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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| ADIDAS AG 144A | 00687P104 | 144A | ASHUYP | 2: | 1 | TEX |
| BASF AG | 055262406 | OTC | BASFY | 1: | 1 | CHM |
| BAYER AG | 072730302 | OTC | BAYZY | 1: | 1 | CHM |
| BAYERISCHE HYPO-UND VEREINSBANK AG | 072735103 | OTC | HVMGY | 1: | 1 | BKS |
| BETA SYSTEMS SOFTWARE AG | 08659T202 | OTC | BSSAG | 5: | 1 | CSN |
| BHF BANK AG | 054917109 | OTC | BHFFY | 1: | 1 | BKS |
| COMMERZBANK AG | 202597308 | OTC | CRZBY | 5: | 1 | BKS |
| CONTINENTAL AG | 210771200 | OTC | CTTAY | 1: | 1 | RUB |
| DEUTSCHE BANK AG | 251525309 | OTC | DTBKY | 1: | 1 | BKS |
| DEUTSCHE LUFTHANSA AG | 251561205 | OTC | DLAGY | 1: | 1 | AIR |
| DEUTSCHE TELEKOM AG | 251566105 | NYSE | DT | 1: | 1 | TEL |
| DIGITALE TELEKABEL AG | 25387W109 | NAS | DTAGY | 1: | 1 | TEL |
| DRESDNER BANK AG | 261561302 | OTC | DRSDY | 1: | 1 | BKS |
| DRESDNER BANK AG 144A | 261561401 | 144A | DBMKYP | 1: | 1 | BKS |
| FRESENIUS MEDICAL CARE AG | 358029106 | NYSE | FMS | 3: | 1 | DRU |
| FRESENIUS MEDICAL CARE AG PREF | 358029205 | NYSE | FMS+ | 3: | 1 | DRU |
| HANNOVER RUCKVERSICHERUNGS | 410693105 | OTC | HVRRY | 2: | 1 | INS |
| HENKEL KGaA COMMON SHARES | 42550U109 | OTC | HENKY | 1: | 1 | CHM |
| HENKEL KGaA PREFERRED SHARES | 42550U208 | OTC | HENOY | 1: | 1 | CHM |
| HOECHST, AG | 434390308 | NYSE | HOE | 1: | 1 | CHM |
| INCAM AG | 45324R104 | NAS | INAGY | 40: | 1 | FIN |
| IXOS SOFTWARE AG | 46600V108 | NAS | XOSY | 5: | 1 | CSN |
| KARSTADT AG, RUDOLF | 485764302 | OTC | KARDY | 135: | 800 | MER |
| KLOECKNER WERKE, A.G. | 498674209 | OTC | KLWOTC | 1: | 1 | STE |
| MANNESMANN AG | 563775303 | OTC | MNNSY | 1: | 1 | ENG |
| MANNESMANN AG 144A | 563775402 | 144A | MNNSY144A | 1: | 1 | MAC |
| MERCK KGaA 144A | 589342104 | 144A | MERPP | 1: | 1 | DRU |
| NEW YORK BROKER DEUTSCHLAND AG | 649393105 | OTC | NYBDY | 10: | 1 | INV |
| PFEIFFER VACUUM TECHNOLOGY AG | 717067102 | NYSE | PV | 7: | 1 | MAC |
| PRIMACOM AG | 74154N108 | NAS | PCAG | 2: | 1 | TEL |
| PROSIEBEN MEDIA AG PREFERRED | 743475303 | OTC | PBMGY | 2: | 1 | MED |
| PROSIEBEN MEDIA AKTIENGESELLSCHAFT | 743475105 | 144A | PMDZYP | 2: | 1 | MED |
| PUMA AG RUDOLF DASSLER SPORT | 745878108 | 144A | PUM144A | 1: | 1 | TEX |
| REALAX SOFTWARE AG | 75603D104 | NAS | RLAXY | 5: | 1 | COM |
| ROSENTHAL AG | 777743204 | OTC | ROSLY | 5: | 1 | HCG |
| RWE AG | 74975E303 | OTC | RWEOY | 1: | 1 | UTI |
| RWE AG "PREFERRED" | 74975E402 | OTC | RWEPY | 1: | 1 | UTI |
| SAP AG 144A | 803054303 | 144A | SAPYYP | 3: | 1 | CSN |
| SAP AG PREF | 803054204 | NYSE | SAP | 12: | 1 | CSN |
| SCHWARZ PHARMA AG | 808533103 | OTC | SWTZY | 2: | 1 | DRU |
| SGL CARBON AG | 784188203 | NYSE | SGG | 3: | 1 | CHM |
| SIEMENS AG | 826197402 | OTC | SMAWY | 1: | 1 | EEI |
| STAHLWERKE PEINE SALZGITTER, A.G. | 852544204 | OTC | SPSOTC | 1: | 1 | STE |
| TARKETT AG | 876156100 | 144A | TKRPP | 1: | 1 | CST |
| THYSSEN AG | 886291400 | OTC | THAGY | 5: | 1 | STE |
| VEBA AG | 92239H102 | NYSE | VEB | 1: | 1 | MUL |
| VIAG AG | 92552Y104 | OTC | VGAGY | 10: | 1 | MUL |
| VOLKSWAGEN AG | 928662303 | OTC | VLKAY | 5: | 1 | AUT |
| VOLKSWAGEN AG PREFERRED | 928662402 | OTC | VWBP | 5: | 1 | AUT |
| * 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. |