Is it better to invest in the cheap/undervalued stock in a sector or one of the leaders that may be a bit more overvalued/expensive?

There are examples of this in all 11 sectors and I want this to be a general question rather than an attack on the examples I give but I will still give two examples.

With bank stocks the company that might be considered undervalued is C while the one a bit more expensive is JPM/BAC.

With streaming stocks PARA and WBD might be considered cheap while NFLX and DIS might be considered overvalued/expensive.

Is it best to overpay for those expensive companies or go with the ones that seemed undervalued looking at their P/E ratios and other stats.