A Complete List Of Nordic ADRs
Table of Contents
The complete list of Nordic ADRs
The Nordics, also known as the Nordic countries, include the sovereign states of Denmark, Norway, Sweden, Finland, and Iceland. As combined, Nordic Countries, known for their exceptional living standards and low-income variance, have effectively captured global attention. In an age where the increasing gap between the low and high class has become a political pressure point in advanced countries, the Nordic region has stood out to be an idol for its economic model with growing opportunities.
The economic model, known as the Nordic model, is famous for reflecting the unique pairing of social benefits and free-market capitalization, followed in Sweden, Norway, Finland, and Denmark. This combination has allowed this Scandinavian region to become a host of mutually benefited and quality services, including free healthcare and education and guaranteed pension plans. As a result, residents hold a great degree of trust in the government and peaceful address and compromise with social hurdles with a democratic procedure.
American Depositary Receipts ( ADRs )
ADRs, American Depositary Receipts, is basically a certificate issued by a U.S. depositary bank that represents a given number of shares of stock, typically one, of a foreign company. ADR’s present investment opportunities to US investors in foreign stock markets. There are many familiar companies based outside the US like Unilever, Nokia, etc. listed on US exchanges in the form of ADRs.
Even though trading opportunities seem endless and still growing through foreign exchanges, many domestic investors who view cross- border tax issues and foreign markets trading as complex and significantly expensive over there want to explore diversity in stocks. With the help of American Depositary Receipts that offer trading shares in foreign stocks, investors find it more convenient to indulge in international equities.
ADRs listed on NYSE/Nasdaq vs the OTC
Formal exchange listing like on NYSE and Nasdaq has quite some tough requirements that are hard for smaller companies to fulfill. So the stocks that are listed and traded on such formal exchanges are called listed stocks. And the ones that trade through OTC ( Over-the-Counter ) are known as unlisted stocks. Most Nordic ADRs trade on the OTC.
So the foreign stocks represented through ADRs are heavily listed on OTC. The general reason behind such a manner of stock trading is that the companies do not prefer to undergo or meet the complicated exchange requirements. Additionally, the cost to get listed on NYSE and Nasdaq is close to $500,000 and $75,000 respectively. This becomes a very hard barrier to crack for many companies. Take note that many ADRs on the OTC have some extra fees, both for owning and when the dividend is passed to the beneficial owner.
ADR Programs
They are basically 3 different programs for a company to choose from, once they have established an ADR program. Generally known in terms of level, these programs are different on the basis of reporting requirements and listing exposure.
Level 1,2 & 3 – basically increase in terms of reporting requirements as the level goes towards the third one, the highest one. On level 1 of an ADR program, the reporting requirement is pretty minimal with US securities and exchanges. Moreover, the shares can only be listed on the OTC market. Even though the company is not obligated to issue quarterly or annual reports, an annual report is required to be published in English on their website.
As the level goes on to the 3rd one, reporting requirements increase almost similar to the US companies. There are some of the biggest companies listed with ADR programs on level 3, where they issue stocks to increase capital instead of just listing them on a US exchange.
How to buy ADRs
Since ADRs have the trading characteristics of general stock, any local broker that trades stocks with access to US markets should do the job. Although it is advisable to check brokers on the basis of transaction costs. Moreover, an international broker like Interactive Brokers which accepts most investors all over the globe, or TD Ameritrade is also a good track to follow.
