Data Dashboard SCA N T R IG GE R LAU NCH DATA Download MorningstarAR from the App Store or Google Play, and navigate to "Morningstar Magazine." Morningstar Global Valuation Lens A fourth-quarter rally increased valuations globally, with Chile a notable exception. Even so, most markets remained below or close to fair value. Greater Asia -3.1% < -5.0% Greater Europe 3.0% -4.9 to -0.1% 0.0% 0.1 to 4.9% Fairly Valued Undervalued U.S. 6.5% > 5.0% Overvalued Price/Fair Value by Country 12/31/2019 Finland 10.9% Norway -2.4% Canada -0.7% U.K. -0.9% Sweden 9.6% France 10.8% Italy -1.7% United States 6.5% China -0.1% Poland -7.8% Pakistan -13.6% Japan -1.9% South Korea -7.3% Mexico 2.9% Saudi Arabia 26.5% Hong Kong -11.0% India 3.5% Colombia -4.4% Brazil 4.8% Sri Lanka -13.4% South Africa -0.6% New Zealand 14.0% Australia 14.0% Chile -13.9% Argentina 19.2% Under- and Overvalued Countries 12/31/2019 Undervalued Overvalued P/FV Jamaica Malaysia Mexico Kenya Romania India Peru Brazil Switzerland Denmark Bulgaria United States Portugal Netherlands Taiwan Sweden France Finland New Zealand Australia Argentina Saudi Arabia Côte d'Ivoire Bangladesh Chile Iran Pakistan Sri Lanka Belgium Hong Kong Jordan Nigeria Tunisia Egypt Poland South Korea Singapore Croatia Turkey Austria Russia Hungary Colombia United Arab Emirates Qatar Norway Germany Thailand Japan Italy Indonesia Greece Spain Vietnam United Kingdom Israel Canada South Africa Philippines China +30.0% A percentage of 0.0 connotes fairly valued 0.0 -30.0 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 Q1 2020