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Growth adds value only when a firm earns a return on invested capital above its cost of capital. If returns equal the cost of capital, faster growth leaves value unchanged. If returns fall below it, growth destroys value, because each extra dollar reinvested earns less than investors could get elsewhere at the same risk.
Any business's intrinsic value comes down to four inputs. The first is the cash flows from existing assets. The second is expected growth, which depends on how much the firm reinvests and how well. The third is the discount rate that reflects the risk of those cash flows, and the fourth is when the firm reaches stable growth, after which a terminal value captures the rest.
Every multiple, such as P/E or EV/EBITDA, is driven by the same fundamentals as a DCF: growth, risk, and cash-flow generation or payout. A 'cheap' multiple may just reflect higher risk or lower growth. Comparing firms on multiples is only valid after controlling for the fundamental that most drives that multiple, such as return on equity for price-to-book.