Morningstar - Q4 2020 - 90

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Morningstar Global Valuation Lens
Most markets were undervalued as of September, particularly emerging
markets such as Chile and Singapore.
Greater Europe -0.8%

< -5.0%

U.S. 11.4%

Greater Asia -0.1%

-4.9 to -0.1%

0.0%
Fairly Valued

Undervalued

> 5.0%

0.1 to 4.9%

Overvalued

Price/Fair Value by Country 09/30/2020
Finland 6.4%
Norway -8.2%
Canada -8.6%

U.K. -7.1%
France 5.0%

United States 11.4%

Sweden 5.2%
China 9.1%

Poland -17.7%

Italy -9.7%

Pakistan -14.6%

Japan -4.0%
South Korea -7.5%

Mexico -5.3%
Hong Kong -7.8%

India 4.2%

Colombia -20.6%
Brazil -7.1%

New Zealand 12.7%
South Africa -7.8%

Australia 10.4%

Chile -20.1%
Argentina -13.1%

Under- and Overvalued Countries 09/30/2020
Undervalued

Overvalued

P/FV

Switzerland
Netherlands
Nepal
India
Portugal
Taiwan
France
Sweden
Finland
Morocco
China
Australia
United States
New Zealand
Denmark
Saudi Arabia

Jordan
Hungary
Colombia
Chile
Belgium
Singapore
Bulgaria
Austria
Poland
Mauritius
Romania
Croatia
Russia
Greece
Egypt
Iran
Pakistan
Côte d'Ivoire
Sri Lanka
Israel
Argentina
Nigeria
Jamaica
Tunisia
United Arab Emirates
Bangladesh
Philippines
Thailand
Italy
Zimbabwe
Spain
Qatar
Indonesia
Canada
Vietnam
Norway
Hong Kong
South Africa
South Korea
United Kingdom
Brazil
Mexico
Japan
Kenya
Turkey
Malaysia
Germany

+50.0%

A percentage of 0.0 connotes fairly valued

0.0

-50.0

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 Q4 2020



Morningstar - Q4 2020

Table of Contents for the Digital Edition of Morningstar - Q4 2020

Contents
Morningstar - Q4 2020 - CT1
Morningstar - Q4 2020 - CT2
Morningstar - Q4 2020 - Cover1
Morningstar - Q4 2020 - Cover2
Morningstar - Q4 2020 - 1
Morningstar - Q4 2020 - 2
Morningstar - Q4 2020 - Contents
Morningstar - Q4 2020 - 4
Morningstar - Q4 2020 - 5
Morningstar - Q4 2020 - 6
Morningstar - Q4 2020 - 7
Morningstar - Q4 2020 - 8
Morningstar - Q4 2020 - 9
Morningstar - Q4 2020 - 10
Morningstar - Q4 2020 - 11
Morningstar - Q4 2020 - 12
Morningstar - Q4 2020 - 13
Morningstar - Q4 2020 - 14
Morningstar - Q4 2020 - 15
Morningstar - Q4 2020 - 16
Morningstar - Q4 2020 - 17
Morningstar - Q4 2020 - 18
Morningstar - Q4 2020 - 19
Morningstar - Q4 2020 - 20
Morningstar - Q4 2020 - 21
Morningstar - Q4 2020 - 22
Morningstar - Q4 2020 - 23
Morningstar - Q4 2020 - 24
Morningstar - Q4 2020 - 25
Morningstar - Q4 2020 - 26
Morningstar - Q4 2020 - 27
Morningstar - Q4 2020 - 28
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Morningstar - Q4 2020 - 30
Morningstar - Q4 2020 - 31
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Morningstar - Q4 2020 - 35
Morningstar - Q4 2020 - 36
Morningstar - Q4 2020 - 37
Morningstar - Q4 2020 - 38
Morningstar - Q4 2020 - 39
Morningstar - Q4 2020 - 40
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Morningstar - Q4 2020 - 42
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Morningstar - Q4 2020 - 47
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Morningstar - Q4 2020 - 49
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Morningstar - Q4 2020 - 54
Morningstar - Q4 2020 - 55
Morningstar - Q4 2020 - 56
Morningstar - Q4 2020 - 57
Morningstar - Q4 2020 - 58
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Morningstar - Q4 2020 - 60
Morningstar - Q4 2020 - 61
Morningstar - Q4 2020 - 62
Morningstar - Q4 2020 - 63
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Morningstar - Q4 2020 - 67
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Morningstar - Q4 2020 - 70
Morningstar - Q4 2020 - 71
Morningstar - Q4 2020 - 72
Morningstar - Q4 2020 - 73
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Morningstar - Q4 2020 - 79
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Morningstar - Q4 2020 - 84
Morningstar - Q4 2020 - 85
Morningstar - Q4 2020 - 86
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Morningstar - Q4 2020 - 88
Morningstar - Q4 2020 - 89
Morningstar - Q4 2020 - 90
Morningstar - Q4 2020 - 91
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Morningstar - Q4 2020 - 95
Morningstar - Q4 2020 - 96
Morningstar - Q4 2020 - Cover3
Morningstar - Q4 2020 - Cover4
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https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
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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
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com