James Dennin, Kapitall: In honor of St. Paddy's Day we built a list of undervalued Irish stocks by looking at the forward P/E ratio. First and foremost: a heartfelt apology to any and all of our Irish readers who were offended by an erroneous contraction that appeared in our previous St. Paddy's day coverage. It's "St. Paddy's Day," not "St. Patty's Day." In case you were wondering, now might be a good time to start thinking about Irish stocks. In January, the ratings agency Moody's upgraded Irish bonds from "junk" to "investment-grade."[Read more from Kapitall: March Madness Stocks: Will Buffett’s Billion Dollar Bet Pay Off?] And while the Eurozone's financial crisis was more severe in Ireland and took longer to dissipate, many economic indicators — from unemployment to retail spending — are heading in the right direction. Even the housing market, one of the major factors behind Ireland's recession, has appeared to stabilize as well. When a recessions negatively impact everyone, whether or not their company is healthy and well run. This can create buying opportunities as companies that were doing well before the recession are expected to recover. We built a list of stocks using Irish companies that trade on US exchanges. Of the 19 companies, almost 1/3 were undervalued when we looked at the forward price to equity ratio (Forward P/E). While the P/E ratio is an incomplete picture of a company's value, it is the most popular number to cite when looking at how expensive a stock is relative to its earnings. It should never be considered alone, but represents a useful starting point for further research. Click on the interactive chart to view data over time. Do you see investing opportunities in these Irish stocks? Use the list below to begin your analysis.