FindWhat (FWHT:Nasdaq - commentary - research) allows companies to design a one-size-fits-all search-engine marketing campaign that it then distributes to many of the leading search engines. Say, for instance, that a company will pay only $5 per click for the keyword "dating." FindWhat then arranges that with the dozens of search engines it has relationships with; examples include Excite and Microsoft Internet Search. This is very similar to how DoubleClick aggregates banner-ad spots across hundreds of Web sites and then places your ads across its network. What DoubleClick did for banner ads, FindWhat does for search engines. As long as search-engine marketing proves effective, this company will continue to grow, regardless of the battle over keyword-pricing inflation. FindWhat's metrics include a $310 million market capitalization, $54 million in cash with just $6 million in debt, and $20 million in cash generated from operations. Net income increased 45% year over year. Even if you assume no growth (an incorrect assumption based on the 100%-plus year- over-year top-line growth), the company now has an enterprise value-to-cash-flow multiple of just 13. Top-line revenue grew from $72 million to $169 million year over year in the 12 months ending Dec. 31, 2004.