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Technology stocks provide a unique investment opportunity. Today, we screened for technology that look undervalued from a price-multiple perspective, yet also have strong projected growth on the horizon. We think you'll find the list we came up with rather interesting.

The PEG ratio (price/earnings to growth ratio) is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share (EPS), and the company's expected growth. In general, the P/E ratio is higher for a company with a higher growth rate. Thus using just the P/E ratio would make high-growth companies appear overvalued relative to others. It is assumed that by dividing the P/E ratio by the earnings growth rate, the resulting ratio is better for comparing companies with different growth rates. A lower ratio is 'better' (cheaper) and a higher ratio is 'worse' (expensive)—a PEG ratio of 1 means the company is fairly priced.

The Price/Book Value Ratio is a great price-multiple valuation metric to find companies that could be potentially undervalued or overvalued. If a firm has a Price/Book Value Ratio of less than 1 it is stated to be trading below value. A lower P/BV Ratio can indicate a potentially mispriced company or indicate that something is fundamentally wrong with it.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 1-Year Expected EPS Growth Rate is an annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

We first looked for technology stocks. We next screened for businesses that appear undervalued to earnings growth (PEG < 1)(P/BV<1). Next, we then screened for businesses that have expected earnings per share growth of more than 25 percent for next year(1-year projected EPS Growth Rate>25%). We did not screen out any market caps.

Do you think these stocks have more value to price in? Use our list to help with your own analysis.

1) Vishay Intertechnology Inc. (NYSE:VSH)

Sector:Technology
Industry:Semiconductor - Broad Line
Market Cap:$1.36B
Beta:2.28

Vishay Intertechnology Inc. has a Price/Earnings to Growth Ratio of 0.61, a Price/Book Value Ratio of 0.82, and a 1-Year Projected Earnings Per Share Growth Rate of 25.24%. The short interest was 9.82% as of July 19, 2012. Vishay Intertechnology designs, manufactures, and supplies discrete semiconductors and passive components in the United States and internationally.

The company's semiconductor products include MOSFETs, such as low-and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage Super Junction MOSFETs, power integrated circuits, and integrated function power devices; diodes comprising rectifiers, small signal diodes, protection diodes, thyristors/silicon-controlled rectifiers, and power modules; and optoelectronic components, including infrared (NYSE:IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, seven-segment displays, and IR data transceiver modules.

These semiconductor components are used for various functions, including power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation.

2) 21Vianet Group (NASDAQ:VNET)

Sector:Technology
Industry:Information Technology Services
Market Cap:$525.84M
Beta:-

21Vianet Group has a Price/Earnings to Growth Ratio of 0.55, a Price/Book Value Ratio of 0.34, and a 1-Year Projected Earnings Per Share Growth Rate of 47.92%. The short interest was 2.72% as of July 19, 2012. 21Vianet Group provides carrier-neutral Internet data center services in the People's Republic of China. The company provides hosting and related services to house servers and networking equipment in its data centers, and connects them through a data transmission network; and other hosting related value-added services.

Its hosting and related services include managed hosting services that offer data center space to house customers' servers and networking equipment and provide tailored server administration services; interconnectivity services that allow customers to connect their servers with Internet backbones in China and other networks through the company's border gateway protocol network, single-line and dual-line network, or multiple-line network; and value-added services comprising firewall services, server load balancing, data backup and recovery, data center management, server management, and backup server services.

3) NII Holdings, Inc. (NASDAQ:NIHD)

Sector:Technology
Industry:Wireless Communications
Market Cap:$1.44B
Beta:1.75

NII Holdings, Inc., has a Price/Earnings to Growth Ratio of 0.71, a Price/Book Value Ratio of 0.43, and a 1-Year Projected Earnings Per Share Growth Rate of 43.48%. The short interest was 18.48% as of July 19, 2012. NII Holdings, through its subsidiaries, provides wireless communication services under the Nextel brand name to businesses and individuals in Mexico, Brazil, Argentina, Peru, and Chile.

Its services include mobile telephone service; Nextel Direct Connect service, which allows subscribers to talk to each other on a push-to-talk basis for private one-to-one calls or on group calls. The company also provides value-added services, including text messaging services; mobile Internet services; e-mail services; location-based services, such as the use of global positioning system technologies; digital media services; and a set of applications available via its content management system and the Android open application market.

4) China Telecom Corp. Ltd. (NYSE:CHA)

Sector:Technology
Industry:Telecom Services - Foreign
Market Cap:$35.76B
Beta:0.90

China Telecom Corp. Ltd. has a Price/Earnings to Growth Ratio of 0.97, a Price/Book Value Ratio of 0.89, and a 1-Year Projected Earnings Per Share Growth Rate of 33.10%. The short interest was 0.06% as of July 19, 2012. China Telecom Corporation Limited, together with its subsidiaries, provides wireline and mobile telecommunications services in the People's Republic of China. The company's services include wireline and mobile local and long distance telephony; broadband Internet; value-added telecommunications services, such as Internet access and information services; managed data and leased line; and integrated information application services.

It also offers prepaid calling cards; sale, rental, repair, and maintenance services of equipment; and consulting services, e-commerce and booking services, and video media services, as well as sells telecommunications terminals. The company serves government, enterprise, commercial, and residential customers. As of December 31, 2011, it operated a wire line network of approximately 170 million access lines in service; and served 77 million broadband subscribers and 126 million mobile subscribers.

5) China Unicom (Hong Kong) Limited (NYSE:CHU)

Sector:Technology
Industry:Wireless Communications
Market Cap:$29.01B
Beta:0.72

China Unicom (Hong Kong) Limited has a Price/Earnings to Growth Ratio of 0.76, a Price/Book Value Ratio of 0.89, and a 1-Year Projected Earnings Per Share Growth Rate of 139.39%. The short interest was 1.23% as of July 19, 2012. China Unicom (Hong Kong) Limited, an investment holding company, engages in the provision of GSM and WCDMA cellular, and related telecommunications services primarily in the People's Republic of China.

The company offers cellular and fixed-line voice and related value-added services, broadband and other Internet-related services, information and communications technology services, business and data communications services, and domestic and international long distance and related services. It also provides e-payment services; mobile subscriber value-added services; advertising design, production, agency, and publication; magazine publishing; property management; project consultation and management; and telecommunications network construction, planning, and technical consulting services.

*Company profiles were sourced from Finviz. Financial data was sourced from Yahoo Finance.

Source: 5 Technology Stocks That Appear Undervalued Despite Strong Growth Projections