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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | |
| BANK HANDLOWY W WARSZAWIE 144A | 062502109 | 144A | BKWWYP | 1: | 1 |
| BIG BANK GDANSKI 144A | 055466106 | 144A | BBIGYP | 1: | 15 |
| EXBUD S.A. - 144A | 30064T106 | 144A | EXBUD | 1: | 1 |
| KGHM POLSKA MIEDZ S.A. 144A | 48245W103 | 144A | KGGPP | 1: | 2 |
| MOSTOSTAL EXPORT CORP. | 619716103 | OTC | MECOY | 1: | 1 |
| PROKOM SOFTWARE 144A | 743394108 | 144A | PRKMYP | 2: | 1 |
| STALEXPORT 144A | 852561208 | 144A | STXAYP | 1: | 1 |
| TELEKOMUNIKACJA POLSKA SA 144A | 87943D108 | 144A | TKMJYP | 1: | 1 |
| UNIVERSAL S.A. | 91380R109 | OTC | UVSFY | 1: | 2 |
| * 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. |