BOSTON ( TheStreet) -- The Dow has passed 12,000, the highest level in more than two years, and many investors are now feeling as though they missed out on the rally since blue-chip stocks are now fairly valued, or, some might even argue, expensive.

But, that simply isn't the case.

Despite a solid run over the past year, many Dow stocks are trading at huge historical discounts, based on earnings. By recent calculation, 16 of 30 components sell at a discount to their five-year average price-to-earnings ratios. Given such notable bargains, Dow stocks are still attractive.

Here is a look at the 16th to 11th cheapest Dow stocks, on the basis of five-year average P/E.

16. Coca-Cola ( KO), Trailing P/E: 19.40, Five-Year Average P/E: 20.25, Five-Year Discount: 4%

15. DuPont ( DD), Trailing P/E: 15.61, Five-Year Average P/E: 16.78, Five-Year Discount: 7%

14. P&G ( PG), Trailing P/E: 17.14, Five-Year Average P/E: 18.96, Five-Year Discount: 10%

13. Wal-Mart ( WMT), Trailing P/E: 14.01, Five-Year Average P/E: 15.50, Five-Year Discount: 10%

12. H-P ( HPQ), Trailing P/E: 12.61, Five-Year Average P/E: 14.94, Five-Year Discount: 16%

11. J&J ( JNJ), Trailing P/E: 12.68, Five-Year Average P/E: 15.33, Five-Year Discount: 17%

Now, here are the 10 cheapest Dow dividend stocks, based on the same criteria.

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