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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BANCO VENEZOLANO DE CREDITO COMMON | 059650101 | OTC | BVZCY | 1: | 1 | BKS |
| C.A. LA ELECTRICIDAD DE CARACAS, SACA | 12477A106 | OTC | ELDAY | 1: | 50 | UTI |
| CANTV-NACIONAL TELEFONOS DE VENEZUELA | 204421101 | NYSE | VNT | 1: | 7 | TEL |
| CERAMICA CARABOBO "A" SHARES | 15671P407 | OTC | CMCJY | 1: | 10 | CST |
| CERAMICA CARABOBO "B" SHARES | 15671P506 | OTC | CMCKY | 1: | 10 | CST |
| CORIMON C.A. S.A.C.A. | 218728509 | NYSE | CRM | 1: | 250 | MUL |
| DOMINGUEZ Y CIA. COMMON SHARES | 25712R106 | OTC | DCIAY | 1: | 100 | PPP |
| DOMINGUEZ Y CIA. PREFFERED SHARES | 25712R205 | OTC | DCIPY | 1: | 250 | PPP |
| F.V.I FONDO DE VALORES INMOBILIARIOS | 302669304 | OTC | FVIMY | 1: | 150 | RES |
| MANTEX COMMON SHARES | 564601201 | OTC | MTXVY | 1: | 1500 | CHM |
| MANUFACTURAS DE PAPEL, C.A. (MANPA) | 564681105 | OTC | MUPAY | 1: | 25 | PAP |
| MAVESA "B" SHARES | 577717101 | NYSE | MAV | 1: | 60 | FOD |
| MERCANTIL SERVICIOS FINANCIEROS C.A. | 587339102 | OTC | MSVFY | 1: | 4 | FIN |
| SIVENSA "A" SHARES LEVEL-I | 825865405 | OTC | SDNZY | 1: | 70 | STE |
| SIVENSA "B" SHARES 144A | 825865504 | 144A | SDNXY | 1: | 70 | STE |
| SIVENSA "B" SHARES LEVEL-I | 825865603 | OTC | SDNVY | 1: | 70 | STE |
| SUDAMTEX DE VENEZUELA "B" SHARES LEVEL-I | 864598305 | OTC | SDXVY | 1: | 200 | TEX |
| SUDAMTEX DE VENEZUELA 144A "B" SHARES | 864598206 | 144A | SUDXYP | 1: | 200 | TEX |
| VENEPAL "B" SHARES | 92263Y203 | OTC | VNPSY | 1: | 10 | PAP |
| VENEPAL "B" SHARES 144A | 92263Y104 | 144A | VNPZY | 1: | 10 | PAP |
| VENPRECAR "B" SHARES 144A | 922644109 | 144A | VNZZY | 1: | 7 | STE |
| * 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. |