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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Treatment of ADRs in Valuation / EV to Equity Bridge

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