I don't know about you, but I'm beginning to think we're going to see a major shift from small- and mid-cap outperformance to large-cap outperformance soon. Running a simple stock screen on Motley Fool CAPS, I was able to generate 59 large caps with a market value over $20 billion that have trailing-12-month P/E ratios below 12. Those are historically inexpensive figures, and it gives me all the more reason to think large-cap companies may shine in the not-so-distant future.

With that being said, I've handpicked two companies from that initial screen that look like phenomenal values on paper and should at least be worth a spot on your watchlist.

Hewlett-Packard (NYSE: HPQ)
Everyone has touted the just-reported April quarter as Dell's (Nasdaq: DELL) resurgence and HP's downfall. But we have to keep in mind that Dell's outlook couldn't have possibly been reduced any further and HP had aggressive full-year targets prior to its recent report.

Hewlett-Packard has transformed itself from a producer of personal computers into a software, networking, and storage company that looks to grow through acquisitions. Even with revenue growth anticipated to be just 3% this year as the company transitions to higher margin products, I can't help but notice the fact that HP brought in more than $13 billion in operating cash flow over the trailing 12 months. The company is trading less than seven times forward earnings, a number historically low by its standards, and it's for that reason it deserves a spot on your watchlist.

Cisco Systems (Nasdaq: CSCO)
I've said it before and I'll say it again -- never did I imagine we'd see the day when Cisco Systems traded at a single-digit forward P/E.

Cisco's struggles, as fellow Fool Anders Bylund explains, are directly related to it competing against Hewlett Packard and IBM (NYSE: IBM) rather than working hand-in-hand with these companies, as it had in the past. Layoffs and business restructuring designed to save up to $1 billion are the outcome of Cisco's now tepid single-digit growth rate.

Despite this, there's no networking company out there that can generate as much cash and trade as cheaply as does Cisco. It has $26.7 billion in net cash and is trading at a forward P/E of only 9.4 -- not to mention that the company also recently implemented a $0.06 quarterly dividend. Compare this to Juniper Networks' (NYSE: JNPR) forward P/E of 20, or the perennial networking sector underperformer Alcatel-Lucent (NYSE: ALU), and you can see why Cisco deserves a second chance.

What large caps are currently on your watchlist? Share your favorites in the comments section below and consider adding Hewlett Packard and Cisco Systems to your Watchlist.

The Fool has created a bull call spread on Cisco Systems and owns shares of IBM. Motley Fool newsletter services have recommended Cisco Systems and a short position in Juniper Networks. Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy that's looking out for your best interests.