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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio * | Industry | |
| ALPARGATAS S.A.I.C. | 020545109 | OTC | ALPAY | 1: | 10 | TEX |
| BANCO DE GALICIA Y BUENOS AIRES "B" | 059538207 | NAS | BGALY | 1: | 4 | BKS |
| BANCO FRANCES DEL RIO DE LA PLATA COMMON | 059591107 | NYSE | BFR | 1: | 3 | BKS |
| BANCO HIPOTECARIO SA 144A | 05961A103 | 144A | BHIPRR | 1: | 1 | BKS |
| BANCO RIO DE LA PLATA S.A. | 059644104 | NYSE | BRS | 1: | 2 | BKS |
| BUENOS AIRES EMBOTELLADORA "B" SHARES | 119424208 | NYSE | BAE | 1: | 2 | BEV |
| CAPEX S.A. GDR | 139612105 | 144A | CXAPF | 1: | 2 | UTI |
| CENTRAL COSTANERA S.A. | 15324M108 | 144A | CRCNY | 1: | 10 | OTH |
| CENTRAL PUERTO S.A. 144A | 155038102 | 144A | CEPUY | 1: | 5 | OTH |
| CRESUD COMMON SHARES | 226406106 | NAS | CRESY | 1: | 10 | FOD |
| DISCO S.A. | 254609100 | NYSE | DXO | 1: | 3 | RET |
| IRSA COMMON SHARES | 450047204 | NYSE | IRS | 1: | 10 | RES |
| METROGAS S.A. | 591673207 | NYSE | MGS | 1: | 10 | OGS |
| MIRGOR S.A.C.I.F.I.A. 144A | 604701102 | 144A | MIRKY | 1: | 1 | AUT |
| NORTEL INVERSORA SERIES "B" SHARES | 656567401 | NYSE | NTL | 20: | 1 | TEL |
| PEREZ COMPANC S.A. | 713665107 | OTC | CNPZY | 1: | 2 | OGS |
| QUILMES INDUSTRIAL (QUINSA), S.A. | 74838Y108 | NYSE | LQU | 1: | 1 | FOD |
| SIDERAR S.A.I.C. 144A | 825862105 | 144A | SDRPP | 1: | 8 | MIN |
| SOCIEDAD COMERCIAL DEL PLATA 144A | 833630106 | 144A | SCDPF | 1: | 1 | INV |
| SOL PETROLEO COMMON SHARES | 833966104 | OTC | SLEOY | 1: | 1 | OGS |
| TELECOM ARGENTINA STET-FRANCE TELECOM SA | 879273209 | NYSE | TEO | 1: | 5 | TEL |
| TELEFONICA DE ARGENTINA S.A. | 879378206 | NYSE | TAR | 1: | 10 | TEL |
| TRANSPORTADORA DE GAS DEL SUR, S.A. | 893870204 | NYSE | TGS | 1: | 5 | OGS |
| YPF SOCIEDAD ANONIMA "D" SHARES | 984245100 | NYSE | YPF | 1: | 1 | OGS |
| * 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. |