Dynacq DYII owns hospitals that do specialized surgeries in Texas. They have a 70% equity interest in a joint venture to operate a hospital in Shanghai, China. They are working on that contract to get government approval.

Early this year they decided to start to buy back 2 million shares. 2008 free cash flow was up 210%. They have really thick profit margins and the company is a cash generating machine. Right now the stock has a EV/EBITDA ratio of 5 and the beautiful thing is it only has a market cap of $111 million. So, maybe there is an opportunity to beat the analysts to the stock assuming they keep it up.

Stone Energy (SGY)
Oil and natural gas exploration company Stone has an EV to EBTIDA ratio of 3 and trades for 4 times cash flow. Earnings estimates are being raised.

Barrett Business Services BBSI
Human resources and staffing. Great cash flow, good looking balance sheet and EV/EBITDA of 3. The stock has been taking a beating and I'm not sure the near future is so bright. Some other low EV/EBTIDA stocks that popped out

KSW
JAKKS Pacific JAKK
Sears Holdings SHLD
Grey Wolf GW
Cal-Maine Foods CALM
VAALCO Energy EGY

full disclosure: no position in any stocks