broker upgrade, page-7

Heartware trades as HTWR in the US. In Aus it trades as HIN. HIN shares can be converted to HTWR shares at a ratio of 35 HIN for one HTWR. Therefore the HIN share price should be around 1/35 of the US$ price for HTWR.
If HTWR is US$96 then convert this to AU$ (with today's exchange rate = A$109.953041). Divide this by 35 and you get the value of one HIN share (approx $A3.14.)

HTWR closed at US$74.65 in the US last session. Around A$85.4999427. Divide by 35 to get theorectical A$ price of HIN.