In the current market, investors are chasing the next big thing in AI and ignoring undervalued large-cap stocks to buy. Year to date, technology stocks have been resurgent with solid gains despite increasing economic uncertainty.

However, that doesn’t mean these hot stocks are suitable investments. Typically, undervalued stocks hold up well, especially if they exhibit growth.

Unlike growth peers priced to perfection, undervalued large-cap stocks are priced for declining earnings and cash flows. Yet, some are large-cap stocks poised for growth with stable compounding earnings. This dynamic leaves opportunities for an upside surprise, skewing the risk-reward in your favor.

Using a value screen might unearth some undervalued gems. Here are some top large-caps with high growth potential. The triad is cheap with trailing price-to-free cash flow (P/FCF) values below 15x.

Their forward price-to-earnings (P/E) is below 10x, and analysts forecast over 10% annual EPS growth over the next five years.

United Airlines (UAL)

As we emerge from Covid-19 lockdowns, airlines have experienced solid demand. United Airlines (NASDAQ:UAL) should benefit as a result. Although 2022 saw some revenge travel spending, airlines didn’t fully capitalize on this trend.

Heading into last summer, we were emerging from omicron variant fears. Therefore, most consumers opted to take local holidays within the U.S. Also, overseas travel was sluggish, as many countries had just begun lifting their travel restrictions.

But this summer, things could be different. Increased international travel could present a boon for United Airlines, hence it’s one of the top undervalued large-cap stocks to buy.

Already, the airline reported stellar first-quarter results. Total operating revenue grew 51% year-over-year.

It also noted that it was experiencing strong international travel trends in the second quarter. “We are watching the macroeconomic risks carefully, but demand remains strong, especially internationally, where we are growing at twice the domestic rate,” said United Airlines CEO Scott Kirby.

Because of these strong trends, management reiterated their fiscal year (FY) 2023 diluted EPS guidance of $10-$12. Thus, the stock trades at a forward P/E of 5.3x at current prices.

Also, earnings will grow as travel rebounds and surpasses 2019 levels. Airbus says passenger demand will grow at a 3% compound annual growth rate for the next two decades.

Cigna Group (CI)

Cigna Group (NYSE:CI) is one of the largest U.S.-based management healthcare companies. It operates in two business segments: Evernorth Health Services and Cigna Healthcare.

Evernorth provides health services, such as pharmacy benefit services, specialty pharmacy, and care services, to employers, health plans, and government organizations. Cigna Healthcare provides comprehensive medical care.

Evernorth has been a strong driver of stable growth at scale. Express Scripts, its pharmacy benefits manager business, dispenses over 1.6 billion prescriptions annually and helps drive cost-effective care. For the first quarter of 2023, Evernorth’s revenues increased by 8%, hitting $36.2 billion. Meanwhile, pre-tax earnings were $1.3 billion.

Its specialty pharmacy segment has been a source of solid growth. Increased demand for specialty drugs and new-to-market drugs are driving growth. Turning to Cigna Healthcare, revenues were $12.7 billion, up 12% YOY. The segment added about 1.5 million customers bringing total customers to 19.5 million.

Given the adjusted FY2023 EPS outlook of $24.70, Cigna is an undervalued large-cap stock to buy. If the company meets expectations, it trades at a cheap forward P/E of 11x.

Besides the value, it is a large-cap stock poised for growth in virtual care, Medicare Advantage, and specialty pharmacy. Moreover, the business is strategically diversified in various segments to weather a downturn.

In terms of shareholder returns, Cigna has a robust capital deployment plan in place. It expects to generate $50 billion in operating cash flow between 2022 and 2026.

Most of this, approximately $36 billion, will be returned to shareholders through buybacks and dividends.

PNC Financial (PNC)

After the recent banking turmoil, investors have dumped regional banks en masse. Consequently, opportunities in well-run banks have emerged as investors have thrown out the baby with the bath water.

After the recent price drop, PNC Financial (NYSE:PNC) is one of the best undervalued large-cap stocks to buy in the banking sector.

Formed after the Pittsburgh National and Provident National consolidation in 1983, PNC is now the sixth-largest bank in the U.S. by deposits. While it is classified as a regional bank, it’s a super-regional with a coast-to-coast franchise of 2,450 branches.

All was going well for PNC until the collapse of Silicon Valley Bank and the turmoil that followed. Although initially rising rates were viewed as a tailwind for regional banks, they have turned into a headwind. Investors are seriously questioning deposit flight risks and banks’ held-to-maturity portfolios.

The latest quarterly report highlighted the strength of PNC’s balance sheet. Regarding its customer deposit portfolio, PNC has nearly $230 billion in consumer deposits and $207 billion in commercial deposits. Overall, PNC has a relatively stable deposit base since 55% of total deposits are FDIC insured. Additionally, The Basel III common equity Tier 1 capital ratio was 9.2%.

Another factor weighing down regional banks is their exposure to commercial real estate, especially office real estate. Rising rates and increasing vacancies from the work-from-home trend are reducing the value of office properties. However, PNC is insulated against this risk. Only 2.7% of its real estate portfolio is in the troubled office segment.

Based on balance sheet strength and strong coast-to-coast franchise, PNC is a buy. On March 31, book value and tangible book stood at 104.76 and 76.90, respectively. Therefore, at current levels, PNC is an undervalued large-cap stock to buy, trading at 1.1 times book value.

On the date of publication, Charles Munyi did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.