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Pro Analysis

After 20,000 milestone, finding cheap Dow stocks gets harder. Here are three

A Nike shoe is displayed in a window at a Nike store in San Francisco.
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A Nike shoe is displayed in a window at a Nike store in San Francisco.

After the Dow Jones industrial average rose above the key 20,000 level this week, CNBC PRO sought to find out if there were any cheap members of the blue chip benchmark left.

In the past three months, the Dow is up 10.5 percent in a continuation of the stock market's postelection rally.

After the strong gains, only three Dow components have a forward 12-month price-earnings ratio below their five-year average forward multiple, a simple analysis often used by value investors to spot cheap companies.

Below we highlight the five companies trading at the lowest multiples in relation to where they've traded in the past.