Below is the list of all the Nordic ADRs for each Nordic country:
Denmark – NYSE/Nasdaq
1. Ascendis Pharma
2. Forward Pharma
3. Orphazyme A/S
4. Novo Nordisk
5. Zealand Pharma
Denmark – OTC
1. A.P. Moller – Maersk
2. ALK-Abello
3. Ambu A/S
4. Bang & Olufsen
5. Bavarian Nordic
6. Carlsberg
7. Chr. Hansen
8. Coloplast
9. Danske Bank
10. Demant A/S
11. DSV Panalpina A/S
12. FLSmidth
13. Genmab
14. GN Store Nord
15. H Lundbeck
16. ISS A/S
17. Jyske
18. Netcompany
19. Nets A/S
20. NKT
21. Novozymes
22. Orsted A/S
23. Pandora
24. Scandinavian Tobacco
25. Sydbank
26. Topdanmark
27. Tryg
28. Veloxis Pharmaceuticals
29. Vestas Wind Systems
Sweden – NYSE/Nasdaq
1. Calliditas Therapeutics AB
2. Telefonaktiebolaget LM Ericsson
Sweden – OTC
1. Addtech AB
2. Alfa Laval
3. Arcam
4. Assa Abloy
5. Atlas Copco – A Shares
6. Atlas Copco – B Shares
7. Axfood
8. Axis Communications
9. Betsson
10. BillerudKorsnas
11. BioGaia
12. Boliden
13. Boozt AB
14. Castellum
15. Com Hem Holding AB
16. Cyber Security 1 ABCYBNY Software&ComputerSvc
17. Duni
18. Electrolux
19. Elekta
20. Epiroc AB
21. Epiroc Aktiebolag
22. Essity
23. Evolution Gaming
24. Fabege
25. GETINGE
26. H&M Hennes & Mauritz
27. Heliospectra
28. Hexagon
29. Hexpol
30. Holmen
31. Holmen AB – B Share
32. Husqvarna
33. Intrum AB
34. Kungsleden
35. Loomis
36. Lundin Petroleum
37. Medicover
38. Modern Times
39. NetEnt
40. NeuroVive Pharmaceutical
41. Nobia
42. Nordea Bank
43. Oasmia Pharmaceutical
44. OREXO
45. Oriflame
46. Pricer
47. Rottneros
48. Saab
49. Sandvik
50. SAS
51. Securitas
52. Skandinaviska Enskilda Banken
53. Skanska
54. SKF
55. Studsvik
56. Svenkst Stal AB-SSAB
57. Svenska Cellulosa Aktiebolaget-SCA
58. Svenska Handelsbanken
59. Swedbank
60. Swedish Match
61. Tele2
62. Telia Company
63. Thule Group
64. Vitrolife
65. Volvo
66. Wihlborgs Fastigheter
Finland – NYSE/Nasdaq
1. Nokia
Finland – OTC
1. Amer Sports
2. Cargotec
3. DNA Oyj
4. Elisa
5. Fortum
6. Kesko OYJ
7. Kone
8. Konecranes
9. Metso
10. Neste Oyj
11. Nokian Tyres
12. Orion
13. Outokumpu
14. Outotec
15. Rovio Entertainment
16. Sampo
17. Sanomawsoy
18. Stora Enso
19. Tieto
20. UPM-Kymmene
21. UPM-Kymmene
22. Uponor
23. Valmet OYJ
24. Wartsila
25. YIT
Norway – NYSE/Nasdaq
1. Equinor
2. Opera
Norway – OTC
1. Aker Solutions
2. Borregaard
3. DNB ASA
4. DNO
5. Europris ASA
6. Gjensidige Forsikring
7. Leroy Seafood
8. Marine Harvest
9. Multiconsult
10. NEL ASA
11. Norsk Hydro
12. Norway Royal Salmon
13. Orkla
14. Petroleum Geo-Services
15. Prosafe
16. Prosafe
17. Protector Forsikring
18. REC Silicon
19. Salmar ASA
20. Schibsted
21. Solon Eiendom ASA
22. Storebrand
23. Subsea 7
24. Telenor
25. TGS NOPEC Geophysical Co
26. Thin Film Electronics
27. Tomra Systems
28. Wallenius Wilhelmsen
29. XXL ASA
30. Yara International
Iceland – NYSE/Nasdaq
No listed Iceland ADRs on NYSE/Nasdaq
Iceland – OTC
1. Ossur