The Globe and Mail reports in its Saturday, Aug. 6, edition that chief executive officer Don Walker says investors who have been dumping Magna International ($52.57) shares are overlooking a burgeoning growth driver at the Canadian company -- technology. A Bloomberg dispatch to The Globe reports that Magna stock has slumped 31 per cent over the past 12 months to a market value of about $19.5-billion. That has left the company the most undervalued among its global peers. Magna has tumbled with its peers amid concerns U.S. auto sales peaked with last year's record deliveries. Shares have also been affected by speculation that new rivals in China, or companies such as Tesla Motors and Google parent Alphabet, are about to dethrone incumbent auto manufacturers with electric or autonomous vehicles, Mr. Walker says. The slide has left Magna's price-to-earnings ratio at 6.9 times future earnings, the lowest among the world's 10 largest auto suppliers. Bloomberg says analysts forecast Magna shares will rise 28 per cent in the next 12 months versus an 18-per-cent average for its 10 peers. Mr. Walker says Magna's technology efforts are being given short shrift.