Reviewing the Year-to-Date Performance of Irish ADRs

by: David Hunkar

The table below lists the Year-To-Date (YTD) performance of the exchange-listed Irish ADRs:

S.No. Company Ticker Sector YTD Returns as of Nov 24, 2010
1 Allied Irish Banks AIB Banks -71.23%
2 Bank of Ireland IRE Banks -79.37%
3 CRH CRH Construct.&Materials -29.64%
4 Elan ELN Pharma. & Biotech. -17.94%
5 ICON ICLR HealthCareEquip.&Ser -6.49%
6 Ryanair RYAAY Travel & Leisure 15.59%
7 Trinity Biotech TRIB HealthCareEquip.&Ser 98.51%
8 Trintech TTPA Software&ComputerSvc 97.56%
Click to enlarge

Similar to Anglo-Irish Bank investors, Allied Irish Banks (AIB) and Bank of Ireland (NYSE:IRE) common investors may be wiped out if Ireland nationalizes these beaten-down banks. CRH (NYSE:CRH) is in the construction and materials industry, so it can be avoided until the dust settles on the current crisis. Among European discount carriers, Ryanair (NASDAQ:RYAAY) operates a vast network and has an efficient management team.

Elan (NYSE:ELN) used to be a high flier during the dotcom era, but later crashed hard and now trades in the single digits. Another stock worth keeping an eye on is the Irish beverage maker C&C Group plc (OTCQX:CCGGY), a major leader in the cider market with its Magners and Bulmers brands.

The New Ireland Fund (NYSE:IRL), a closed-end fund, closed at $6.54 yesterday. The fund traded for $35+ in early 2007. It is interesting to note that despite The Wall Street Journal's naming Ireland as one of the countries having “the most innovative financial industries," Irish lenders have a hard time staying afloat. The Luck of the Irish did not work so well for investors in Irish bank ADRs, either.

Disclosure: No positions