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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Additional Research provided by The Research Department of Corredores Asociados | |
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| BANCO GANADERO COMMON SHARES | 059594408 | NYSE | BGA | 1: | 100 | BKS |
| BANCO GANADERO PREFERRED SHARES | 059594507 | NYSE | BGA+ | 1: | 100 | BKS |
| BANCOLOMBIA S.A. PREFERRED | 05968L102 | NYSE | CIB | 1: | 4 | BKS |
| CARULLA & CIA. PREFERRED SHARES 144A | 146794102 | 144A | CCIAYP | 1: | 1 | RET |
| CEMENTOS DIAMANTE S.A. 144A | 151261104 | 144A | CGLOY | 1: | 3 | CST |
| CEMENTOS PAZ DEL RIO, S.A. 144A | 151264108 | 144A | CMNZYP | 1: | 15 | CST |
| COMUNICACION CELULAR, S.A. | 205847106 | OTC | CMCQY | 1: | 10000 | TEL |
| CORPORACION FINANCIERA DEL VALLE 144A | 219869104 | 144A | CFVLY | 1: | 2 | BKS |
| CORPORACION FINANCIERA DEL VALLE LEVEL-I | P3138W127 | OTC | CFDVY | 1: | 2 | BKS |
| GRAN CADENA DE ALMACENES COLOMBIA 144A | 385003108 | 144A | GCACYP | 1: | 10 | RET |
| OCCIDENTE Y CARIBE CELULAR, S.A. | 674608302 | OTC | OYCCY | 1: | 25 | TEL |
| * 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. |