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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| ALITALIA-LINEE AEREE ITALI S.P.A 144A | 016424103 | 144A | ALITYP | 1: | 5 | AIR |
| BANCA COMMERCIALE ITALIANA 144A | 05944F104 | 144A | BCIAYP | 1: | 10 | BKS |
| BANCA POPOLARE DI BRESCIA 144A | 05944J106 | 144A | BIPOYP | 1: | 4 | BKS |
| BASTOGI I.R.B.S. | 070306204 | OTC | BATGY | 1: | 1 | HOT |
| BENETTON GROUP S.P.A. | 081795403 | NYSE | BNG | 1: | 20 | TEX |
| BULGARI SPA 144A | 12015P102 | 144A | BLGSY | 1: | 4 | LUX |
| DE RIGO S.P.A. | 245334107 | NYSE | DER | 1: | 1 | MER |
| ENI SpA | 26874R108 | NYSE | E | 1: | 10 | OGS |
| ERG 144A | 26883G101 | 144A | ERSPRP | 1: | 10 | OGS |
| ESAOTE BIOMEDICA 144A | 296051105 | 144A | ESB | 1: | 10 | DRU |
| FIAT S.P.A. (ORDINARY) | 315621607 | NYSE | FIA | 1: | 5 | AUT |
| FIAT S.P.A. (PREFERENCE) | 315621706 | NYSE | FIA+ | 1: | 5 | AUT |
| FIAT S.P.A. (SAVINGS) | 315621805 | OTC | FIAA | 1: | 5 | AUT |
| FILA HOLDING S.P.A. | 316850106 | NYSE | FLH | 1: | 5 | LUX |
| GUCCI GROUP NV | 401566104 | NYSE | GUC | 1: | 1 | LUX |
| INDUSTRIE NATUZZI S.P.A. | 456478106 | NYSE | NTZ | 1: | 1 | HCG |
| INSTRUMENTATION LABORATORY S.p.A. | 457810109 | NAS | ILABY | 1: | 1 | BIO |
| INTERPUMP GROUP S.p.A. | 460693104 | 144A | INTPG | 1: | 3 | MAC |
| ISTITUTO BANCARIO SAN PAOLO DI TORINO SA | 465224103 | NYSE | IMI | 1: | 2 | BKS |
| ISTITUTO NAZIONALE DELLE ASSICURAZIONI | 465234102 | NYSE | INZ | 1: | 10 | INS |
| ITALCEMENTI FABRICHE RIUNITE CEMENTO SPA | 465272201 | OTC | ILMNY | 1: | 1 | CST |
| ITTIERRE S.P.A. 144A | 46575J106 | 144A | ITTHYP | 1: | 5 | TEX |
| LA RINASCENTE S.P.A. | 504210501 | OTC | LARCY | 1: | 5 | MER |
| LUXOTTICA GROUP S.P.A. | 55068R202 | NYSE | LUX | 1: | 1 | MER |
| MEDIASET SPA 144A | 584469100 | 144A | MDSTYP | 1: | 10 | MED |
| MONTEDISON S.P.A. | 612376509 | NYSE | MNT | 1: | 10 | CHM |
| OLIVETTI & C., S.P.A.(ORDINARY SHARES) | 681062709 | OTC | OLVTY | 1: | 1 | COM |
| OLIVETTI & C., S.P.A.(PREFERENCE SHARES) | 681062808 | OTC | OLVXY | 1: | 1 | COM |
| PARMALAT FINANZIARIA S.p.A. 144A | 701753105 | 144A | PARPP | 1: | 20 | FOD |
| PIRELLI, S.P.A. | 724258207 | OTC | PIREY | 1: | 1 | RUB |
| SAES GETTERS S.P.A. SAVINGS SHARES | 786362103 | NAS | SAESY | 1: | 1 | CLE |
| SNIA VISCOSA | 833064207 | OTC | SBPDY | 1: | 1 | TEX |
| STET (SOC. FINANZIARA TELE.) WARRTS 144A | 859825119 | 144A | STEW | 1: | 1 | TEL |
| STET (SOC.FINANZIARA TELE.)SAVINGS 144A | 859825408 | 144A | STES | 1: | 10 | TEL |
| STET (SOCIETA FINANZIARA TEL.) UNITS | 859825408 | 144A | STEU | 1: | 10 | TEL |
| TELECOM ITALIA SAVINGS SHARES | 87927W205 | NYSE | TIA | 1: | 10 | TEL |
| TELECOM ITALIA SPA | 87927W106 | NYSE | TI | 1: | 10 | TEL |
| UNICREDITO SPA 144A | 90466R108 | 144A | CIAOYP | 1: | 15 | BKS |
| * 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. |