We present a cost-effective electro-optic frequency comb generation and equalization method using a single phase modulator inserted in a Sagnac interferometer layout. The equalization relies on the interference of comb lines generated in both clockwise and counter-clockwise directions. Such a system is capable of providing flat-top combs with flatness values comparable with other approaches proposed in literature, yet offering a simplified synthesis and reduced complexity. The frequency range of operation at hundreds of MHz renders this scheme particularly interesting for some sensing and spectroscopy applications.