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Are you a value investor looking to add internet companies to your 2013 portfolio? If so, this screen might interest you.

We screened for internet stocks that appear undervalued relative to their cash flows, indicated by high ratios of levered free cash flow/enterprise value.

Levered free cash flow is the free cash flow after deducting interest payments on outstanding debt. Enterprise value is the sum of the firm's value from all ownership sources: market cap, outstanding debt, and preferred shares. When companies have ratios of levered free cash flow/enterprise value in excess of 10%, it may indicate that the company as a whole is being undervalued.

For an ‪interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Do you think these internet stocks look attractive? Use this list as a starting point for your own analysis.

List sorted by LFCF/EV.

1. Yahoo! Inc. (YHOO): Operates as a digital media company that delivers personalized digital content and experiences, across devices and worldwide. Market cap at $23.29B, most recent closing price at $19.57. Levered free cash flow at $3.19B vs. enterprise value at $14.85B (implies a LFCF/EV ratio at 21.48%).

2. Digital River Inc. (DRIV): Provides outsourced e-commerce solutions worldwide. Market cap at $521.23M, most recent closing price at $14.06. Levered free cash flow at $33.29M vs. enterprise value at $146.86M (implies a LFCF/EV ratio at 22.67%).

3. j2 Global, Inc. (JCOM): Provides outsourced, value-added communication, messaging, and data backup services to businesses of all sizes, from individuals to enterprises worldwide. Market cap at $1.42B, most recent closing price at $30.74. Levered free cash flow at $126.05M vs. enterprise value at $1.22B (implies a LFCF/EV ratio at 10.33%).

4. NetEase.com, Inc. (NTES): Engages in the development of applications, services, and other technologies for the Internet in China. Market cap at $5.47B, most recent closing price at $41.97. Levered free cash flow at $365.70M vs. enterprise value at $2.71B (implies a LFCF/EV ratio at 13.49%).

5. Vocus Inc. (VOCS): Provides cloud-based PR and marketing software products for public relations management in the United States, Europe, Asia, and Morocco. Market cap at $363.08M, most recent closing price at $17.54. Levered free cash flow at $33.15M vs. enterprise value at $287.03M (implies a LFCF/EV ratio at 11.55%).

Source: 5 Internet Stocks Undervalued By LFCF/EV