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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BRIERLEY INVESTMENT LTD. | 109014308 | OTC | BYINY | 1: | 20 | MUL |
| EVERGREEN FORESTS LIMITED | 30023Q102 | OTC | EFL | 1: | 20 | PAP |
| FLETCHER CHALLENGE LIMITED ENERGY | 339318107 | NYSE | FEG | 1: | 10 | PAP |
| FLETCHER CHALLENGE LTD. "FORESTS DIV." | 339324402 | NYSE | FFS | 1: | 10 | PAP |
| FLETCHER CHALLENGE LTD. BUILDING | 339317109 | NYSE | FLB | 1: | 10 | OTH |
| FLETCHER CHALLENGE LTD. PAPER | 339325102 | NYSE | FLP | 1: | 10 | PAP |
| SKY NETWORK TELEVISION LTD. | 83080U102 | NAS | NZSKY | 1: | 10 | TEL |
| TELECOM CORPORATION OF NEW ZEALAND LTD | 879278307 | NYSE | NZTPP | 1: | 8 | TEL |
| TELECOM CORPORATION OF NEW ZEALAND LTD. | 879278208 | NYSE | NZT | 1: | 8 | TEL |
| TRANZ RAIL HOLDINGS LIMITED | 894116102 | NAS | TNZRY | 1: | 3 | 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. |