Data Dashboard Morningstar Global Valuation Lens The China and India markets were among the most overvalued as of June, alongside developed markets. France was the priciest. Greater Asia 2.7% < -5.0% Undervalued Price/Fair Value by Country 06/30/2021 Finland 12.3% Norway 4.0% Canada 3.6% France 30.2% U.K. 3.6% United States 12.1% Mexico 3.2% India 14.2% Colombia -8.1% Singapore -8.0% New Zealand 17.9% South Africa -0.1% Chile -13.5% Argentina -8.3% Under- and Overvalued Countries 06/30/2021 Overvalued Undervalued Australia 22.4% Hong Kong -0.9% Italy 3.1% Sweden 14.0% Poland -6.1% Pakistan -8.4% China 8.5% South Korea 2.0% Japan 0.7% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% Greater Europe 13.0% U.S. 12.1% > 5.0% Overvalued P/FV +50.0% 0.0 A percentage of 0.0 connotes fairly valued -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 Q3 2021 Iran Peru Sri Lanka Chile Iraq Egypt Hungary Mauritius Qatar Pakistan Turkey Argentina Tunisia Bulgaria Bangladesh Colombia Singapore Kuwait Jordan Romania Taiwan Jamaica Poland Greece Belgium Austria Russia Indonesia Malaysia Côte d'Ivoire Nigeria Spain Nepal Vietnam Philippines Hong Kong Thailand Israel South Africa Portugal Japan Brazil United Arab Emirates South Korea Italy Saudi Arabia Iceland Mexico Canada United Kingdom Norway Kenya Germany Morocco China Netherlands United States Finland Switzerland Sweden India New Zealand Australia Denmark France