Just for fun in this post-meltdown climate, I ran a stock screen on the TSX for low P/E stocks with a market cap under $1 million.

http://easyurl.net/tsxtc

It actually returns about 23 results. Some of them weird, some of them oddly intriguing....

Bear in mind I haven't looked further into these by reviewing their SEDAR filings, etc, and there are some apparent inaccuracies on the TSX info, but these are some of the highlights:

Ginger Beef (GB): Market Cap = 305K, P/E = 7, Cashflow / Share = 0.02, Book Value .16, Share Price 0.065, profitable from 2004 - 2008 with each year's net income almost as much as it's current market cap.

Seaway Energy Services (SEW): Market Cap 984K, Return On Equity = 50%, Return On Assets = 10.6%, ROI = 27.7%, P/E = 6

Westbond (WBE): P/E = 10, Cash Flow = 0.03 / share, Book Value .24 / share, Share price = 0.084

The weirdest one:

Asbestos Corporation Ltd. (AB.H): "The Company is no longer involved in mining activities. It is now involved in a partnership with other chrysotile producers and benefits from a variable percentage in the net earnings of the partnership. " P/E = 0.6, Cashflow .23/share, EBITDA 0.13/share, Share price .10/share.