Morningstar - Q2 2020 - 90

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Morningstar Global Valuation Lens
The global pandemic slashed stock prices; Argentina was priced at less
than 65% of fair value. New Zealand, however, was close to fully valued.
Greater Europe -16.8%
Greater Asia -14.7%
U.S. -13.1%

< -5.0%

-4.9 to -0.1%

0.0%

0.1 to 4.9%

Fairly Valued

Undervalued

> 5.0%
Overvalued

Price/Fair Value by Country 03/31/2020
Finland -12.9%
Norway -23.7%
Canada -18.1%

U.K. -21.6%

Sweden -15.3%

France -12.9%
United States -13.1%

China -6.0%

Poland -27.9%

Italy -22.6%

Pakistan -29.6%

Japan -17.0%
South Korea -27.4%

Mexico -14.7%

Saudi Arabia -8.8%
Hong Kong -20.5%
India -16.7%

Colombia -32.7%
Brazil -26.4%

New Zealand -0.3%
South Africa -25.1%

Australia -8.0%

Chile -34.0%
Argentina -36.7%

Under- and Overvalued Countries 03/31/2020
Undervalued

Overvalued

P/FV

Argentina
Austria
Bulgaria
Chile
Colombia
Greece
Côte d'Ivoire
Russia
Pakistan
Egypt
Belgium
United Arab Emirates
Hungary
Iran
Poland
Vietnam
South Korea
Indonesia
Turkey
Jamaica
Philippines
Singapore
Thailand
Brazil
Nigeria
Israel
South Africa
Croatia
Tunisia
Norway
Spain
Germany
Romania
Italy
United Kingdom
Hong Kong
Qatar
Canada
Japan
India
Taiwan
Kenya
Sweden
Mexico
Malaysia
United States
Finland
France
Morocco
Peru
Australia
Netherlands
Switzerland
China
Denmark
New Zealand

+40.0%

0.0

A percentage of 0.0 connotes fairly valued

-40.0

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 Q2 2020



Morningstar - Q2 2020

Table of Contents for the Digital Edition of Morningstar - Q2 2020

Contents
Morningstar - Q2 2020 - CT1
Morningstar - Q2 2020 - CT2
Morningstar - Q2 2020 - Cover1
Morningstar - Q2 2020 - Cover2
Morningstar - Q2 2020 - 1
Morningstar - Q2 2020 - 2
Morningstar - Q2 2020 - Contents
Morningstar - Q2 2020 - 4
Morningstar - Q2 2020 - 5
Morningstar - Q2 2020 - 6
Morningstar - Q2 2020 - 7
Morningstar - Q2 2020 - 8
Morningstar - Q2 2020 - 9
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Morningstar - Q2 2020 - 90
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Morningstar - Q2 2020 - Cover3
Morningstar - Q2 2020 - Cover4
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https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
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https://www.nxtbook.com/nxtbooks/morningstar/investorconference2012
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809_lincoln
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