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My latest column is up at RealMoney . It is about Websense (WBSN), which provides companies with Internet security tools. In brief, I like the company, but I’d like it more at a different price.

The $48 million in free cash flow Websense generated last year equates to a 5.1% free-cash-flow yield, about double the yield on five-year Treasuries. Analysts are projecting a 13% growth rate over the next five years, but 28.4% for this year. Given the growth in deferred revenue, I think this year’s growth number will be easily met. That means that the 13% five-year rate only requi