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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BANK AUSTRIA AG | 060593100 | OTC | BAAGY | 5: | 1 | BKS |
| BANK AUSTRIA AG 144A | 060587508 | 144A | BAAXY | 2: | 1 | BKS |
| BOEHLER-UDDEHOLM AG | 097356307 | OTC | BDHHY | 3: | 1 | STE |
| BOEHLER-UDDEHOLM AG 144A | 097356109 | 144A | BOHLYP | 3: | 1 | STE |
| ERSTE BANK 144A | 296036106 | 144A | ERTBYP | 2: | 1 | BKS |
| EVN AG | 269265104 | OTC | EVNVY | 5: | 1 | UTI |
| JULIUS MEINL INTERNATIONAL AG | 481372100 | OTC | JLMXY | 2: | 1 | FOD |
| LAUDA AIR LUFTFAHRT AG | 518434105 | OTC | LAUOTC | 5: | 1 | AIR |
| LENZING AG | 526360102 | OTC | LNZNY | 5: | 1 | TEX |
| MAYR-MELNHOF KARTON AG | 578471203 | OTC | MNHFY | 4: | 1 | PAP |
| OMV AG | 670875509 | OTC | OMVKY | 5: | 1 | OGS |
| OMV AG 144A | 670875301 | 144A | OMVY144A | 5: | 1 | OGS |
| OSTERREICHISCHE ELEK (VERBUND) AG | 688590108 | OTC | OEZVY | 5: | 1 | UTI |
| TOPCALL INTERNATIONAL AG | 890545106 | OTC | TPCIY | 10: | 1 | CSN |
| VA TECHNOLOGIE AG | 91819P104 | OTC | VATXY | 10: | 1 | ENG |
| VIENNA INTERNATIONAL AIRPORT (VIA) | 926628108 | OTC | VIAAY | 4: | 1 | SVC |
| WIENERBERGER BAUSTOFFINDUSTRIE AG | 967662107 | OTC | WBRBY | 20: | 1 | CST |
| WMP BANK AG | 9293OE101 | OTC | WMPBY | 1: | 1 | BKS |
| WOLFORD AG | 977819101 | OTC | WLFDY | 5: | 1 | LUX |
| * Ratio: You'll probably notice a significant difference in price
of the stock, traded as an ADR and on its home exchange. You can easily
calculate an over- or undervaluation (and, of course, a fair valuation). All
you need is the ratio of ADR to stock, as listed in the table above, and the
exchange rate of the US-Dollar to this country's currency. The following,
generalized example explains how to calculate. On June 26, 1998, the Swiss ADR Sulzer Medica, with a ratio of 10:1, was priced USD 24 7/8. In Zurich, its home exchange, Sulzer traded at 379 Swiss Francs. The Dollar/Franc - Exchange rate was 1.526 (1 Dollar buys 1.526 Swiss Francs). Now we can calculate: Multiply the price in Dollar with the ratio (10): 24 7/8 x 10=USD 248.75. With other words, ten ADR's equal one share of Sulzer Medica and will cost you $248.75 (excluding transaction costs). Now you multiply this Dollar-amount with the exchange rate: $248.75 x 1.526=SFR 379.59. The ADR has been valued fair. The Bank of New York offers free software, which does all the calculation. |