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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BERGESEN D.Y. A/S (A SHARES) | 084057306 | OTC | BEDAY | 1: | 1 | TRN |
| BERGESEN D.Y. A/S (B SHARES) | 084057405 | OTC | BEDBY | 1: | 1 | TRN |
| CHRISTIANIA BANK OG KREDITKASSE 144A | 171007107 | 144A | CBKRYP | 1: | 10 | BKS |
| DEN NORSKE BANK AS 144A | 24821C100 | 144A | DNORYP | 10: | 1 | BKS |
| FRED OLSEN ENERGY ASA | 355613100 | 144A | FRED | 1: | 1 | EES |
| HELIKOPTER 144A | 423269208 | 144A | HELA | 1: | 1 | AER |
| KVAERNER A.S. "A" | 501501308 | OTC | KVRAY | 2: | 1 | MUL |
| KVAERNER A.S. "B" | 501501407 | OTC | KRVBY | 2: | 1 | MUL |
| NERA A.S. | 640806105 | NAS | NERAY | 1: | 1 | TEL |
| NORSK HYDRO A/S | 656531605 | NYSE | NHY | 1: | 1 | CHM |
| NORSKE SKOGINDUSTRIER A.S. | 656533106 | 144A | NSGOTC | 1: | 1 | PAP |
| ORKIA A.S. "A" | 686331109 | OTC | ORKLY | 1: | 1 | MUL |
| ORKIA A.S. "B" | 686331208 | OTC | ORKBY | 1: | 1 | MUL |
| PETROLEUM GEO-SERVICES A/S | 716597109 | NYSE | PGO | 1: | 1 | MIN |
| SAGA PETROLEUM ASA | 786609206 | NYSE | SPM | 1: | 1 | OGS |
| SKIBSAKSJESELKAPET STORLI | 830613105 | OTC | SRLIY | 1: | 1 | TRN |
| SMEDVIG A.S. "A" SHARES | 83169H105 | NYSE | SMV/A | 1: | 1 | TRN |
| SMEDVIG A.S. "B" SHARES | 83169H204 | NYSE | SMV/B | 1: | 1 | TRN |
| TOMRA SYSTEMS, A/S | 889905105 | OTC | TMRAY | 1: | 1 | MAC |
| UNITOR A.S. | 913271201 | OTC | UTORY | 1: | 1 | TRN |
| VIKING MEDIA A/S | 926821208 | OTC | VIKMY | 1: | 1 | MED |
| * 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. |