Sell-side reaction to Greenfield Online (SRVY) results (1Q05 earnings)

From Pacific Growth Research analyst Derek Brown's May 10th note to clients reacting to Greenfield Online's (ticker: SRVY) Q1 results:

Q1 Results As Expected; Guidance Modestly Disappointing;  Adjusting Estimates; Reiterate Over Weight

VALUATION AND RECOMMENDATION   

Greenfield Online currently trades at 2005 and 2006 P/E ratios of 34.7x and 19.6x our PF and fully-taxed EPS estimates  of $0.51 and $0.90, respectively; pro forma EV/Sales ratios of 3.7x and 2.6x our estimates of $105.9M and $153.5M, respectively; and, pro forma EV/EBITDA ratios of 12.3x and 7.4x our estimates of $32.1M and $53.2M, respectively.  In light of the Company’s projected 3-year “organic