The Central Statistics Office of Ireland has declared that the Emerald Isle is is officially in a recession. This is a buying opportunity for Irish blue chips such as Ryanair Holdings (RYAAY, quote) and Cooper Industries (CBE, quote).
Global central bankers have demonstrated that ample liquidity will be provided to protect the financial markets. As a result, stock markets have basically doubled since March 2009. Companies that have made it this far will most likely survive, particularly those in the euro zone.
In addition, legendary investors such as Wilbur Ross have taken positions in the Bank of Ireland. Year to date, the Bank of Ireland is up more than 60%. Earnings per share growth this year is up 96.78%. The price-to-book and price-to-sales ratio are both under 1.
Ryanair Holdings and Cooper Industries are both solid blue chips. Ryanair Holdings has a forward price-to-earnings ratio of 12.44 and a mean analyst rating of 1.30, with 1 being the best and 5 the worst. Cooper Industries has a forward price-to-earnings ratio of 13.88 with earnings per share growth this year increasing by 46.41%.
And, although down 3.38% over the last week of trading due to the recession announcement by the Central Statistics Office, the MSCI Ireland Investable Market Index Fund is not going under.