXN) 5.7x
Time Warner  (TWX)  4.6x
UnitedHealthGroup (UNH)  4.2x
Verizon Communications (VZ)  5.7x
WellPoint (WLP)  4.4x

(I began buying CBS a few days ago.)

In the private market, this valuation is generally considered cheap.