Treatment of ADRs in Valuation / EV to Equity Bridge
Hello fellow Monkeys,
does anyone here have an idea of how to treat American Depositary Receipts (ADRs)(or the global equivalent) in a valuation of a company? Concerning the EV to Equity Bridge?
I thought, as you also add the value of preferred stock, you might consider adding ADRs too?
I was not able to find anything on this unfortunately!
Thanks!
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