After over five years of torpid performance, very large or "mega cap" stocks may be on the verge of a Lazarus-like rebound.

Gordon B. Flowler, Jr., the chief investment officer for Glenmede Trust, says years of bottom dwelling have left mega caps trading at attractive prices. "Using the P/E ratio, the mega caps show up as the most inexpensive or undervalued part of the market," Fowler writes in Glenmede's Weekly Review & Outlook. "Interestingly, higher valuations have been awarded not only to small and mid cap stocks, but also to other large cap stocks. The only stocks that stand out as somewhat more attractively valued than the rest of the crowd are the mega caps."

While some argue that mega caps will never match their smaller brethren's earnings growth potential, Fowler disagrees, citing the"PEG" ratio (the ratio of P/E to earnings growth) as proof. "Lo and behold, the PEG ratios for the companies in the different caps groups are almost identical," he writes.

Then is this the mega cap moment? Fowler is bullish. "When we score stocks using our multi-factor quantitative model, which takes into account all of the factors that tend to predict stock prices, the mega cap stocks show up as the most attractive. It is the only cap group that is expected to outperform over the next 12 months.