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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BOUTARI & SON, S.A. | 102108206 | OTC | BOUOTC | 3: | 1 | FOD |
| BOUTARI & SON, S.A. PREFERRED | 102108404 | OTC | BJSPY | 3: | 1 | FOD |
| CREDIT BANK A.E. | 225311109 | OTC | CBAEY | 4: | 1 | BKS |
| GLOBE GROUP S.A. | 379419104 | OTC | GLGYP | 1: | 1 | MUL |
| HELLENIC PETROLEUM SA 144A | 423323104 | 144A | HLLNYP | 1: | 10 | OGS |
| HELLENIC TELECOMMUNICATION ORG. S.A. | 423325307 | NYSE | OTE | 2: | 1 | TEL |
| HELLENIC TELECOMMUNICATIONS 144A | 423325109 | 144A | HLTQF | 2: | 1 | TEL |
| NATIONAL BANK OF GREECE S.A | 633643101 | 144A | NBGRYP | 5: | 1 | BKS |
| PANAFON HELLENIC TELECOMMUNICATION-144A | 698113107 | 144A | PFONYP | 1: | 1 | TEL |
| STET HELLAS TELECOMMUNICATIONS S.A. | 859623106 | NAS | STHLY | 1: | 1 | TEL |
| STRINTZIS LINES SHIPPING S.A. 144A | 86331R109 | 144A | SXWPYP | 1: | 5 | TRN |
| * 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. |