Morningstar Magazine - October/November 2017 - 90

Data Dashboard

Morningstar Global Valuation Lens
The United States remained among the more moderately priced developed markets at the end of August,
but it still traded at a 3.5% premium to fair value. Germany was at a slight discount, an exception to generally
high valuations. Developing markets also traded at high premiums overall.
U.S. 3.5%
Greater Europe 2.5%

< -5.0%

-4.9 to -0.1%

0.0%

Greater Asia 4.1%

> 5.0%

0.1 to 4.9%

Fairly Valued

Undervalued

Overvalued

Price/Fair Value by Country 08/31/2017
Finland 9.3%
Norway 4.8%
Canada 3.6%

Russia -0.2%

U.K. 9.2%

Sweden 2.8%

France 2.8%

Germany -0.5%

Japan 1.8%

Spain -0.3%

United States 3.5%

China 4.9%

Hong Kong 5.0%

South Korea 0.4%

Mexico 2.7%
Taiwan 12.2%
Nigeria 7.8%

Colombia 5.1%

Brazil 5.1%

India 3.6%
New Zealand 5.0%

South Africa 6.9%

Australia 12.3%

Chile 4.1%
Argentina 2.2%

Under- and Overvalued Countries 08/31/2017
Undervalued

Overvalued

+20.0
%

Israel
South Korea
Italy
Japan
Argentina
Switzerland
Singapore
Mexico
Philippines
Sweden
France
Netherlands
Bulgaria
United Arab Emirates
United States
Canada
India
Thailand
Chile
Saudi Arabia
Vietnam
Bangladesh
Norway
China
New Zealand
Hong Kong
Brazil
Colombia
Belgium
Malaysia
Peru
Turkey
Romania
Austria
Indonesia
South Africa
Portugal
Nigeria
Greece
Denmark
Poland
United Kingdom
Finland
Egypt
Taiwan
Australia

Iraq
Pakistan
Qatar
Germany
Spain
Russia

A percentage of 0.0 connotes fairly valued

P/FV

0.0

-20.0
Country fair-value ratios are derived from P/FV ratios on underlying stocks in those nations, generated primarily from estimates by Morningstar analysts, or, when an analyst estimate isn't available, a fair value generated using Morningstar's
quantitative equity ratings. The data is then adjusted to account for market capitalization. Some countries are omitted due to outliers in the data: less than a $10,000 three-month median-dollar-trading volume or fewer than 20 total stocks
that clear the screens. Stocks that trade for 50 cents or less a share are also removed. Uncertainty attempts to measure the confidence Morningstar analysts have in a company's ability to generate future cash flows.

90

Morningstar October/November 2017



Table of Contents for the Digital Edition of Morningstar Magazine - October/November 2017

Contents
Morningstar Magazine - October/November 2017 - Cover1
Morningstar Magazine - October/November 2017 - Cover2
Morningstar Magazine - October/November 2017 - 1
Morningstar Magazine - October/November 2017 - 2
Morningstar Magazine - October/November 2017 - Contents
Morningstar Magazine - October/November 2017 - 4
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