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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
ABB AG | 00256R101 | OTC | ABBGY | 10: | 1 | EEI |
ADECCO SA | 006754105 | NAS | ADECY | 8: | 1 | MUL |
CIBA SPECIALTY CHEMICALS HOLDING INC | 17162W206 | OTC | CSYCY | 2: | 1 | CHM |
CIBA SPECIALTY CHEMICALS HOLDINGS 144A | 17162W107 | 144A | CSCHFP | 2: | 1 | CHM |
COMPAGNIE FINANCIERE RICHEMONT AG | 204318109 | OTC | RCHMY | 1: | 1 | FIN |
CREDIT SUISSE GROUP | 225401108 | OTC | CSGKY | 4: | 1 | BKS |
HOLDERBANK FINANCIERE GLARIS LTD | 434864104 | OTC | HFGCY | 50: | 1 | CST |
LOGITECH INTERNATIONAL S.A. | 541419107 | NAS | LOGIY | 10: | 1 | TEC |
NESTLE S.A. 144A | 641069505 | 144A | NNNNY | 20: | 1 | FOD |
NESTLE S.A. REGISTERED SHARES | 641069406 | OTC | NSRGY | 20: | 1 | FOD |
NOVARTIS AG | 66987V109 | OTC | NVTSY | 20: | 1 | DRU |
ROCHE HOLDING LTD. | 771195104 | OTC | ROHHY | 100: | 1 | DRU |
ROCHE HOLDINGS LTD. (LYONS) - 144A | 771195302 | 144A | RHHDY | 100: | 1 | DRU |
ROCHE HOLDINGS LTD.144A | 771195203 | 144A | ROHHYP | 100: | 1 | DRU |
SULZER MEDICA LTD. | 865580104 | NYSE | SM | 10: | 1 | MAC |
SWISS REINSURANCE COMPANY | 870887205 | OTC | SWCEY | 1: | 20 | INS |
SWISSCOM AG | 871013108 | NYSE | SCM | 10: | 1 | TEL |
TAG HEUER INTERNATIONAL SA | 873773105 | NYSE | THW | 10: | 1 | LUX |
UBS AG | 90261R105 | OTC | UBBSY | 20: | 1 | BKS |
ZURICH ALLIED AG | 98981P101 | OTC | ZRHAY | 5: | 1 | FIN |
ZURICH INSURANCE COMPANY | 98982P100 | OTC | ZURRY | 5: | 1 | INS |
* 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. |