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.