Morningstar Magazine - December 2017/January 2018 - 74

Data Dashboard

Morningstar Global Valuation Lens
Valuations remained high in both developed and emerging markets at the end of October. A number
traded at double-digit premiums, with Taiwan and Finland the priciest. At a 6.7% premium to fair value,
the U.S. was relatively moderately priced.
Greater Europe 7.8%
U.S. 6.7%

< -5.0%

-4.9 to -0.1%

0.0%
Fairly Valued

Undervalued

Greater Asia 8.0%

> 5.0%

0.1 to 4.9%

Overvalued

Price/Fair Value by Country 10/31/2017
Finland 16.6%
Norway 10.7%
Canada 7.8%

U.K. 9.9%

Sweden 7.4%

France 9.2%

Germany 7.6%

Spain 1.0%

United States 6.7%

China 9.7%
Pakistan -1.5%

Iraq -6.0%
Mexico 6.2%

Russia 1.7%

Qatar -4.5%

Japan 6.2%
South Korea 8.9%
Taiwan 15.6%

Nigeria 13.3%

Colombia 7.0%

Brazil 9.9%

India 9.6%
New Zealand 6.4%

South Africa 9.1%

Australia 14.5%

Chile 9.0%
Argentina 9.7%

Under- and Overvalued Countries 10/31/2017
Undervalued

P/FV

Overvalued

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

Iraq
Qatar
Pakistan

+20.0%

A percentage of 0.0 connotes fairly valued

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.

74

Morningstar December/January 2018



Table of Contents for the Digital Edition of Morningstar Magazine - December 2017/January 2018

Contents
Morningstar Magazine - December 2017/January 2018 - Cover1
Morningstar Magazine - December 2017/January 2018 - Cover2
Morningstar Magazine - December 2017/January 2018 - 1
Morningstar Magazine - December 2017/January 2018 - 2
Morningstar Magazine - December 2017/January 2018 - Contents
Morningstar Magazine - December 2017/January 2018 - 4
Morningstar Magazine - December 2017/January 2018 - 5
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Morningstar Magazine - December 2017/January 2018 - Cover3
Morningstar Magazine - December 2017/January 2018 - Cover4
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